Global Electric Vehicle Sales Fall 11 Per Cent, Europe Provides Support

Jakarta, Indonesia — Industry research agency Benchmark Mineral Intelligence, which specialises in electric vehicle markets and battery supply chains, has recorded global electric vehicle sales in February 2026 at 1.1 million units, representing an 11 per cent decline.

Cumulatively, global electric vehicle sales for January–February 2026 reached 2.2 million units, down 8 per cent compared with the same period in the previous year.

Charles Lester, Data Manager at Benchmark Mineral Intelligence, stated that the decline was driven by pressure in several major markets, including China and North America.

This situation was influenced by the reintroduction of purchase taxes and adjustments to trade-in schemes, which depressed domestic demand by 32 per cent on an annual basis.

Nevertheless, exports remained a supporting factor, with a surge of more than twofold in the first two months of 2026, exceeding 500,000 units.

North America, meanwhile, recorded the steepest contraction at 36 per cent to 0.17 million units, primarily due to weakness in the United States market.

Battery electric vehicle (BEV) sales from several manufacturers fell sharply, including Ford (down 70 per cent), Honda (down 81 per cent), and Kia (down 52 per cent). The impact rippled through supply chains, with SK On reducing its workforce at its Georgia facility.

“Europe is becoming the growth engine, whilst North America remains under pressure and China is adapting to changes in domestic policy, though exports continue to increase,” Lester said in an official statement on Tuesday (17 March 2026).

This increase was supported by incentive policies in Germany and France, which each rose 26 and 30 per cent year-to-date respectively. Italy surged 98 per cent following a major subsidy programme rollout from the European Union.

Beyond major markets, growth was also robust elsewhere, with a surge of 84 per cent to 0.37 million units. South Korea emerged as a key driver, recording a surge of more than threefold on a monthly basis to approximately 37,200 units.

For the first time, the electric vehicle penetration rate in the country reached 30 per cent, driven by new subsidy policies targeting more affordable models.

With these conditions, the global electric vehicle industry enters 2026 in an adjustment phase, characterised by increasingly sharp performance divergence across regions.