Mar 16, 2026
Worldwide electric vehicle sales decline once more in February.
Global electric vehicle registrations dropped by 11% in February, primarily due to a significant decrease in sales in China, marking its largest decline since early 2020, according to Benchmark Mineral Intelligence (BMI).
As governments across the globe scaled back policies that promote electric vehicle purchases, China ended its funding for car trade-ins, and the tax exemption for EV purchases expired at the end of the previous year.
In February, China, the leading market for electric vehicles, experienced a 32% year-on-year decrease in new battery-electric and plug-in hybrid car registrations, totaling less than 500,000 vehicles. This decline aligns with a 34% reduction in overall car sales for the same month as reported by the China Association of Automobile Manufacturers. BMI data manager Charles Lester noted that "consumers are very price sensitive."
On a global scale, EV registrations fell for the second consecutive month in February, totaling just over one million vehicles sold, which is the lowest figure since February 2024. The North American market saw a 35% decline, with fewer than 90,000 EVs sold, marking its fifth consecutive month of decline following the end of an EV tax credit program in the U.S. last September, alongside efforts by the Trump administration to reduce CO2 emission standards. Consequently, major automakers heavily invested in the U.S. market have recorded over $70 billion in writedowns.
In Europe, although there has been a retreat from emission targets, EV sales increased by 21% in February, sustaining growth despite a slower pace compared to much of the previous year. Outside of these regions, registrations increased by 78% to over 180,000 vehicles, as Chinese manufacturers expanded their market share in Asia, Australia, and Europe while facing intense domestic competition.
As governments across the globe scaled back policies that promote electric vehicle purchases, China ended its funding for car trade-ins, and the tax exemption for EV purchases expired at the end of the previous year.
In February, China, the leading market for electric vehicles, experienced a 32% year-on-year decrease in new battery-electric and plug-in hybrid car registrations, totaling less than 500,000 vehicles. This decline aligns with a 34% reduction in overall car sales for the same month as reported by the China Association of Automobile Manufacturers. BMI data manager Charles Lester noted that "consumers are very price sensitive."
On a global scale, EV registrations fell for the second consecutive month in February, totaling just over one million vehicles sold, which is the lowest figure since February 2024. The North American market saw a 35% decline, with fewer than 90,000 EVs sold, marking its fifth consecutive month of decline following the end of an EV tax credit program in the U.S. last September, alongside efforts by the Trump administration to reduce CO2 emission standards. Consequently, major automakers heavily invested in the U.S. market have recorded over $70 billion in writedowns.
In Europe, although there has been a retreat from emission targets, EV sales increased by 21% in February, sustaining growth despite a slower pace compared to much of the previous year. Outside of these regions, registrations increased by 78% to over 180,000 vehicles, as Chinese manufacturers expanded their market share in Asia, Australia, and Europe while facing intense domestic competition.