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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":559,"relatedVideos":560},153747926405129,"cdc47aeb-6699-4fbc-bdc7-f22f7220d0f1","Charles Lester","charles-lester","authors/charles-lester",{"x":547,"bio":548,"_uid":549,"email":547,"image":550,"linkedin":555,"component":556,"job_title":557,"markets_covered":558,"certification_name":547,"certification_recoginition":547,"certification_recoginition_url":547,"formattedDate":547,"formattedArticleDate":547},"","Charles is Data Manager at Rho Motion, working on electric vehicle, battery, charging, and recycling market analysis, as well as modelling energy and commodity demand associated with the energy transition. Prior to joining Rho Motion he was a Consultant at Argus Media working across several sectors including energy, fertiliser and emissions economics. He has worked on multiple feasibility studies for major industrial projects worth several billion dollars. Charles graduated with a First Class Honours degree in Economics, and a Master’s Degree in Economics from University College London (UCL).","4c50d40e-1901-47a3-a298-1d05b27125bd",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},153748403383101,"https://a.storyblok.com/f/287943243085208/400x400/e3e91a8cc9/charles-lester.jpeg","asset",{},"https://www.linkedin.com/in/charleslester-124/","author","Data Manager","EV and Battery",[],[],[562,915,1182,1479,1631,1948,2092,2407,2535,2774],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},188058012453355,"3d3b0521-aaed-4ef9-9a8c-97ccfd4102c8","Global EV sales reach 1.8 million units in May 2026 ","global-ev-sales-reach-1-8-million-units-in-may-2026","article/global-ev-sales-reach-1-8-million-units-in-may-2026",{"_uid":569,"date":570,"tags":571,"editor":587,"content":597,"excerpt":891,"featured":51,"reporter":892,"component":896,"seo_title":565,"categories":897,"visibility":904,"data_vis_image":905,"featured_image":909,"seo_description":913,"formattedDate":914},"8749630b-bb37-4629-ab9b-f3bc2f2f5fee","2026-06-16 00:00",[572,575,578,581,584],{"slug":573,"name":574},"ev-sales","EV Sales",{"slug":576,"name":577},"north-america","North America",{"slug":579,"name":580},"europe","Europe",{"slug":582,"name":583},"china","China",{"slug":585,"name":586},"data-visualisation","Data Visualisation",[588],{"slug":589,"name":590,"content":591},"matthew-bird","Matthew Bird",{"job_title":592,"image":593,"bio":595,"linkedin":596},"Senior Editor - Supply Chains & Data Visualisation",{"filename":594},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":598,"content":599},"doc",[600,643,653,661,697,705,726,735,744,752,774,810,817,838,846,853,861,869,879],{"type":601,"attrs":602,"content":603},"paragraph",{"textAlign":49},[604,612,624,629,638],{"text":605,"type":606,"marks":607},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.8 million electric vehicles were sold globally in May 2026, bringing YTD 2026 ","text",[608],{"type":609,"attrs":610},"textStyle",{"color":611},"#000000",{"text":613,"type":606,"marks":614},"EV sales",[615,622],{"type":616,"attrs":617},"link",{"href":618,"uuid":619,"anchor":49,"target":620,"linktype":621},"/publications/briefings/all-ev-sales/may-2026-major-market-ev-sales","e683e326-828c-4191-9ac4-fd2a28fd64e1","_self","story",{"type":609,"attrs":623},{"color":611},{"text":625,"type":606,"marks":626}," to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7%",[627],{"type":609,"attrs":628},{"color":611},{"text":630,"type":606,"marks":631}," month-on-month",[632,636],{"type":616,"attrs":633},{"href":634,"uuid":635,"anchor":49,"target":620,"linktype":621},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"type":609,"attrs":637},{"color":611},{"text":639,"type":606,"marks":640}," (m-o-m).",[641],{"type":609,"attrs":642},{"color":611},{"type":644,"attrs":645},"blok",{"id":646,"body":647},"0a389bc4-f579-4b9b-aad8-a443402f6f76",[648],{"id":649,"_uid":650,"type":651,"component":652,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29390230","i-f643a4c2-ecfd-47ff-ba8b-c89572f93ee0","visualisation","ContentFlourish",{"type":601,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":606,"marks":658},"Benchmark Mineral Intelligence Data Manager, Charles Lester, commented: ",[659],{"type":609,"attrs":660},{"color":611},{"type":601,"attrs":662,"content":663},{"textAlign":49},[664,669,678,683,692],{"text":665,"type":606,"marks":666},"\"The global EV market continued its mixed regional trajectory in May 2026. Europe remains the standout performer, up 26% year-to-date, supported by policy incentives and a growing Chinese OEM presence. Fuel prices remain elevated and, with the situation in the ",[667],{"type":609,"attrs":668},{"color":611},{"text":670,"type":606,"marks":671},"Middle East",[672,676],{"type":616,"attrs":673},{"href":674,"uuid":675,"anchor":49,"target":620,"linktype":621},"/article/clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices","3b25b657-92e9-4b2a-9fe0-95c159fc48ef",{"type":609,"attrs":677},{"color":611},{"text":679,"type":606,"marks":680}," continuing to evolve, the outlook for ",[681],{"type":609,"attrs":682},{"color":611},{"text":684,"type":606,"marks":685},"petrol prices",[686,690],{"type":616,"attrs":687},{"href":688,"uuid":689,"anchor":49,"target":620,"linktype":621},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"type":609,"attrs":691},{"color":611},{"text":693,"type":606,"marks":694}," will be one to watch in the coming months. ",[695],{"type":609,"attrs":696},{"color":611},{"type":601,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":606,"marks":702},"\"China's domestic market remains subdued, down 15% year-to-date, though exports continue to surge to record levels, with BYD, Chery and Geely leading the charge internationally. The gap between China's domestic weakness and its export strength continues to widen. ",[703],{"type":609,"attrs":704},{"color":611},{"type":601,"attrs":706,"content":707},{"textAlign":49},[708,713,721],{"text":709,"type":606,"marks":710},"\"",[711],{"type":609,"attrs":712},{"color":611},{"text":577,"type":606,"marks":714},[715,719],{"type":616,"attrs":716},{"href":717,"uuid":718,"anchor":49,"target":620,"linktype":621},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2",{"type":609,"attrs":720},{"color":611},{"text":722,"type":606,"marks":723}," continues to lag, down 25% year-to-date, though Canada's newly established tariff quota agreement with China is beginning to open the door to new competition. Overall, regional divergence, China's accelerating export pivot, and shifting policy landscapes continue to define the global EV market.\" ",[724],{"type":609,"attrs":725},{"color":611},{"type":601,"attrs":727,"content":728},{"textAlign":49},[729],{"type":730,"attrs":731},"image",{"id":732,"alt":547,"src":733,"title":547,"source":547,"copyright":547,"meta_data":734},188111301338021,"https://a.storyblok.com/f/287943243085208/1280x720/525a9bbcc5/benchmark-may-2026-sales.jpg",{},{"type":736,"attrs":737,"content":739},"heading",{"level":738,"textAlign":49},2,[740],{"text":580,"type":606,"marks":741},[742],{"type":609,"attrs":743},{"color":611},{"type":601,"attrs":745,"content":746},{"textAlign":49},[747],{"text":748,"type":606,"marks":749},"In the European market, EV sales have grown by 2% m-o-m and by 23% y-o-y in May 2026, resulting in EV sales up by 26% YTD. The EV market continues to benefit from several EV subsidy schemes across Europe, alongside the impact on EV purchases due to rising fuel prices following the conflict in the Middle East. ",[750],{"type":609,"attrs":751},{"color":611},{"type":601,"attrs":753,"content":754},{"textAlign":49},[755,760,769],{"text":756,"type":606,"marks":757},"The share of ",[758],{"type":609,"attrs":759},{"color":611},{"text":761,"type":606,"marks":762},"EVs sold in Europe that are produced in China",[763,767],{"type":616,"attrs":764},{"href":765,"uuid":766,"anchor":49,"target":620,"linktype":621},"/article/almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells","9e32de15-a444-40d6-be33-b749b248d932",{"type":609,"attrs":768},{"color":611},{"text":770,"type":606,"marks":771}," has been increasing. Over 2025, 19% of EVs sold in Europe were produced in China. Now in 2026, this figure has been growing, despite the EU BEV tariffs and some subsidy