EV Market Share Hits Record High as BEV Sales Surpass 100,000 Units
In the second quarter of 2026, Latin America’s electric vehicle (EV) market share reached 10.7%, a significant increase from 4.6% in the same period last year and 7.7% in the first quarter of 2026. Quarterly EV sales approached 190,000 units, setting a new record. Battery electric vehicle (BEV) sales surpassed 100,000 units for the first time, growing 162% year-on-year and accounting for 58% of the region’s total EV sales, indicating a rapid shift toward BEVs.
While overall vehicle sales in Latin America increased by nearly 50,000 units year-on-year in Q2 2026, sales of internal combustion engine vehicles (ICEVs), mild hybrid electric vehicles (MHEVs), and hybrid electric vehicles (HEVs) combined declined by over 60,000 units. This marks the first year-on-year drop in traditional powertrain sales in the region, reflecting the growing dominance of EVs in the market.
Brazil Drives Over 60% of Regional Growth as Uruguay Leads in Market Share
Brazil contributed 66,666 units to the region’s EV sales growth in Q2 2026, representing 61.7% of the total increase of 108,000 units, making it the primary driver of Latin America’s EV market expansion. Brazil’s EV market share reached 13.5%, with BEVs accounting for 7.5%, demonstrating the country’s accelerating electrification. Analysts attribute this growth to Brazil’s expanding local EV production, which not only meets domestic demand but also supplies neighboring countries, reinforcing its regional influence.
Uruguay emerged as the most electrified country in Latin America in Q2 2026, with an EV market share of 40%, of which 37% were BEVs. Colombia’s BEV sales surged, securing its position as the second-largest market in the region after Brazil. Costa Rica’s EV market share reached 22%, while Colombia’s exceeded 20%. Ecuador, now included in the Zero-Emissions Observatory for Latin America’s (ZEMO) plug-in hybrid electric vehicle (PHEV) data, reported an 11% total EV market share, with BEVs making up 8%.