Why did global EV registrations fall in January?

Global EV registrations fell by 3% in January due to the introduction of purchase taxes and lower EV subsidies in China, as well as policy changes in the U.S.

How did China's EV market perform in January?

China's EV market saw registrations drop by 20% in January, reaching their lowest point in almost two years.

What was the EV sales performance in Europe during January?

Europe experienced a 24% growth in EV sales in January, which was the slowest rate recorded since the previous February.

Home / Business and Economy / Global EV Sales Plummet Amidst Shifting Policies

Global EV Sales Plummet Amidst Shifting Policies

13 Feb

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Summary

Global EV registrations declined 3% in January to 1.2 million units.
China saw a 20% drop in EV sales, hitting a near two-year low.
Europe's EV sales grew by 24%, but at a decelerating rate.

Global EV Sales Plummet Amidst Shifting Policies

Global electric vehicle (EV) registrations experienced a 3% decline in January, reaching approximately 1.2 million units. This decrease marks a significant shift from previous growth trends, influenced by policy adjustments in key markets.

China, the world's largest EV market, saw registrations drop by 20%, marking the lowest figure in nearly two years. In North America, sales fell by 33%, with the United States registering its lowest EV sales since early 2022. These declines are attributed to the introduction of purchase taxes and reduced subsidies in China, alongside policy changes in the U.S.