schemes that are preferential toward more local, European EV production. In the UK, 32% of EVs sold YTD are produced in China. However, in Germany it is 14% and in France only 10%. ",[772],{"type":609,"attrs":773},{"color":611},{"type":601,"attrs":775,"content":776},{"textAlign":49},[777,782,791,796,805],{"text":778,"type":606,"marks":779},"As the Chinese EV sales share grows in Europe, there have been announcements from Chinese OEMs to produce in Europe by utilising excess European capacity. This trend has accelerated notably in recent weeks. ",[780],{"type":609,"attrs":781},{"color":611},{"text":783,"type":606,"marks":784},"Stellantis",[785,789],{"type":616,"attrs":786},{"href":787,"uuid":788,"anchor":49,"target":620,"linktype":621},"/article/life-in-the-fastlane-stellantis-investor-day-2026","f128bb5d-bb4f-4ac4-9c56-ded8ce39e790",{"type":609,"attrs":790},{"color":611},{"text":792,"type":606,"marks":793}," has confirmed it will begin producing Leapmotor's B10 compact EV at its plant near Zaragoza, Spain, in the second half of 2026, with three further Leapmotor models planned. Stellantis is also reportedly considering producing Dongfeng models in Europe, while Ford has confirmed talks with Geely over the partial sale of its Valencia, Spain, plant. Nissan and Chery continue to be linked with an agreement to produce Chery models at Nissan's Sunderland, UK, facility. Elsewhere, a much-anticipated SAIC-MG announcement for a European facility was announced, expected to be built in Spain by 2028 with an annual capacity of 120,000 vehicles. ",[794],{"type":609,"attrs":795},{"color":611},{"text":797,"type":606,"marks":798},"BYD",[799,803],{"type":616,"attrs":800},{"href":801,"uuid":802,"anchor":49,"target":620,"linktype":621},"/article/byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants","a540f8b0-5845-4627-87de-51a7252fba2c",{"type":609,"attrs":804},{"color":611},{"text":806,"type":606,"marks":807}," is expected to start EV production in Hungary toward the end of 2026, while reportedly pausing its project in Turkey. ",[808],{"type":609,"attrs":809},{"color":611},{"type":736,"attrs":811,"content":812},{"level":738,"textAlign":49},[813],{"text":577,"type":606,"marks":814},[815],{"type":609,"attrs":816},{"color":611},{"type":601,"attrs":818,"content":819},{"textAlign":49},[820,825,833],{"text":821,"type":606,"marks":822},"In ",[823],{"type":609,"attrs":824},{"color":611},{"text":577,"type":606,"marks":826},[827,831],{"type":616,"attrs":828},{"href":829,"uuid":830,"anchor":49,"target":620,"linktype":621},"/videos/panel-driving-demand-what-s-powering-the-next-phase-of-the-u-s-ev-market-","636d0e9d-d843-403c-b8b4-a220238a1d65",{"type":609,"attrs":832},{"color":611},{"text":834,"type":606,"marks":835},", EV sales remain weak, down 26% y-o-y and down 25% YTD, following the major pull-back in OEMs' plans alongside the removal of the EV tax credit in September last year, alongside weaker legislative drivers. ",[836],{"type":609,"attrs":837},{"color":611},{"type":601,"attrs":839,"content":840},{"textAlign":49},[841],{"text":842,"type":606,"marks":843},"Following Canada's announcement of a tariff quota agreement that allows 49,000 Chinese-built EVs to enter Canada at a lower rate, down from the previous 100% surtax, BYD has announced it will enter the Canadian market by the end of 2026. BYD confirmed plans for more than 20 dealerships across Toronto, Vancouver, Montreal and Calgary, with an initial lineup including the Atto 3, Seal, Dolphin and Seagull.  ",[844],{"type":609,"attrs":845},{"color":611},{"type":736,"attrs":847,"content":848},{"level":738,"textAlign":49},[849],{"text":583,"type":606,"marks":850},[851],{"type":609,"attrs":852},{"color":611},{"type":601,"attrs":854,"content":855},{"textAlign":49},[856],{"text":857,"type":606,"marks":858},"Following a slow start to EV sales in China in the opening months of the year, EV sales have been improving and now sit at -15% YTD May 2026 vs YTD May 2025. Despite weaker EV sales across the country, battery demand has been impacted less. This is because the proportion of EVs sold in China has moved from smaller vehicles to larger vehicles, a direct impact of the change in subsidy scheme that was introduced in early 2026, therefore the average EV battery size (kWh) has increased in China so far this year. ",[859],{"type":609,"attrs":860},{"color":611},{"type":601,"attrs":862,"content":863},{"textAlign":49},[864],{"text":865,"type":606,"marks":866},"Chinese NEV exports continue to climb to another monthly record at almost 450,000 units in May. Both BEV and PHEV exports saw strong growth. Following weaker domestic sales in China so far this year compared to 2025, more and more Chinese OEMs have looked to expand further into the global market. The major players include BYD, which leads EV exports, followed by Chery and Geely, while Tesla's Shanghai factory also remains a significant contributor to China's overall NEV export figures. ",[867],{"type":609,"attrs":868},{"color":611},{"type":601,"attrs":870,"content":871},{"textAlign":49},[872],{"text":873,"type":606,"marks":874},"This insight draws from Benchmark's granular EV & Battery Service, consisting of monthly EV sales figures, detailed forecasts to 2050 and supply chain data. By bringing clarity to a complex and opaque market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[875,877],{"type":609,"attrs":876},{"color":611},{"type":878},"italic",{"type":644,"attrs":880},{"id":646,"body":881},[882],{"id":883,"_uid":884,"component":885,"wrap_in_box":50,"redirect_url":886,"success_file":888,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":890,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-c77c8094-8373-455a-badb-95efc4bd5254","ContentHubspotForm",{"id":547,"url":547,"linktype":621,"fieldtype":887,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":889},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.8 million electric vehicles were sold globally in May 2026, bringing YTD 2026 EV sales to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7% month-on-month (m-o-m). ",[893],{"slug":544,"name":543,"content":894},{"job_title":557,"image":895,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article",[898,901],{"slug":899,"name":900},"batteries","Batteries",{"slug":902,"name":903},"ev","EV","public",{"id":906,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":907,"copyright":547,"fieldtype":553,"meta_data":908,"is_external_url":50},188059155168775,"https://a.storyblok.com/f/287943243085208/1280x720/c1822577ce/benchmark-may-2026-ev-sales.jpg",{},{"id":910,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":911,"copyright":547,"fieldtype":553,"meta_data":912,"is_external_url":50},188061873516795,"https://a.storyblok.com/f/287943243085208/3840x2160/c65dfa8b41/electric-vehicles-charging.jpeg",{},"Benchmark Mineral Intelligence reports that 1.8 million electric vehicles (EVs) were sold globally in May 2026, bringing YTD 2026 EV sales to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7% month-on-month (m-o-m).","Jun 16, 2026",{"id":916,"uuid":635,"name":917,"slug":918,"full_slug":919,"content":920},176010543640497,"Global EV sales reached 1.60 million units in April 2026","global-ev-sales-reached-1-60-million-units-in-april-2026","article/global-ev-sales-reached-1-60-million-units-in-april-2026",{"_uid":921,"date":922,"tags":923,"editor":929,"content":933,"excerpt":1166,"featured":51,"reporter":1167,"component":896,"seo_title":917,"categories":1171,"visibility":904,"data_vis_image":1174,"featured_image":1176,"seo_description":1180,"formattedDate":1181},"fe995a4b-fec4-4b7d-9ffb-58d913c70569","2026-05-13 00:00",[924,925,926,927,928],{"slug":573,"name":574},{"slug":582,"name":583},{"slug":576,"name":577},{"slug":579,"name":580},{"slug":585,"name":586},[930],{"slug":589,"name":590,"content":931},{"job_title":592,"image":932,"bio":595,"linkedin":596},{"filename":594},{"type":598,"content":934},[935,958,965,974,996,1004,1026,1034,1041,1049,1057,1072,1080,1087,1095,1117,1125,1132,1140,1148,1157],{"type":601,"attrs":936,"content":937},{"textAlign":49},[938,944,953],{"text":939,"type":606,"marks":940},"Benchmark Mineral Intelligence, specialising in ",[941],{"type":609,"attrs":942},{"color":943},"black",{"text":945,"type":606,"marks":946},"EV and