This article assesses the current progress and future potential of the electric vehicle industry in Latin America, with the aim of identifying opportunities and challenges to achieve a transition towards sustainable and decarbonized mobility in the region. The methodology employed was of a mixed approach, combining quantitative and qualitative techniques, with the use of secondary sources of information and analysis by experts in the field. The results show that although the electric vehicle industry in the region is constantly growing, there are still barriers and challenges in the implementation of government policies and in the charging infrastructure and availability of electric vehicle models. Therefore, a coordinated and continuous effort among governments, industry, and society is necessary to achieve a successful energy transition and attain more sustainable and decarbonized mobility in Latin America.