Since 2022, over 1,000 electric vehicles have been sold in Ecuador, representing a 400 per cent increase.
Specifically, total electric vehicle sales reached 1,081 units between January and July 2024, according to data from the Ecuadorian Automotive Companies Association (AEADE).
In the same period the previous year, 939 electric vehicles were sold, compared to 185 in 2022.
So, what happened over these two years to enable the rise of new technologies and open the door to e-mobility?
Notably, the beginning of this year was marked by tax reforms under President Noboa’s administration and the start of the Free Trade Agreement (FTA) with China.
During the first six months of his administration, Noboa implemented tax reforms that directly impacted the electromobility sector.
Broadly speaking, these changes include redefinitions of electric vehicles and their respective tariff benefits, an extension of the electrification deadline for commercial transport, and a scrappage plan.
The significant shortfall in the world of electromobility is the charging infrastructure, which still needs to be expanded across the entire country.
Regarding the FTA, Christian Cazar, Marketing Manager at Chery Ecuador, noted that it had a direct impact on the final price for consumers of the Chinese brand.
“We were able to reduce consumer prices by approximately $3,000 to $3,500, and offer more equipment in our models,” he said in an interview with Mobility Portal Latin America.
Now, advanced driver assistance technologies, higher safety standards, and entertainment systems, previously only seen in high-end vehicles, are accessible to more people.
“We want consumers not just to settle for basic vehicles, but to seek more sophisticated and demanding options in terms of equipment, safety, and technology, without directly affecting their pockets,” he assures.
The most prominent segments are SUVs and cars, particularly in the provinces of Pichincha and Guayas.
The SUV segment is the fastest growing, with 836 units sold between January and July 2024, representing a 1,147 per cent increase compared to the same period in 2023.
Additionally, 218 electric cars were registered between January and July 2024, a 134.4% increase compared to the 93 units in the same period in 2023.
Meanwhile, vans and pickups face challenges, with a decline of 57% and 100%, respectively.
No electric trucks were sold between January and July 2024, compared to 30 vehicles sold in 2023 and 28 in 2022.
Which EV brands are most popular among Ecuadorians?
As of July 2024, the electric vehicle market in Ecuador is dominated by Nissan and BYD, which together account for over 60 per cent of total sales.
KIA, Leapmotor, and Dongfeng complete the top five, although with lower sales volumes.
Here is a list of the best-selling brands according to Mobility Portal Latin America:
- Nissan
With 350 units sold, Nissan continues to lead the electric vehicle market.
The automaker maintained strong performance throughout the year, especially in January, with 165 units, setting a trend for the following months.
- BYD
In second place is the Chinese automaker with 329 electric vehicles, just 21 units behind Nissan.
BYD’s monthly sales range from 31 to 68 units, with its highest sales peak occurring in June with 68 units.
- KIA
KIA takes third place with 105 units sold in total.
It maintained steady growth, with June standing out with 31 units.
- Leapmotor
Leapmotor closely follows with 71 units sold, consolidating its position as the fourth best-selling brand.
- Dongfeng
With 27 units sold, it rounds out the top five. Although its sales are lower than the others, it showed sustained growth throughout the year.
Other automakers making a strong impact include Neta, Skywell, Mercedes Benz, and Audi.