battery supply chain research and insights",[947,951],{"type":616,"attrs":948},{"href":949,"uuid":49,"anchor":49,"target":620,"linktype":950},"https://www.benchmarkminerals.com/ev-and-battery","url",{"type":609,"attrs":952},{"color":943},{"text":954,"type":606,"marks":955},", reports that 1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).",[956],{"type":609,"attrs":957},{"color":943},{"type":644,"attrs":959},{"id":960,"body":961},"106369c0-384b-484e-8ce9-b756430e3858",[962],{"id":963,"_uid":964,"type":651,"component":652,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28952714","i-7af02c9d-e970-4177-ba0c-6f8439d5bd67",{"type":601,"attrs":966,"content":968},{"textAlign":967},"justify",[969],{"text":970,"type":606,"marks":971},"Benchmark Mineral Intelligence Data Manager, Charles Lester, commented:",[972],{"type":609,"attrs":973},{"color":943},{"type":601,"attrs":975,"content":976},{"textAlign":967},[977,982,991],{"text":978,"type":606,"marks":979},"“The global EV market reached 1.60 million units in April 2026, with growth moderating to 6% year-on-year and declining 9% month-on-month after ",[980],{"type":609,"attrs":981},{"color":943},{"text":983,"type":606,"marks":984},"March’s surge",[985,989],{"type":616,"attrs":986},{"href":987,"uuid":988,"anchor":49,"target":620,"linktype":621},"/article/global-ev-sales-reached-1-75-million-units-in-march-2026","659252f9-9755-4aa0-be80-9c0d7bf3b18c",{"type":609,"attrs":990},{"color":943},{"text":992,"type":606,"marks":993},". Year-to-date sales stand at 5.6 million units, marginally down versus 2025, with strong growth in Europe and the RoW offset by continued weakness in China and North America.",[994],{"type":609,"attrs":995},{"color":943},{"type":601,"attrs":997,"content":998},{"textAlign":967},[999],{"text":1000,"type":606,"marks":1001},"“Europe remains the main engine of growth, with sales up 26% year-to-date and April volumes exceeding 400,000 units. Demand continues to be supported by policy incentives, rising petrol prices, and growing Chinese OEM presence.",[1002],{"type":609,"attrs":1003},{"color":943},{"type":601,"attrs":1005,"content":1006},{"textAlign":967},[1007,1012,1021],{"text":1008,"type":606,"marks":1009},"“China’s market remains under pressure, with sales down 17% year-to-date. While exports are accelerating rapidly, domestic demand, particularly in smaller vehicle segments, continues to be impacted by subsidy changes. North America is still lagging, with sales down 25% year-to-date, although ",[1010],{"type":609,"attrs":1011},{"color":943},{"text":1013,"type":606,"marks":1014},"Mexico is seeing stronger growth driven by Chinese imports",[1015,1019],{"type":616,"attrs":1016},{"href":1017,"uuid":1018,"anchor":49,"target":620,"linktype":621},"/article/influx-of-chinese-made-evs-into-mexico-and-brazil-ahead-of-tariff-changes","15a7fc41-9adc-44bf-aa24-0534e0e1639a",{"type":609,"attrs":1020},{"color":943},{"text":1022,"type":606,"marks":1023},". Overall, the market is entering a more complex phase, with regional divergence, export growth, and shifting competitive dynamics shaping global trends.”",[1024],{"type":609,"attrs":1025},{"color":943},{"type":601,"attrs":1027,"content":1028},{"textAlign":967},[1029],{"type":730,"attrs":1030},{"id":1031,"alt":547,"src":1032,"title":547,"source":547,"copyright":547,"meta_data":1033},176010886080926,"https://a.storyblok.com/f/287943243085208/1280x720/3dbd167fce/benchmark-april-ev-sales.jpg",{},{"type":736,"attrs":1035,"content":1036},{"level":738,"textAlign":967},[1037],{"text":580,"type":606,"marks":1038},[1039],{"type":609,"attrs":1040},{"color":943},{"type":601,"attrs":1042,"content":1043},{"textAlign":967},[1044],{"text":1045,"type":606,"marks":1046},"Following a record month for EV sales in March 2026, April figures continued to indicate strong growth. In April 2026, EV sales increased by 27% year-on-year to just over 400,000 units. Year-to-date, sales in France and Germany have risen by 36% and 33%, respectively. In Italy, EV sales have nearly doubled, supported by government subsidies, with a significant share coming from Chinese manufacturers.",[1047],{"type":609,"attrs":1048},{"color":943},{"type":601,"attrs":1050,"content":1051},{"textAlign":967},[1052],{"text":1053,"type":606,"marks":1054},"European EV demand continues to be supported by rising petrol prices as a result of the conflict in the Middle East. During January–February 2026, EV sales growth stood at 19% year-on-year, accelerating to 30% across March–April.",[1055],{"type":609,"attrs":1056},{"color":943},{"type":601,"attrs":1058,"content":1059},{"textAlign":967},[1060,1067],{"text":1061,"type":606,"marks":1062},"Chinese-built EVs are playing an increasingly important role",[1063,1065],{"type":616,"attrs":1064},{"href":688,"uuid":689,"anchor":49,"target":620,"linktype":621},{"type":609,"attrs":1066},{"color":943},{"text":1068,"type":606,"marks":1069}," in the European market. In 2025, 19% of EVs sold in Europe were produced in China; this has risen to 22% so far in 2026 and continues to increase month by month. Despite EU tariffs on Chinese BEVs, Chinese OEMs continue to export significant volumes, while also increasingly exploring local manufacturing within Europe.",[1070],{"type":609,"attrs":1071},{"color":943},{"type":601,"attrs":1073,"content":1074},{"textAlign":967},[1075],{"text":1076,"type":606,"marks":1077},"April 2026 saw a wave of developments involving Chinese OEM production in Europe. Stellantis and Leapmotor announced plans to manufacture Leapmotor’s B10 C-SUV at Stellantis’ Figueruelas plant in Zaragoza, Spain, potentially as early as 2026, alongside a new all-electric Opel C-SUV planned for 2028. Chinese OEMs, such as SAIC’s MG, are reportedly exploring Volkswagen’s underutilised European capacity. This follows comments from Volkswagen CEO Oliver Blume on 30 April 2026 that sharing unused factories with Chinese automakers could be a ”clever solution” to address overcapacity. Meanwhile, Xpeng produced its first locally built P7+ at Magna Steyr’s Graz facility in April, marking its third model manufactured in Europe. BYD’s Szeged plant continues to ramp up towards mass production.",[1078],{"type":609,"attrs":1079},{"color":943},{"type":736,"attrs":1081,"content":1082},{"level":738,"textAlign":967},[1083],{"text":577,"type":606,"marks":1084},[1085],{"type":609,"attrs":1086},{"color":943},{"type":601,"attrs":1088,"content":1089},{"textAlign":967},[1090],{"text":1091,"type":606,"marks":1092},"In North America, EV sales remain relatively subdued in the United States and Canada, declining by 25% year-to-date. In contrast, the Mexican market has grown by nearly 50%, largely driven by Chinese models. Towards the end of 2025, a significant volume of Chinese EVs was exported to Mexico ahead of the introduction of a 50% import tariff on EVs from countries without a free trade agreement (FTA). As a result, these vehicles have been entering the Mexican market in the early months of 2026.",[1093],{"type":609,"attrs":1094},{"color":943},{"type":601,"attrs":1096,"content":1097},{"textAlign":967},[1098,1103,1112],{"text":1099,"type":606,"marks":1100},"Canada’s EV market is down 7% year-to-date; however, the newly introduced ",[1101],{"type":609,"attrs":1102},{"color":943},{"text":1104,"type":606,"marks":1105},"Electric Vehicle Affordability Program",[1106,1110],{"type":616,"attrs":1107},{"href":1108,"uuid":1109,"anchor":49,"target":620,"linktype":621},"/article/canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales","4ce229f9-70bb-46a8-a232-d96d8218f5b3",{"type":609,"attrs":1111},{"color":943},{"text":1113,"type":606,"marks":1114}," (EVAP) is expected to support growth throughout 2026. Available from mid-February 2026 and running for five years, the programme offers incentives of up to CAD 5,000 (approximately USD 3,650) for EVs priced below CAD 50,000 (approximately USD 36,500), with no price cap for vehicles manufactured in Canada. Earlier in 2026, Canada also introduced a quota allowing 49,000 Chinese EVs to enter without the 100% tariff; the first tranche of 24,500 units is allocated between 1 March and 31 August 2026.",[1115],{"type":609,"attrs":1116},{"color":943},{"type":601,"attrs":1118,"content":1119},{"textAlign":967},[1120],{"text":1121,"type":606,"marks":1122},"In the