The fleet of light electric vehicles in Latin America and the Caribbean saw a dramatic surge last year, tripling in size from 154,966 registered units at the end of 2023 to 444,071 vehicles by December 2024, according to data released on May 16 by the Latin American Energy Organization (Olade).

This remarkable expansion represents a 187% year-on-year growth in battery electric and plug-in hybrid vehicles across the region. Olade attributes this substantial increase largely to a 78% rise in vehicle integration during the second half of the year compared with the first six months.

Brazil and Mexico have emerged as regional leaders in the development of public charging infrastructure. Brazil expanded its network from 1,876 charging stations in 2023 to 12,700 by the end of 2024, whilst Mexico increased its infrastructure from 1,340 to 3,212 over the same period. Together, these two nations account for approximately 86 % of the region's charging infrastructure, Olade stated in a press release.

Despite this impressive growth, the region's electric vehicle presence remains modest on the global stage. The 2024 figure represents nearly 0.7% of the global electric vehicle fleet and just 0.3% of the total light vehicle fleet in Latin America and the Caribbean.

However, the momentum continues to build. Olade reports that sales have accelerated further in the first quarter of 2025, with all countries in the region posting positive growth in electric vehicle sales. Colombia has demonstrated particularly strong performance, nearly quadrupling its sales of battery-powered vehicles, followed by Uruguay showing the second-highest growth rate.

In absolute sales volume of battery-powered and plug-in hybrid vehicles, Brazil and Mexico, the region's first and second economies, maintain their dominant regional positions.

These advances are unfolding in a global context where China has consolidated its position as the market leader, with more than 49mn electric vehicles in circulation and a 47.9% share of new car sales in 2024. As the main producer and exporter of electric vehicles globally, Beijing’s manufacturing dominance directly influences the Latin American market, with the majority of imported electric vehicles in the region originating from Chinese factories.

"Despite the positive results, challenges remain, such as the high relative cost of vehicles, insufficient charging infrastructure, and limited range, which countries are progressively addressing," Olade said.

Based in Quito, Ecuador, Olade is a pan-regional intergovernmental organisation focused on cooperation, coordination and technical advisory services. Since its establishment in 1973, it has sought to promote the integration, conservation, rational use, commercialisation and defence of the region's energy resources.