Global electric vehicle sales decline 11 per cent in February 2026

Global electric vehicle sales recorded a decline in February 2026, driven by a sharp fall in major markets such as China.

According to The Economic Times on Friday (13 March) local time, data from consultant firm Benchmark Mineral Intelligence (BMI) showed global electric vehicle sales fell 11 per cent year-on-year in February.

The decline was primarily caused by collapsing sales in China, which recorded its largest decrease since the onset of the COVID-19 pandemic in 2020.

BMI noted that in China, the world’s largest electric vehicle market, sales of battery-powered electric vehicles and plug-in hybrids in February fell 32 per cent year-on-year to fewer than 500,000 units.

This decline aligns with a report from the China Association of Automobile Manufacturers, which recorded overall vehicle sales in the country dropping 34 per cent in the same month.

BMI Data Manager Charles Lester stated that consumers are increasingly price-sensitive regarding electric vehicle purchases.

In North America, the electric vehicle market contracted 35 per cent to fewer than 90,000 units in February. This represents the fifth consecutive decline following the expiration of the US electric vehicle tax incentive programme in September last year.

Additionally, policies proposed by the United States government under President Donald Trump, which propose relaxation of carbon emission standards, have also influenced electric vehicle demand in that market.

These policies, combined with weakening global demand for electric vehicles, have caused several automotive manufacturers with significant exposure to the US market to record asset value declines of more than 70 billion US dollars.

By contrast, the electric vehicle market in Europe continues to record growth. Electric vehicle sales in the region increased 21 per cent in February, although the growth rate is slower than most periods in the previous year.

Meanwhile, electric vehicle sales in other regions worldwide increased 78 per cent to more than 180,000 units. This increase is driven by expansion of Chinese electric vehicle manufacturers into various markets in Asia, Australia and Europe, amid intensifying competition in their domestic market.