United States, Rivian has begun customer production of its R2 at its facility in Normal, Illinois. The company also announced plans to expand its future Georgia plant’s capacity from 200,000 to 300,000 units annually, with production expected to begin in late 2028. Tesla CEO Elon Musk confirmed that Cybercab production has started, although output is expected to ramp up gradually, with more significant volumes anticipated towards the end of 2026.",[1123],{"type":609,"attrs":1124},{"color":943},{"type":736,"attrs":1126,"content":1127},{"level":738,"textAlign":967},[1128],{"text":583,"type":606,"marks":1129},[1130],{"type":609,"attrs":1131},{"color":943},{"type":601,"attrs":1133,"content":1134},{"textAlign":967},[1135],{"text":1136,"type":606,"marks":1137},"China’s EV market is down 17% year-to-date. Much of this decline has been concentrated in the smaller vehicle segment, which has been disproportionately affected by subsidy adjustments introduced at the start of the year, reducing the attractiveness of these models.",[1138],{"type":609,"attrs":1139},{"color":943},{"type":601,"attrs":1141,"content":1142},{"textAlign":967},[1143],{"text":1144,"type":606,"marks":1145},"As domestic growth slows, EV exports from China have surged. In April 2026 alone, exports exceeded 400,000 units. Over the first four months of 2026, China exported nearly 1.4 million EVs, more than double the volume recorded during the same period in 2025. Consequently, markets such as Europe, South America, and Southeast Asia have seen a significant increase in EVs produced in China.",[1146],{"type":609,"attrs":1147},{"color":943},{"type":601,"attrs":1149,"content":1150},{"textAlign":967},[1151],{"text":1152,"type":606,"marks":1153},"This insight draws from Benchmark's EV & Battery Service, consisting of detailed forecasts and supply chain data. By bringing clarity to a complex and opaque market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[1154,1156],{"type":609,"attrs":1155},{"color":943},{"type":878},{"type":644,"attrs":1158},{"id":960,"body":1159},[1160],{"id":883,"_uid":1161,"component":885,"wrap_in_box":50,"redirect_url":1162,"success_file":1163,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1165,"show_on_intelligence":50},"i-78134393-d16e-4a8a-875a-715e0afd1da1",{"id":547,"url":547,"linktype":621,"fieldtype":887,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1164},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).",[1168],{"slug":544,"name":543,"content":1169},{"job_title":557,"image":1170,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1172,1173],{"slug":902,"name":903},{"slug":899,"name":900},{"id":1031,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1032,"copyright":547,"fieldtype":553,"meta_data":1175,"is_external_url":50},{},{"id":1177,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1178,"copyright":547,"fieldtype":553,"meta_data":1179,"is_external_url":50},129064762479969,"https://a.storyblok.com/f/287943243085208/d657922a34/bm-adobestock-853540750-scaled.jpeg",{},"1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).","May 13, 2026",{"id":1183,"uuid":988,"name":1184,"slug":1185,"full_slug":1186,"content":1187},165520886984530,"Global EV sales reached 1.75 million units in March 2026","global-ev-sales-reached-1-75-million-units-in-march-2026","article/global-ev-sales-reached-1-75-million-units-in-march-2026",{"_uid":1188,"date":1189,"tags":1190,"editor":1192,"content":1196,"excerpt":1202,"featured":51,"reporter":1464,"component":896,"seo_title":1184,"categories":1468,"visibility":904,"data_vis_image":1471,"featured_image":1473,"seo_description":1477,"formattedDate":1478},"777494e9-22a1-4d5d-956a-260070655e05","2026-04-14 00:00",[1191],{"slug":573,"name":574},[1193],{"slug":589,"name":590,"content":1194},{"job_title":592,"image":1195,"bio":595,"linkedin":596},{"filename":594},{"type":598,"content":1197},[1198,1206,1218,1257,1261,1269,1277,1299,1307,1314,1342,1350,1358,1366,1373,1395,1403,1410,1432,1440,1448,1456],{"type":601,"attrs":1199,"content":1200},{"textAlign":49},[1201],{"text":1202,"type":606,"marks":1203},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.75 million electric vehicles were sold globally in March 2026, bringing Q1 2026 EV sales to 4.0 million – down 3% year-on-year. In March 2026, EV sales grew 66% month-on-month and up by 3% year-on-year.",[1204],{"type":609,"attrs":1205},{"color":943},{"type":601,"attrs":1207,"content":1208},{"textAlign":967},[1209,1216],{"text":1210,"type":606,"marks":1211},"Snapshot electric vehicle sales",[1212],{"type":616,"attrs":1213},{"href":1214,"uuid":1215,"anchor":49,"target":620,"linktype":621},"/publications/briefings/all-ev-sales/march-2026-major-market-ev-sales","46877ba4-7512-4e04-9f08-2ec279bf2163",{"text":1217,"type":606}," in Q1 2026 vs Q1 2025, YTD %",{"type":1219,"content":1220},"bullet_list",[1221,1229,1236,1243,1250],{"type":1222,"content":1223},"list_item",[1224],{"type":601,"attrs":1225,"content":1226},{"textAlign":49},[1227],{"text":1228,"type":606},"Global: 4.0 million, -3%   ",{"type":1222,"content":1230},[1231],{"type":601,"attrs":1232,"content":1233},{"textAlign":49},[1234],{"text":1235,"type":606},"China: 1.9 million, -21%",{"type":1222,"content":1237},[1238],{"type":601,"attrs":1239,"content":1240},{"textAlign":49},[1241],{"text":1242,"type":606},"Europe: 1.2 million, +27%",{"type":1222,"content":1244},[1245],{"type":601,"attrs":1246,"content":1247},{"textAlign":49},[1248],{"text":1249,"type":606},"North America: 0.32 million, -27%",{"type":1222,"content":1251},[1252],{"type":601,"attrs":1253,"content":1254},{"textAlign":49},[1255],{"text":1256,"type":606},"Rest of World: 0.6 million, +79%",{"type":601,"attrs":1258,"content":1259},{"textAlign":967},[1260],{"text":970,"type":606},{"type":601,"attrs":1262,"content":1263},{"textAlign":967},[1264],{"text":1265,"type":606,"marks":1266},"“The global EV market rebounded strongly in March 2026, with a resurgence in China following the Chinese New Year and record-breaking months across several countries in Europe and Asia driving a 66% month-on-month increase in sales. Despite this momentum, underlying regional divergence remains pronounced as structural pressures continue to weigh on key markets.",[1267],{"type":609,"attrs":1268},{"color":943},{"type":601,"attrs":1270,"content":1271},{"textAlign":967},[1272],{"text":1273,"type":606,"marks":1274},"\"Europe has emerged as the clear engine of growth, recording its strongest month on record with over half a million units sold. Sales rose 72% month-on-month and 37% year-on-year, supported by subsidy schemes and rising petrol prices. Major markets including the UK, France, Italy and Spain all delivered standout performances, while Chinese OEMs are capturing an increasing share of BEV sales across the region.",[1275],{"type":609,"attrs":1276},{"color":943},{"type":601,"attrs":1278,"content":1279},{"textAlign":967},[1280,1285,1294],{"text":1281,"type":606,"marks":1282},"\"China’s market saw a sharp monthly recovery in March, with sales nearly doubling compared to February. However, the market remains down 21% year-to-date as policy adjustments continue to constrain domestic demand. ",[1283],{"type":609,"attrs":1284},{"color":943},{"text":1286,"type":606,"marks":1287},"Exports remain a key outlet",[1288,1292],{"type":616,"attrs":1289},{"href":1290,"uuid":1291,"anchor":49,"target":620,"linktype":621},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":609,"attrs":1293},{"color":943},{"text":1295,"type":606,"marks":1296}," for Chinese manufacturers, though rising overseas inventories suggest demand may not be keeping pace.”",[1297],{"type":609,"attrs":1298},{"color":943},{"type":601,"attrs":1300,"content":1301},{"textAlign":967},[1302],{"type":730,"attrs":1303},{"id":1304,"alt":547,"src":1305,"title":547,"source":547,"copyright":547,"meta_data":1306},165521430195943,"https://a.storyblok.com/f/287943243085208/1280x720/676c882f9c/benchmark-march-monthly-ev-sales.jpg",{},{"type":736,"attrs":1308,"content":1309},{"level":738,"textAlign":967},[1310],{"text":580,"type":606,"marks":1311},[1312],{"type":609,"attrs":1313},{"color":943},{"type":601,"attrs":1315,"content":1316},{"textAlign":967},[1317,1325,1330,1337],{"text":580,"type":606,"marks":1318},[1319,1323],{"type":616,"attrs":1320},{"href":1321,"uuid":1322,"anchor":49,"target":620,"linktype":621},"/article/the-challenges-and-opportunities-of-europe-s-gigafactory-pipeline","6c3070da-9e0b-401f-b4d3-b32170207485",{"type":609,"attrs":1324},{"color":943},{"text":1326,"type":606,"marks":1327}," recorded