Data released by consulting firm Benchmark Mineral Intelligence (BMI) on Friday showed that global registrations of pure electric and plug-in hybrid vehicles fell by 11% in February. Registrations of pure electric and plug-in hybrid vehicles in China, the world's largest electric vehicle market, fell 32% year-on-year in February to less than 500,000 vehicles, according to BMI.
Globally, registrations of pure electric and plug-in hybrid vehicles fell for the second consecutive month in February to just over 1 million, the lowest level since the same period in 2024.
The North American market shrank by 35%, with sales of less than 90,000 vehicles. This was the fifth consecutive month of decline in the North American electric vehicle market following the end of the U.S. electric vehicle tax credit policy in September last year and the Trump administration's proposal to further cut carbon dioxide emission standards.
Trump's policies and cooling global demand for electric vehicles have forced some of the automakers with the largest exposure to the U.S. market to book impairment provisions of more than $70 billion.
Europe has also abandoned emissions reduction targets. However, although the growth rate has slowed down from the same period last year, electric vehicle sales in Europe still increased by 21% in February, maintaining the growth momentum.
Electric vehicle registrations in the rest of the world increased by 78% in February, totaling more than 180,000 vehicles.
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