LAC tops one million electric vehicles

QUITO (CMC):

The Latin American and Caribbean Energy Organization (OLACDE) says Latin America and the Caribbean (LAC) has reached a major milestone in its energy transition, surpassing one million electrified light-duty vehicles for the first time. But it warns that the rapid growth also presents significant challenges for the region.

In its latest report, OLACDE said that, as of June 2026, the region had registered 1,016,034 battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), including 285,785 units added during the first half of the year alone.

The figure represents exponential growth from the 17,541 units recorded in 2020.

According to OLACDE, the data suggest a commercial turning point, with BEVs and PHEVs accounting for 10 per cent of all light-duty vehicle sales in the region so far this year.

“Electric public transport is also expanding steadily. The regional fleet reached 10,685 electric buses, adding 967 units in just three quarters, an increase of nearly 10 per cent in three months,” OLACDE said.

The organisation noted that charging infrastructure is expanding alongside the growth in electric vehicles.

It said the benefits extend beyond decarbonisation. Estimated annual energy savings amount to US$26,210 for each electric bus and US$2,240 for each fully electric car.

“When extrapolated to the current fleet in operation, the net benefit to the region’s economies translates into US$1.519 billion in annual energy savings, equivalent to nearly US$4 million per day. This flow helps ease pressure on countries’ trade balances by reducing structural exposure to fluctuations in international gasoline and diesel prices.”

Despite the gains, OLACDE said consolidating the region’s electric mobility ecosystem will require faster expansion of charging infrastructure, stronger planning for electricity distribution networks, and more competitive financing arrangements.

The organisation said these challenges will be central to discussions at the first Regional Sustainable Mobility Summit, scheduled for November 26 in Jamaica.

The event is intended to serve “as a strategic forum to strengthen regional cooperation and accelerate the transformation of the transport sector”.