a landmark month for EV sales in March 2026, surpassing half a million units for the first time. Sales rose 72% month-on-month and 37% year-on-year, driven by renewed subsidy schemes and ",[1328],{"type":609,"attrs":1329},{"color":943},{"text":1331,"type":606,"marks":1332},"higher petrol prices linked to the conflict in the Middle East",[1333,1335],{"type":616,"attrs":1334},{"href":674,"uuid":675,"anchor":49,"target":620,"linktype":621},{"type":609,"attrs":1336},{"color":943},{"text":1338,"type":606,"marks":1339},". Both BEVs and PHEVs reached record volumes.",[1340],{"type":609,"attrs":1341},{"color":943},{"type":601,"attrs":1343,"content":1344},{"textAlign":967},[1345],{"text":1346,"type":606,"marks":1347},"The strength reflects a combination of seasonal and structural factors. The UK benefited from the March registration plate change, alongside rising fuel costs, delivering a record month and 31% year-on-year growth. Across Europe, countries including Austria, Belgium, Finland, France, Italy, Portugal and Spain also posted record BEV sales, with higher petrol prices continuing to influence consumer behaviour and lift year-to-date growth.",[1348],{"type":609,"attrs":1349},{"color":943},{"type":601,"attrs":1351,"content":1352},{"textAlign":967},[1353],{"text":1354,"type":606,"marks":1355},"Chinese OEMs are also playing an increasing role. In Italy, Leapmotor accounted for around 30% of BEV sales in Q1 2026, with other Chinese brands pushing the total share closer to 40%.",[1356],{"type":609,"attrs":1357},{"color":943},{"type":601,"attrs":1359,"content":1360},{"textAlign":967},[1361],{"text":1362,"type":606,"marks":1363},"In France, rising petrol prices, despite price caps from suppliers such as TotalEnergies, triggered ‘panic buying’ and supply disruptions at the pump. This helped drive BEV sales up 69% year-on-year, significantly outpacing the already strong 36% growth seen in January and February",[1364],{"type":609,"attrs":1365},{"color":943},{"type":736,"attrs":1367,"content":1368},{"level":738,"textAlign":967},[1369],{"text":577,"type":606,"marks":1370},[1371],{"type":609,"attrs":1372},{"color":943},{"type":601,"attrs":1374,"content":1375},{"textAlign":967},[1376,1381,1390],{"text":1377,"type":606,"marks":1378},"Q1 2026 North American EV sales are down 27% compared to the same quarter last year, with the US down 27% and the Canadian market down 25%. Despite subdued sales so far this year in North America, the ",[1379],{"type":609,"attrs":1380},{"color":943},{"text":1382,"type":606,"marks":1383},"US market had over 100,000 sales",[1384,1388],{"type":616,"attrs":1385},{"href":1386,"uuid":1387,"anchor":49,"target":620,"linktype":621},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"type":609,"attrs":1389},{"color":943},{"text":1391,"type":606,"marks":1392}," in March 2026 – the highest monthly figure since the tax credits were eliminated at the end of Q3 2025.",[1393],{"type":609,"attrs":1394},{"color":943},{"type":601,"attrs":1396,"content":1397},{"textAlign":967},[1398],{"text":1399,"type":606,"marks":1400},"In the US, Honda has followed several other North American OEMs that have pulled back plans for electrification. Honda cancelled the development and launch of its Honda 0 Series models. Shortly after, the Afeela models under a joint venture between Honda and Sony were also cancelled.",[1401],{"type":609,"attrs":1402},{"color":943},{"type":736,"attrs":1404,"content":1405},{"level":738,"textAlign":967},[1406],{"text":583,"type":606,"marks":1407},[1408],{"type":609,"attrs":1409},{"color":943},{"type":601,"attrs":1411,"content":1412},{"textAlign":967},[1413,1418,1427],{"text":1414,"type":606,"marks":1415},"In China, EV sales almost doubled in March 2026, compared to February, when EV sales were weaker due to the Chinese New Year. The ",[1416],{"type":609,"attrs":1417},{"color":943},{"text":1419,"type":606,"marks":1420},"Chinese market remains down",[1421,1425],{"type":616,"attrs":1422},{"href":1423,"uuid":1424,"anchor":49,"target":620,"linktype":621},"/article/weakened-fiscal-support-impacts-china-s-ev-market","bb986c7d-3f1c-4405-8646-4bfd1affc910",{"type":609,"attrs":1426},{"color":943},{"text":1428,"type":606,"marks":1429}," by 21% YTD in Q1 2026.",[1430],{"type":609,"attrs":1431},{"color":943},{"type":601,"attrs":1433,"content":1434},{"textAlign":967},[1435],{"text":1436,"type":606,"marks":1437},"In the opening quarter of 2026, China has exported significant volumes of BEVs and PHEVs as the domestic market continues to be squeezed. However, this has not materialised into registrations to the volumes we have seen in exports, leading to a rise in inventory overseas.",[1438],{"type":609,"attrs":1439},{"color":943},{"type":736,"attrs":1441,"content":1442},{"level":738,"textAlign":967},[1443],{"text":1444,"type":606,"marks":1445},"Rest of World (RoW)",[1446],{"type":609,"attrs":1447},{"color":943},{"type":601,"attrs":1449,"content":1450},{"textAlign":967},[1451],{"text":1452,"type":606,"marks":1453},"New Zealand’s increase in March BEV registrations has been the standout in terms of year-on-year growth rates, surging by 263% compared to the same month last year. At the end of February, the country saw an increase in sales of 20% for the year, however after March, that growth rate is now more than 100% compared to 2025.",[1454],{"type":609,"attrs":1455},{"color":943},{"type":601,"attrs":1457,"content":1458},{"textAlign":967},[1459],{"text":1460,"type":606,"marks":1461},"Since the start of the war in Iran, with petrol prices rising by over 20%, Oceania in general has been among the first to face concern over supplies at the pump. Australia also saw a significant year-on-year growth rate, with 89% more BEV sales than March 2025. However, this actually represented a lower growth rate than the country had been experiencing so far this year, as the first two months of 2025 were already very strong, with 111% growth, albeit from a lower base. March 2025 is now a record month for Australian BEV registrations, more than 2,000 higher than the previous record set in June last year.",[1462],{"type":609,"attrs":1463},{"color":943},[1465],{"slug":544,"name":543,"content":1466},{"job_title":557,"image":1467,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1469,1470],{"slug":899,"name":900},{"slug":902,"name":903},{"id":1304,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1305,"copyright":547,"fieldtype":553,"meta_data":1472,"is_external_url":50},{},{"id":1474,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1475,"copyright":547,"fieldtype":553,"meta_data":1476,"is_external_url":50},129064587089142,"https://a.storyblok.com/f/287943243085208/005d0156fa/bm-a-new-ford-mustang-mach-e-gt-x-electric-vehicle-parking-at-electrify-america-ev-charging-station.jpg",{},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.75 million electric vehicles were sold globally in March 2026, bringing Q1 2026 EV sales to 4.0 million – down 3% year-on-year.","Apr 14, 2026",{"id":1480,"uuid":1424,"name":1481,"slug":1482,"full_slug":1483,"content":1484},158032352665487,"Weakened fiscal support impacts China’s EV market ","weakened-fiscal-support-impacts-china-s-ev-market","article/weakened-fiscal-support-impacts-china-s-ev-market",{"_uid":1485,"date":1486,"tags":1487,"editor":1490,"content":1494,"excerpt":1613,"featured":51,"reporter":1614,"component":896,"seo_title":1481,"categories":1618,"visibility":1621,"data_vis_image":1622,"featured_image":1626,"seo_description":1500,"formattedDate":1630},"8a51798b-8e21-4bf9-a2e5-f459817c27fc","2026-03-23 00:00",[1488,1489],{"slug":582,"name":583},{"slug":585,"name":586},[1491],{"slug":589,"name":590,"content":1492},{"job_title":592,"image":1493,"bio":595,"linkedin":596},{"filename":594},{"type":598,"content":1495},[1496,1501,1516,1521,1535,1549,1554,1559,1566,1571,1576,1582,1587,1592,1597,1603,1608],{"type":601,"attrs":1497,"content":1498},{"textAlign":49},[1499],{"text":1500,"type":606},"The weakening of fiscal support provided by China to buyers of electric vehicles