H. Yoo
Research expert covering South Korea
Electric vehicles in Latin America - Statistics & Facts
In 2024, Latin America attracted investments from the international automotive group Stellantis for the development and production of decarbonization technologies. However, while the region presents various opportunities for automakers, its electric vehicle market is still emerging. November 2024 forecasts project the regional EV market will reach some 41.3 billion U.S. dollars in revenue, up less than one billion compared to 2023. Selected countries are faster to grow their electric vehicle market than others, but regional sales growth is expected to be slower between 2024 and 2029, after shooting up in 2023. Plug-in hybrid electric vehicles should be the most impacted by this sales volume slow-down, which reflects the fact these tend to be less popular than their battery electric vehicle counterparts in many domestic markets.
