The Latin American Energy Organization (Olade) revealed in a recent report that the sale of electric vehicles in the region increased by 60% during 2024.
According to the Electric Mobility Monitor for Latin America and the Caribbean, published by Olade, the fleet of electrified light vehicles has grown more than 14 times between 2020 and 2024.
The number of plug-in hybrid vehicles (PHEV) in the region increased 17 times, and that of battery electric vehicles (BEV) rose 12 times in the first six months of the previous year.
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As countries advance in their plans to electrify transportation and reduce carbon emissions, electromobility is gaining ground as a leading option in the region, as it minimizes environmental impact and is more affordable for consumers.
Countries Leading the Way
Countries such as Brazil, Mexico, and Chile are implementing policies aimed at boosting the adoption of electric vehicles. Governments are offering subsidies, tax exemptions, and improving charging infrastructure to encourage the transition, or even, in the case of Mexico, developing their own models of such vehicles.
Olade highlights that the countries with the largest presence of electrified light vehicles in circulation are Brazil, Mexico, Costa Rica, Colombia, and Chile. Brazil leads with 152,493 units.
Uruguay ranks sixth, with 5,950 electric vehicles in circulation, surpassing larger countries like Ecuador, Guatemala, and Argentina.
In terms of the number of electrified vehicles per capita, Costa Rica is the regional leader with 34.3 electrified vehicles per 10,000 inhabitants, followed by Uruguay with 17.4.
Brazil, although leading in total adoption, ranks third with 7 electrified vehicles per 10,000 inhabitants, considering its larger population.
Altogether, Latin America and the Caribbean has 3.8 electric vehicles per 10,000 inhabitants. This indicator remains quite low compared to China (241.4), Europe (183), and the United States (72.4).
Latam Mobility on February 20, 2025 in Monterrey
On February 20, 2025, Latam Mobility, the largest sustainable mobility community in Latin America begins its tour in Monterrey, Mexico, with the second edition of the “North America Mobility Summit 2025”.
Mexico has become an important bastion for the region with the arrival of major brands in the automotive industry, with interesting plans to install electric vehicle plants. In this sense, Latam Mobility has established itself as a key player to generate synergy, networking, and alliances between the public and private sectors.
The “North America Mobility & Net Zero Summit” in Monterrey will bring together the most important companies and leaders linked to energy, transportation, fuels, and mobility, to show the progress and prospects of the industry in Mexico, the United States, and the region.
For more details on how to participate and positioning options, email us at: info@investinlatam.org.
Reach out to us via WhatsApp or get your pre-sale tickets for Monterrey here.