led to the lowest monthly sales figures of passenger car & light duty (PC & LDV) EVs since February 2024.",{"type":601,"attrs":1502,"content":1504},{"textAlign":1503},"left",[1505,1507,1514],{"text":1506,"type":606},"Sales in China are down 26% in the first two months of 2026 compared to the same period in 2025, with ",{"text":1508,"type":606,"marks":1509},"retail sales of PC & LDV EVs",[1510],{"type":616,"attrs":1511},{"href":1512,"uuid":1513,"anchor":49,"target":620,"linktype":621},"/article/global-ev-sales-reached-1-1-million-units-in-february-2026","c67ac4c5-ec20-418f-8ffb-364460a1918c",{"text":1515,"type":606}," in the country falling under 500,000 units in February. ",{"type":736,"attrs":1517,"content":1518},{"level":738,"textAlign":1503},[1519],{"text":1520,"type":606},"How has China’s fiscal support for EV buyers changed? ",{"type":601,"attrs":1522,"content":1523},{"textAlign":1503},[1524,1526,1533],{"text":1525,"type":606},"While China continued its ",{"text":1527,"type":606,"marks":1528},"trade-in subsidy",[1529],{"type":616,"attrs":1530},{"href":1531,"uuid":1532,"anchor":49,"target":620,"linktype":621},"/article/is-an-ev-market-slowdown-impending-in-china","f0df1be3-add0-4c24-b46c-e1f9cec44def",{"text":1534,"type":606}," for 2026, the scheme has become significantly less generous, particularly for cheaper vehicles. Previously, the scheme provided a flat subsidy of RMB20,000 (USD2,900) irrespective of price. Consumers are now only able to receive a subsidy worth 12% of the EV’s list price up to a maximum subsidy of RMB20,000 (USD2,900). ",{"type":601,"attrs":1536,"content":1537},{"textAlign":1503},[1538,1540,1547],{"text":1539,"type":606},"From January 1 2026, ",{"text":1541,"type":606,"marks":1542},"all EVs became subject to purchase tax",[1543],{"type":616,"attrs":1544},{"href":1545,"uuid":1546,"anchor":49,"target":620,"linktype":621},"/article/purchase-taxes-on-chinese-evs-to-increase-from-2026","21085c02-5cd0-48c6-8294-dc4f14ad3a2d",{"text":1548,"type":606}," for the first time since 2014. Previously, EVs priced under RMB300,000 (USD43,700) were fully exempt from the tax, with EVs priced over this threshold subject to 10% purchase tax on the value of the vehicle over RMB300,000 (USD43,700). However, EVs are now subject to the full 10% purchase tax, with a 50% discount applied to any value of an EV under RMB300,000 (USD43,700). The purchase tax is calculated based on the vehicle’s pre-VAT price.  ",{"type":736,"attrs":1550,"content":1551},{"level":738,"textAlign":1503},[1552],{"text":1553,"type":606},"What do the changes mean for EV prices in China? ",{"type":601,"attrs":1555,"content":1556},{"textAlign":1503},[1557],{"text":1558,"type":606},"The discount consumers can receive off a vehicle’s list price has significantly reduced, particularly for smaller and cheaper EVs. Combined with the changes to purchase EV taxes, means the lowest possible price a consumer can get for the majority of the most popular EV models has risen. ",{"type":644,"attrs":1560},{"id":1561,"body":1562},"003e1020-4299-4dcc-b3d7-963ed74bbd8e",[1563],{"id":1564,"_uid":1565,"type":651,"component":652,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28188573","i-2adddb1b-b3b1-4012-9da2-8ca883f4b385",{"type":601,"attrs":1567,"content":1568},{"textAlign":1503},[1569],{"text":1570,"type":606},"While the majority of models experience an increase in their minimum price (including discounts) in 2026 compared to 2025, there are some exceptions due to reductions in the vehicle’s base list price since March 2025. However, all models see a reduction in the maximum discount a consumer can receive, with that reduction most significant for smaller segments with cheaper models. ",{"type":601,"attrs":1572,"content":1573},{"textAlign":1503},[1574],{"text":1575,"type":606},"For example, the minimum price, including discounts of 61%, for the Wuling MINI in 2025 was $1,840. In 2026, with the discount now only 8%, the minimum price of the Wuling MINI is $4,400, over double the price. ",{"type":736,"attrs":1577,"content":1579},{"level":1578,"textAlign":1503},1,[1580],{"text":1581,"type":606},"What does this mean for China’s EV market? ",{"type":601,"attrs":1583,"content":1584},{"textAlign":1503},[1585],{"text":1586,"type":606},"To put the automotive market in China into context, total passenger car sales are down year-on-year by 19% (Jan-Feb 2026 vs Jan-Feb 2025), compared with a more pronounced decline of 26% in the EV market. ",{"type":601,"attrs":1588,"content":1589},{"textAlign":1503},[1590],{"text":1591,"type":606},"Small and medium EVs have seen the greatest increase in the minimum purchase price, when accounting for the available subsidies and purchase tax.  ",{"type":601,"attrs":1593,"content":1594},{"textAlign":1503},[1595],{"text":1596,"type":606},"With China’s EV market being highly price sensitive, this has led to these categories of EVs facing wider spread reductions in sales in the first two months of 2026 compared to the same period last year. ",{"type":644,"attrs":1598},{"id":1561,"body":1599},[1600],{"id":1601,"_uid":1602,"type":651,"component":652,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28188124","i-4446f82c-c929-4747-93e0-21ddf2c9b7dd",{"type":601,"attrs":1604,"content":1605},{"textAlign":1503},[1606],{"text":1607,"type":606},"The Chinese PC & LDV EV market has historically had a focus on the development of smaller segment EVs, a consequence of consumer preferences and price sensitivity, as well as the sizeable discounts these vehicles could enjoy under the fiscal support for EV adoption provided by the Chinese government. ",{"type":601,"attrs":1609,"content":1610},{"textAlign":1503},[1611],{"text":1612,"type":606},"However, with the generosity of China’s trade-in scheme dropping this year, Benchmark anticipates a reduction in market share for smaller EVs as consumers can no longer access the sizeable discounts, they once did. This effect has already started to take place, with small segment BEVs accounting for just 26% of BEV sales in January 2026, a sizeable reduction on the 34% market share they held in 2025. ","The weakening of fiscal support provided by China to buyers of electric vehicles led to the lowest monthly sales figures of passenger car & light duty (PC & LDV) EVs since February 2024.\n\nSales in China are down 26% in the first two months of 2026 compared to the same period in 2025, with retail sales of PC & LDV EVs in the country falling under 500,000 units in February.",[1615],{"slug":544,"name":543,"content":1616},{"job_title":557,"image":1617,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1619,1620],{"slug":899,"name":900},{"slug":902,"name":903},"private",{"id":1623,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1624,"copyright":547,"fieldtype":553,"meta_data":1625,"is_external_url":50},158033726509832,"https://a.storyblok.com/f/287943243085208/1588x1484/a890176e20/change-in-minimum-possible-consumer-price-against-ytd-sales-growth-per-model-2x.png",{},{"id":1627,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1628,"copyright":547,"fieldtype":553,"meta_data":1629,"is_external_url":50},129067276880517,"https://a.storyblok.com/f/287943243085208/4111766412/bm-electric-vehicle-china.jpg",{},"Mar 23, 2026",{"id":1632,"uuid":1513,"name":1633,"slug":1634,"full_slug":1635,"content":1636},154194521590895,"Global EV sales reached 1.1 million units in February 2026","global-ev-sales-reached-1-1-million-units-in-february-2026","article/global-ev-sales-reached-1-1-million-units-in-february-2026",{"_uid":1637,"date":1638,"tags":1639,"editor":1641,"content":1651,"excerpt":1926,"featured":51,"reporter":1927,"component":896,"seo_title":1633,"categories":1931,"visibility":904,"data_vis_image":1940,"featured_image":1942,"seo_description":1946,"formattedDate":1947},"98494644-3c47-4ada-9998-629cb2b8dcaf","2026-03-12 00:00",[1640],{"slug":582,"name":583},[1642],{"slug":1643,"name":1644,"content":1645},"didi-bostock","Didi Bostock",{"job_title":1646,"image":1647,"bio":1649,"linkedin":1650},"Editor - Energy Transition & Economics",{"filename":1648},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":598,"content":1652},[1653,1674,1695,1747,1755,1762,1770,1778,1799,1807,1816,1824,1832,1840,1848,1861,1869,1877,1885,1893,1901,1909,1916],{"type":601,"attrs":1654,"content":1655},{"textAlign":49},[1656,1661,1669],{"text":1657,"type":606,"marks":1658},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.1 