Ecuador's EV Boom: Nearly One in Five New Vehicles Is Now Electric or Plug-In Hybrid

Ecuador has quietly turned into one of Latin America’s most closely watched electrification stories. After spending years stuck near the bottom of regional rankings alongside Peru and Argentina, the country has surged through 2026: battery-electric models alone now account for well over a tenth of new vehicle sales, and once plug-in hybrids are folded in, the combined share climbed to 19.3% in August — brushing up against the one-in-five mark.

The volumes tell the same story. BEV deliveries passed 2,000 units in a single month for the first time, while PHEVs topped 800. Roughly seven of every ten electrified vehicles sold are pure electrics, though plug-in hybrids hold a larger slice of the market here than in smaller regional peers such as Uruguay or Costa Rica. Notably, this surge is unfolding while combustion-vehicle sales are also hitting record highs, meaning electrified models have yet to actually shrink the gasoline and diesel market.

Competition is broadening fast. BYD still leads, but its share has tumbled from more than 70% in 2024 to under 30% this year, with Chevrolet — riding rebadged Chinese EVs — and Kia now taking podium places. Kia’s European-built EV2 has made a striking debut, and the recently arrived Chery iCar V23, a compact electric off-roader, looks well suited to rural Andean roads. The BYD Yuan Up remains the single best-selling model.

Behind the shift are policy and price: tariff and tax exemptions have made imported EVs cheaper, while the end of fuel subsidies pushed running costs for combustion cars higher. What was once an early-adopter curiosity is starting to look like a maturing market — one that could soon overtake Colombia for third place in Latin America.