A New Star Is Born As EVs Attain 19% Market Share In Ecuador In August!

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Ecuador is a rustic we haven’t talked about too typically previously, however this may occasionally quickly change.

For years, the nation lagged behind the area, having solely a handful of gross sales and sitting on the backside of the listing with Peru and Argentina again in 2023. The final time we reported on it (a 12 months and a half in the past), market share had simply surpassed 2% and was hovering round 3%. Again then, this was an immense success.

However issues are enhancing sooner than anyone anticipated. In our newest Latin American reviews, Ecuador has been a rising star. The nation reached 6% BEV in Q1 of this 12 months, has by now comfortably surpassed 10% BEV, and if we add PHEVs to the tally, is getting shut to twenty%! If this development holds, the nation might surpass Colombia to grow to be the third most superior EV market in Latin America!

Let’s have a look at the numbers.

Market Overview

An necessary remark earlier than we begin: for years, we’ve got solely printed information on Ecuador’s BEV gross sales. Not too long ago, in ZEMO, we’ve got began to manually establish PHEVs (with a little bit of assist from Ecuador’s affiliation AEADE), that means that we will now add these to the tally. The train goes all the best way again to 2017, so there is not going to be a sudden “bounce” when PHEVs are added (as was the case with Uruguay, for instance).

That being stated, development in 2026 has been exemplary. By the 12 months, gross sales have elevated by 276%, and in August this quantity rose to 426%! The nation first reached 100 gross sales in October 2023 and 1.000 in December 2025, however by August it obtained very near the three.000 mark!

BEVs dominate Ecuador’s EV panorama, however PHEVs are extra current than in different smaller markets, reminiscent of Uruguay, Costa Rica, and Colombia. By 2026, we’re seeing a 70/30 divide, with BEVs accounting for a lot of the gross sales however PHEVs nonetheless holding nearly a 3rd of the market. It’s necessary to notice that August was a reasonably spectacular month, with BEVs surpassing 2,000 models for the primary time and PHEVs surpassing 800. It stays to be seen if these ranges might be sustained within the coming months.

And attending to market share, which means that in August, BEVs managed to get 13.8% of all autos offered and PHEVs obtained 5.5%, for a complete of 19.3%! We’re getting very shut to twenty% right here.

This development has been occurring amidst a common automotive growth within the post-pandemic period. This interprets into an EV transition that’s but to curb ICEV development. Gas-based autos (ICEV, MHEV & HEV) have had a file 2026 to this point, with gross sales within the January–August interval above every other 12 months as much as 2018, even doubling the whole for 2020. Which means, in contrast to with Uruguay, we’re not at a degree the place EVs are reversing the expansion for combustion powertrains, however we should always discover ourselves at that time quickly, maybe as quickly as subsequent 12 months.

Taking a look at manufacturers, BYD remained the chief in August, however simply as in Uruguay, we’re seeing extra competitors and a extra balanced market. BYD’s market share has gone from over 70% in 2024 to under 30% in 2026. Following, surprisingly, come two legacy automakers: Chevrolet in second place due to its rebranded Chinese language EVs, and Kia in third place, surprisingly due to the success of the European-made EV2!

It appears just like the European business lastly has one thing able to preventing the Chinese language! (Even when not from a European model.)

Mannequin-wise, we observe the very same distribution, with the BYD Yuan Up main the chart, adopted by the Baojun Yep Plus Chevrolet Spark EUV and the Kia EV2. The BYD Seagull follows in fourth place, adopted by the DFSK E5, a plug-in SUV. A notable point out goes out to the lately arrived Chery iCar (or iCaur) V23, an reasonably priced absolutely electrical off-roader that will show very fashionable in rural areas within the Andes.

Yr up to now, BYD stays the chief, nonetheless with some 30% market share, adopted by Chevrolet after which DFSK in bronze. Dongfeng will get the fourth place and Kia the fifth.

Mannequin-wise, we see once more the BYD Yuan Up on prime, adopted by the DFSK E5 and the Chevrolet Spark EUV. The Seagull makes #4 and the Changan CS55 PHEV will get the fifth place. A notable point out for the Kia EV2, which obtained the seventh place regardless of solely being offered within the nation for 3 months this 12 months.

Ultimate ideas

Ecuador’s EV adoption has sped up in 2026, already from very wholesome development in 2025. The market has grow to be extra aggressive and the federal government has lengthy ended subsidies to gasoline and diesel — although, it began offering assist to the homeowners of diesel buses and vans because of the improve in gasoline costs from Trump’s battle in Iran. This all means we’re seeing a rustic go from laggard to chief in file time. Solely three years in the past, Ecuador was firmly on the backside a part of our rating.

This success has to do with the arrival of reasonably priced EVs. With tariff and tax exemptions (which assist make them cheaper), and with the top of gasoline subsidies, it’s no coincidence that Ecuador’s EV adoption began to ramp up after gasoline costs went up.

Now, wanting on the specifics on this market, there are two fashions that I discover extraordinarily attention-grabbing on this small market, as they might herald adjustments to return: the Kia EV2 and the Chery iCar 23 (or iCaur 23).

Inbuilt Slovakia, the Kia EV2 is the primary European-made automobile we’ve seen in Latin America at what one might name “cheap” costs. Certain, at $23,000, the mini-SUV (or lifted hatchback, no matter you favor) could also be a bit costly, however it’s within the ballpark of comparable ICEV crossovers and prices the identical because the BYD Yuan Up while not being a lot worse total (it’s 30 cm shorter and the battery 3 kWh smaller). For what I’ve discovered, the battery is probably going imported from China (at the least for the cheaper model), however, nonetheless, the automobile is nice sufficient to make an impression and exhibits that if nations and areas decide to EVs, they may be capable of decrease costs and in due time compete with the uber-powerful Chinese language.

As for the Chery iCar V23, I really feel it heralds the entry of EVs into segments that up till now have been dominated completely by ICEVs. It is a rugged SUV designed for rural roads with two variations (4×2 and 4×4), the latter of which prices the identical as a Suzuki Jimny ($28,000), previously essentially the most reasonably priced 4×4 off-roader accessible. Sure, I’ve ridden in a Jimny and people issues can go up a vertical wall, one thing I doubt the iCar will handle, however most individuals like them as a result of they’ve first rate area and will be comfortably pushed by way of unpaved roads and the occasional off-roading space, and the V23 is completely able to this activity. Its worth and value make this automobile a really seemingly favourite for individuals in small cities, rural areas, and badly linked areas.

One small remark: in response to official specs, the V23 appears to be the least environment friendly EV within the historical past of EVs, promising solely 420 km (261 m) of vary within the 4×4 model with an enormous 81 kWh battery … and this within the very optimistic NEDC cycle. It stays to be seen if effectivity is actually that unhealthy, or if there was a mistake on the web site and it’s 420 km WLTP, one thing cheap considering the unhealthy aerodynamics of the automobile.

Regardless, Ecuador appears day-after-day much less like an early-adopter story and extra like a mature market the place EVs are taking it by storm. And if Colombia shouldn’t be cautious, it might quickly lose the bronze to this rising star!