Latin America EV Gross sales Report: Over 100,000 Models Offered in This fall!

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Because of ZEMO, we’re again with our second report on Latin America! This time, with over 110,000 registrations within the fourth quarter of 2025, EV gross sales have reached a brand new report in our area!

This end result pulls 24% forward of the earlier data (This fall 2024 and Q3 2025, which have been virtually an identical). Practically all progress got here from BEVs (+47%), whereas PHEVs (+5%) barely bulged. For the results of this report, we embrace EREVs within the PHEV phase, as some nations don’t report them individually.

Despite the fact that we see an analogous development in China, it could be a mistake to conclude from this that we’ve reached peak PHEV in Latin America: not solely is it far too early to say so, however we are able to additionally observe the PHEV blues to a particular nation: Mexico. As we are going to see, Mexico’s PHEV gross sales fell starkly YoY after an over-the-top This fall 2024, and had it not been for this one nation, EV gross sales would’ve risen a powerful 56%.

Via 2025, EV gross sales surpassed 350,000 models in Latin America (54% BEV, 46% PHEV), and even together with This fall, we discover that PHEVs (+53% YoY) grew barely greater than BEVs (+47% YoY). Market share elevated to five.6%, up from 4% by means of 2024.

Market overview: gross sales & nations

Gross sales elevated steadily by means of 2025, simply as they did in 2024, and surpassed the 90,000 mark in Q3 and the 100,000 mark in This fall. BEVs and PHEVs stay largely equal — although, as we are going to see, this drastically varies inside markets:

EV gross sales have been drastically concentrated within the two largest markets (Brazil and Mexico), which collectively accounted for a powerful 80% of gross sales all through the area. Nevertheless, these two nations are additionally probably the most PHEV-intensive markets, which means plenty of that distinction got here from plug-in hybrids. If we focus solely on BEVs, they “solely” account for 66% of regional gross sales, extra in tune with the general dimension of their markets. In the meantime, they account for round 95% of regional PHEV gross sales.

Market share likewise saved rising, reaching 6.6% in This fall (3.6% BEV), and 5.6% all through the entire yr.

As we’ve seen, the market share variation inside nations is substantial. The leaders, Uruguay and Costa Rica, boasted 23% and 19% BEV market share respectively in This fall, whereas El Salvador, Peru, Argentina, and Guatemala stay under 1%. Notable point out to Colombia, the third nation within the area to surpass 10% EV market share (assuming Bolivia isn’t there but, which, properly, it may very well be).

One thing notable within the area is that, typically, nations forward within the transition are rising at quicker charges than these nonetheless behind. Colombia, Uruguay, Paraguay, and Ecuador all grew at charges above 100% YoY in 2025 (near 200% for Ecuador), whereas Brazil and Mexico did so at round 40–50%. Additional down, we discover Panama, Guatemala, and El Salvador rising under 22% YoY regardless of their very low base.

There are some exceptions, after all. Costa Rica, the previous regional chief, grew by solely 9% in 2025, thus shedding the primacy to Uruguay. Peru grew by 92% YoY, whereas Argentina elevated considerably by round 120% — although, each are but to achieve 1% market share. Normally, although, the development is for main nations to extend the hole with the laggards.

Notable mentions

This can be a basic report, however it’s value it to take a look at what’s happening in some nations at a deeper degree of element.

I’m nonetheless attempting to work out precisely what’s making such a distinction between Costa Rica and Uruguay. Each nations are rich, each lack transit restrictions for ICEVs, each have comparatively inexpensive EVs by now, beginning at round USD$17,000 for the most affordable fashions, each have costly gasoline, and each have inexpensive, dependable electrical energy. The one distinction is that Uruguay’s charging infrastructure is considerably higher than Costa Rica’s … however I don’t assume that’s sufficient of a proof, so if any of our readers has an thought, I’m all ears. The excellent news is: Costa Rica is lastly rising its charging community (which barely grew in 2025), so hopefully it can have a extra dynamic 2026.

I anticipated Colombia’s market to stagnate after Tesla’s arrival at extraordinarily aggressive costs, as a result of I believed individuals would reasonably wait. Properly, I used to be mistaken: the market is booming. EVs reached an all-time excessive report in December, and so they saved sturdy in January, nonetheless over 10% market share. That very same month, the primary 13 Teslas have been registered, which means in February we should always get an thought of the affect these fashions could have on the native market. Although, I’d wait a pair extra months earlier than drawing any conclusions. It is usually necessary to say that in all segments, apart from city-cars and sub-compact hatchbacks/sedans, BEVs are already at value parity with ICEVs, and that the latest arrival of the MG S5 at 95 million COP (round $26,000) means probably the most inexpensive automobile in the preferred phase within the nation (midsize SUVs) of any powertrain is an EV.

