Why did global electric vehicle registrations fall in February?

Global EV registrations declined by 11% in February due to factors like reduced government incentives and expired tax exemptions, leading to increased consumer price sensitivity.

What was the impact on China's electric vehicle market?

China, the world's largest EV market, saw its registrations drop by 32% year-on-year in February, marking its steepest decline since early 2020.

How did other regions perform in February's EV market?

North America's EV sales contracted by 35%, while Europe experienced a 21% rise. EV registrations in the rest of the world grew by 78%.

Home / Business and Economy / Global EV Sales Plummet Amidst China's Steepest Decline

Global EV Sales Plummet Amidst China's Steepest Decline

13 Mar

•

Summary

Global electric vehicle registrations declined 11% in February.
China's EV market saw its largest sales drop since early 2020.
Policy changes and tax exemption expirations impacted sales worldwide.

Global EV Sales Plummet Amidst China's Steepest Decline

Global electric vehicle (EV) registrations fell by 11% in February, totaling just over one million vehicles sold. This marks the lowest volume since February 2024 and the second consecutive month of decline. China's market, the largest globally, experienced a substantial 32% year-on-year drop in EV registrations, the most severe since the COVID-19 pandemic began in early 2020.

This worldwide decrease is partly due to the retraction of government policies that previously encouraged EV purchases. In China, incentives like auto-trade-in funding were withdrawn, and a crucial tax exemption for EV purchases expired at the end of last year. Consequently, consumer price sensitivity has increased significantly.