million ",[1659],{"type":609,"attrs":1660},{"color":943},{"text":1662,"type":606,"marks":1663},"electric vehicles",[1664,1666],{"type":609,"attrs":1665},{"color":943},{"type":616,"attrs":1667},{"href":949,"uuid":49,"anchor":49,"target":1668,"linktype":950},"_blank",{"text":1670,"type":606,"marks":1671}," were sold globally in February 2026. The global EV market was down 11% compared to February 2025, and also down 11% compared to January 2026.",[1672],{"type":609,"attrs":1673},{"color":943},{"type":736,"attrs":1675,"content":1676},{"level":738,"textAlign":967},[1677,1682,1690],{"text":1678,"type":606,"marks":1679},"Snapshot ",[1680],{"type":609,"attrs":1681},{"color":943},{"text":1683,"type":606,"marks":1684},"electric vehicle",[1685,1687],{"type":609,"attrs":1686},{"color":943},{"type":616,"attrs":1688},{"href":1689,"uuid":49,"anchor":49,"target":1668,"linktype":950},"https://source.benchmarkminerals.com/article/opinion-de-risking-the-global-electric-vehicle-value-chain-build-out",{"text":1691,"type":606,"marks":1692}," sales in YTD 2026 (Jan-Feb 2026) vs YTD 2025 (Jan-Feb 2025), YTD %",[1693],{"type":609,"attrs":1694},{"color":943},{"type":1219,"content":1696},[1697,1707,1717,1727,1737],{"type":1222,"content":1698},[1699],{"type":601,"attrs":1700,"content":1701},{"textAlign":49},[1702],{"text":1703,"type":606,"marks":1704},"Global: 2.2 million, -8%   ",[1705],{"type":609,"attrs":1706},{"color":547},{"type":1222,"content":1708},[1709],{"type":601,"attrs":1710,"content":1711},{"textAlign":49},[1712],{"text":1713,"type":606,"marks":1714},"China: 1.1 million, -26%",[1715],{"type":609,"attrs":1716},{"color":547},{"type":1222,"content":1718},[1719],{"type":601,"attrs":1720,"content":1721},{"textAlign":49},[1722],{"text":1723,"type":606,"marks":1724},"Europe: 0.6 million, +21%",[1725],{"type":609,"attrs":1726},{"color":943},{"type":1222,"content":1728},[1729],{"type":601,"attrs":1730,"content":1731},{"textAlign":49},[1732],{"text":1733,"type":606,"marks":1734},"North America: 0.17 million, -36%",[1735],{"type":609,"attrs":1736},{"color":943},{"type":1222,"content":1738},[1739],{"type":601,"attrs":1740,"content":1741},{"textAlign":49},[1742],{"text":1743,"type":606,"marks":1744},"Rest of World: 0.37 million, +84%",[1745],{"type":609,"attrs":1746},{"color":943},{"type":601,"attrs":1748,"content":1749},{"textAlign":49},[1750],{"type":730,"attrs":1751},{"id":1752,"alt":547,"src":1753,"title":547,"source":547,"copyright":547,"meta_data":1754},154196761638307,"https://a.storyblok.com/f/287943243085208/1280x720/c98e182448/february-2026-monthly-ev-sales-slide-bmi.jpg",{},{"type":736,"attrs":1756,"content":1757},{"level":738,"textAlign":967},[1758],{"text":970,"type":606,"marks":1759},[1760],{"type":609,"attrs":1761},{"color":943},{"type":601,"attrs":1763,"content":1764},{"textAlign":967},[1765],{"text":1766,"type":606,"marks":1767},"“The global EV market’s divergence has sharpened further as 2026 progresses, with February’s performance underlining stark regional contrasts. Europe continues to act as the engine of growth, while North America remains in retreat and China adjusts to structural policy changes at home, even as exports accelerate.",[1768],{"type":609,"attrs":1769},{"color":943},{"type":601,"attrs":1771,"content":1772},{"textAlign":967},[1773],{"text":1774,"type":606,"marks":1775},"Europe’s EV market increased 1% month-on-month in February, reaching 21% growth year-to-date, led by Germany and France, where active subsidy schemes have pushed sales up 26% and 30% respectively. Italy also recorded a record February, up 23% month-on-month and 98% year-to-date, driven by its EU-backed incentive programme.",[1776],{"type":609,"attrs":1777},{"color":943},{"type":601,"attrs":1779,"content":1780},{"textAlign":967},[1781,1786,1794],{"text":1782,"type":606,"marks":1783},"North America remains under pressure: despite an 8% monthly increase in February, the region is still down 36% year-to-date, with sharp BEV sales declines in the US weighing on performance and prompting ",[1784],{"type":609,"attrs":1785},{"color":943},{"text":1787,"type":606,"marks":1788},"supply chain",[1789,1791],{"type":609,"attrs":1790},{"color":943},{"type":616,"attrs":1792},{"href":1793,"uuid":49,"anchor":49,"target":1668,"linktype":950},"https://www.benchmarkminerals.com/supply-chain-data",{"text":1795,"type":606,"marks":1796}," cutbacks. Canada’s market is also down 23% year-to-date, though policymakers are seeking to stimulate demand through reduced-tariff access for Chinese-made EVs and closer cooperation with Germany.",[1797],{"type":609,"attrs":1798},{"color":943},{"type":601,"attrs":1800,"content":1801},{"textAlign":967},[1802],{"text":1803,"type":606,"marks":1804},"China’s domestic market is adjusting to the reintroduction of a purchase tax and changes to its trade-in scheme, resulting in a sharp year-on-year decline at the start of the year. However, exports remain a bright spot, with overseas shipments more than doubling year-on-year in the first two months of 2026.”",[1805],{"type":609,"attrs":1806},{"color":943},{"type":736,"attrs":1808,"content":1809},{"level":738,"textAlign":967},[1810],{"text":580,"type":606,"marks":1811},[1812,1814],{"type":609,"attrs":1813},{"color":943},{"type":1815},"underline",{"type":601,"attrs":1817,"content":1818},{"textAlign":967},[1819],{"text":1820,"type":606,"marks":1821},"Growth in the European EV market continues to be supported by subsidy schemes in key markets within the region. The European EV market grew 1% month-on-month in February 2026, leaving the region up 21% year-to date after the first two months of the year. Two of its largest markets, Germany and France, are leading the region’s growth, with the two markets up 26% and 30%, respectively. The EV markets in both countries are supported by subsidy schemes, with Germany introducing a new scheme at the start of 2026 and France continuing the scheme it was operating at the end of 2025.",[1822],{"type":609,"attrs":1823},{"color":943},{"type":601,"attrs":1825,"content":1826},{"textAlign":967},[1827],{"text":1828,"type":606,"marks":1829},"Italy’s EV market recorded its record month for EV sales in February after sales increased 23% month-on-month. The growth maintained a strong start to year for the Italian market, with EV sales up 98% year-to-date. In October 2025, the Italian government launched a generous new subsidy scheme financed by the EU’s Recovery and Resilience Facility. The scheme looks to increase EV adoption among lower income households and smaller businesses, with households able to receive up to EUR11,000 (USD12,700) in support and businesses up to EUR20,000 (USD23,200).",[1830],{"type":609,"attrs":1831},{"color":943},{"type":736,"attrs":1833,"content":1834},{"level":738,"textAlign":967},[1835],{"text":577,"type":606,"marks":1836},[1837,1839],{"type":609,"attrs":1838},{"color":943},{"type":1815},{"type":601,"attrs":1841,"content":1842},{"textAlign":967},[1843],{"text":1844,"type":606,"marks":1845},"EV sales in the North American EV market grew 8% month-on month in February 2026. However, the market remains down 36% year-to-date, with the US driving the contraction. Most automakers have experienced a significant decline in EV sales in the country. Ford’s BEV sales have fallen 70% year-to-date, Honda’s have declined 81% and Kia’s have dropped 52%. The impact of the weakening US EV market is increasingly starting to spread beyond the traditional automotive industry, with SK On laying off 37% of its workforce at its facility in Georgia, US.",[1846],{"type":609,"attrs":1847},{"color":943},{"type":601,"attrs":1849,"content":1850},{"textAlign":967},[1851,1856],{"text":1852,"type":606,"marks":1853},"Canada continues to look to reinvigorate its EV market, with its PC & LDV EV market down 23% year-to-date after February 2026. Following the agreement reached between Canada and China in January 2026 that will allow Chinese made EVs into Canada at a reduced tariff rate of 6.1%, the first application window for import permits under this agreement opened on 1 March 2026. The application period will run for six months, with up to 24,500 permits