Brazil additionally had a really sturdy finish of yr, reaching 10% market share in December for the primary time, with rising gross sales for domestically made BYD and Haval (GWM) fashions. The nation is the most important market within the area by far and it exports to many nations in South America, so that is as excellent news as one could get: usually, larger ships take the longer to show, however Brazil is pivoting to EVs at reasonably quick pace, even when it nonetheless prefers PHEVs over BEVs.

Mexico, the opposite “large ship,” is just not shifting as quick. BEV gross sales grew barely in This fall as PHEVs gross sales fell steeply (-23%), and since new tariffs are being enacted in 2026, we don’t know but that progress will stay sturdy. Native media considers that margins for Chinese language manufacturers are large enough to take care of present costs (which, to be honest, aren’t as low-cost as in different nations), so there’s hope right here, however 2026 appears to be like unsure total, extra in order Olinia, the undertaking for a mass-market, Mexican-made BEV, appears to now be delayed.

Chile introduced first rate progress total in 2025 (+79%), however it’s main by an enormous margin within the e-bus phase, with +563% progress YoY and a really spectacular 35% market share for e-buses throughout the nation. It’s additionally the primary nation in our area (and doubtless on the continent) to have a metropolis, Copiapó, with 100% electrical buses.

Gasoline subsidies have been lifted in two nations in 2025: Ecuador and Bolivia. Each nations have rising the presence of EVs (regardless that we don’t have full information on Bolivia), with Ecuador rising by a powerful 191% by means of 2025, regardless that market share nonetheless hovers round 3%. In each instances, circumstances are set for additional enhancements in 2026.

Paraguay can be displaying spectacular progress, clocking at 122% by means of 2025, and it stays the one small nation with an urge for food for PHEVs as large as Brazil and Mexico (as plug-in hybrids made up 55% of EV gross sales final yr). Market share rose above 5% by means of the yr, making Paraguay probably the most fascinating nations to observe, and in addition fairly a mysterious one, as I might anticipate a small nation with limitless renewable vitality would reasonably pivot on to BEVs. However, hey, Paraguayans all the time do their very own factor, and that’s cool.

Ultimately, Argentina is a rustic that for a really very long time has stood because the final frontier for EVs, however it’s now lastly rising exponentially. After promoting round 1,500 BEVs all through 2025 (+124% YoY), it bought 533 in solely January 2026, +620% YoY! That is the form of progress one expects from a laggard nation, and even when Argentina stays barely under 1% market share, we now have hopes that the third largest market in our area will — lastly — begin its path in direction of electrification.

Last ideas

Not so way back, EVs have been extraordinarily costly in our area, simply tripling the price of equal ICEVs. Ever because the Geometry E triggered the primary value conflict in Costa Rica in 2024, the area has seen ever extra inexpensive automobiles arrive one after one other, all of them from China, most of them from Chinese language manufacturers, just a few from the likes of Kia, Renault, Chevrolet, and Volkswagen. Now, we’re seeing value parity all around the board in a number of markets, together with Ecuador, Colombia, and Costa Rica (and, presumably, Bolivia), and because of this, Legacy Auto is quickly shedding market share — and, in some instances, it’s shedding gross sales in absolute phrases, although for now that is masked by the general improve available in the market, which went from 5.8 million models in 2024 to six.2 million in 2025 (+6%). This additionally means we’re nonetheless removed from peak combustion in Latin America.

It’s necessary to keep in mind that, not like China, Europe, and the US, Latin America has a transition largely market-driven, with just one nation to date (Chile) imposing effectivity norms, and with just a few cities within the area (Bogotá, Medellín, Santiago, and Mexico DF, plus just a few different smaller ones) imposing site visitors restrictions for air pollution on ICEVs. On this sense, as EVs get extra inexpensive and infrastructure improves, we should always see the market develop — however, conversely, the present weak point in oil costs (plus the added weak point in USD costs, that brings oil additional down) is translating into cheaper gasoline all around the area, disincentivizing EV adoption. factor is that there aren’t any subsidies to complete, so we shouldn’t see the market stagnate, like occurred in China (2019–2020), Europe (2023–2025), and the US (2025–?).

One last item: apart from Uruguay and maybe Chile, charging networks stay inadequate, one thing that might hinder adoption (arguably, that is already taking place in Costa Rica). I don’t see most governments making plenty of effort right here, so it can fall on the non-public sector to make stations, and by chance plenty of firms are already doing so. Although, deployment will in all probability lag adoption, as this serves the pursuits of the stations’ homeowners, who will thus see larger occupancy charges and higher income.

General, 2026 factors to sustained momentum within the transition, and progress ought to stay sturdy, however the extent of it stays to be seen. I’m hoping for 10% EV market share this yr. What do you guys assume?