to be issued on a first-come, first-served basis. In February 2026, Canada and Germany announced they intend to deepen their collaboration across the automotive and battery supply chains, which will involve expanding the trade of EVs. ",[1854],{"type":609,"attrs":1855},{"color":943},{"text":1857,"type":606,"marks":1858}," ",[1859],{"type":609,"attrs":1860},{"color":547},{"type":736,"attrs":1862,"content":1863},{"level":738,"textAlign":967},[1864],{"text":583,"type":606,"marks":1865},[1866,1868],{"type":609,"attrs":1867},{"color":943},{"type":1815},{"type":601,"attrs":1870,"content":1871},{"textAlign":967},[1872],{"text":1873,"type":606,"marks":1874},"The Chinese EV market declined by 32% in February 2026 compared with the same period last year. The market is feeling the impact of both the introduction of a purchase tax, for the first time since 2014, and adjustments to the trade-in scheme. EV sales volumes were also affected by the timing of the Chinese New Year. However, sales remain significantly lower year-on-year, despite the Chinese New Year having also largely fallen in February last year.",[1875],{"type":609,"attrs":1876},{"color":943},{"type":601,"attrs":1878,"content":1879},{"textAlign":967},[1880],{"text":1881,"type":606,"marks":1882},"Many Chinese OEMs have set ambitious EV export targets for 2026. In the first two months of the year, Chinese EV exports more than doubled year-on-year, surpassing half a million units.",[1883],{"type":609,"attrs":1884},{"color":943},{"type":736,"attrs":1886,"content":1887},{"level":738,"textAlign":967},[1888],{"text":1444,"type":606,"marks":1889},[1890,1892],{"type":609,"attrs":1891},{"color":943},{"type":1815},{"type":601,"attrs":1894,"content":1895},{"textAlign":967},[1896],{"text":1897,"type":606,"marks":1898},"The RoW maintained the strong start to 2026 it had in January, with EV sales increasing 78% in February 2026 compared to February 2025.",[1899],{"type":609,"attrs":1900},{"color":943},{"type":601,"attrs":1902,"content":1903},{"textAlign":967},[1904],{"text":1905,"type":606,"marks":1906},"South Korea’s EV market more than tripled month-on-month to over 37,200 EV sales. This is the first time the country’s monthly PC & LDV EV sales have surpassed 30,000 units. South Korea’s penetration rate also rose to a new high, reaching 30% for the first time. The surge in sales followed the announcement of South Korea’s 2026 EV subsidy scheme, which encourages the adoption of smaller and more affordable EVs. South Korea’s EV market is highly sensitive to the introduction and expiration of subsidies and their budgets. This is a trend likely to be replicated this year, perhaps even exaggerated, as consumers who missed out on last year’s budget seek to take advantage of the 2026 budget.",[1907],{"type":609,"attrs":1908},{"color":943},{"type":601,"attrs":1910,"content":1911},{"textAlign":967},[1912],{"text":1913,"type":606,"marks":1914},"The insights above were produced using data from Benchmark's EV & Battery Service. For more information, get in touch with the form below:",[1915],{"type":878},{"type":644,"attrs":1917},{"id":1918,"body":1919},"d1665d80-2686-4fd5-8c74-893cb179b301",[1920],{"id":883,"_uid":1921,"component":885,"wrap_in_box":50,"redirect_url":1922,"success_file":1923,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1925,"show_on_intelligence":50},"i-73cafb72-cf38-45dd-a719-2ec15d6b0d33",{"id":547,"url":547,"linktype":621,"fieldtype":887,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1924},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.1 million electric vehicles were sold globally in February 2026. The global EV market was down 11% compared to February 2025, and also down 11% compared to January 2026.",[1928],{"slug":544,"name":543,"content":1929},{"job_title":557,"image":1930,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1932,1933,1934,1937],{"slug":902,"name":903},{"slug":899,"name":900},{"slug":1935,"name":1936},"gigafactories","Battery & Gigafactory",{"slug":1938,"name":1939},"geopolitics","Geopolitics",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1941},{},{"id":1943,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1944,"copyright":547,"fieldtype":553,"meta_data":1945,"is_external_url":50},129073389864781,"https://a.storyblok.com/f/287943243085208/6e1c26712e/bm-uk-taxi-ev.jpg",{},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.1 million electric vehicles were sold globally in February 2026.","Mar 12, 2026",{"id":1949,"uuid":1950,"name":1951,"slug":1952,"full_slug":1953,"content":1954},145609816212261,"eec8aefc-1d79-4c41-a2ae-9cfb41ed3f1b","Who supplies the world’s EV batteries?","who-supplies-the-world-s-ev-batteries-","article/who-supplies-the-world-s-ev-batteries-",{"_uid":1955,"date":1956,"tags":1957,"editor":1961,"content":1965,"excerpt":2075,"featured":51,"reporter":2076,"component":896,"seo_title":1951,"categories":2080,"visibility":904,"author_company":547,"data_vis_image":2084,"featured_image":2086,"seo_description":2075,"author_full_name":547,"author_job_title":547,"formattedDate":2091},"6ad77b7a-2cb9-4deb-883d-7a9537b6d2c7","2026-02-16 00:00",[1958,1959,1960],{"slug":582,"name":583},{"slug":579,"name":580},{"slug":585,"name":586},[1962],{"slug":1643,"name":1644,"content":1963},{"job_title":1646,"image":1964,"bio":1649,"linkedin":1650},{"filename":1648},{"type":598,"content":1966},[1967,1979,1987,1995,2006,2014,2027,2035,2040,2045,2050,2057,2059,2069],{"type":601,"attrs":1968,"content":1969},{"textAlign":49},[1970,1972,1977],{"text":1971,"type":606},"As global ",{"text":1973,"type":606,"marks":1974},"EV demand",[1975],{"type":616,"attrs":1976},{"href":949,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":1978,"type":606}," continues to accelerate, battery supply remains highly concentrated and regionally uneven.",{"type":601,"attrs":1980,"content":1981},{"textAlign":49},[1982],{"type":730,"attrs":1983},{"id":1984,"alt":547,"src":1985,"title":547,"source":547,"copyright":547,"meta_data":1986},145609966425599,"https://a.storyblok.com/f/287943243085208/5208x3996/b37098b6b3/image-7.png",{},{"type":736,"attrs":1988,"content":1989},{"level":1578,"textAlign":49},[1990],{"text":1991,"type":606,"marks":1992},"Who supplies China’s EV batteries?",[1993],{"type":609,"attrs":1994},{"color":547},{"type":601,"attrs":1996,"content":1997},{"textAlign":49},[1998,2000,2004],{"text":1999,"type":606},"China’s EV market is largely self-supplied by domestic battery manufacturers, with players such as CATL, BYD, CALB, Gotion, Sunwoda and SVOLT leading the market. This dominance is underpinned by a high degree of vertical integration and control across the battery ",{"text":1787,"type":606,"marks":2001},[2002],{"type":616,"attrs":2003},{"href":1793,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2005,"type":606},".",{"type":736,"attrs":2007,"content":2008},{"level":1578,"textAlign":49},[2009],{"text":2010,"type":606,"marks":2011},"Who supplies Europe’s EV batteries?",[2012],{"type":609,"attrs":2013},{"color":547},{"type":601,"attrs":2015,"content":2016},{"textAlign":49},[2017,2019,2025],{"text":2018,"type":606},"Europe’s EV battery supply is split primarily between South Korean and Chinese manufacturers. While Korean suppliers retain a strong foothold (LG Energy Solution, Samsung SDI, SK On), Chinese players are steadily increasing market share. In 2025, Chinese producers supplied 42% of Europe’s EV ",{"text":2020,"type":606,"marks":2021},"battery demand",[2022],{"type":616,"attrs":2023},{"href":2024,"uuid":49,"anchor":49,"target":1668,"linktype":950},"https://www.benchmarkminerals.com/battery-gigafactory",{"text":2026,"type":606},", gaining 4 p.p. year-on-year, while Korean manufacturers remained the largest suppliers with a 56% share year‑on‑year.",{"type":736,"attrs":2028,"content":2029},{"level":1578,"textAlign":49},[2030],{"text":2031,"type":606,"marks":2032},"Who supplies EV batteries to the rest of the world?",[2033],{"type":609,"attrs":2034},{"color":547},{"type":601,"attrs":2036,"content":2037},{"textAlign":49},[2038],{"text":2039,"type":606},"The US benefits from a more diversified supplier base, spanning Korean, Japanese, US (predominantly Ultium, the GM–LG joint venture) and Chinese companies. Domestic capacity is expanding, but the market remains reliant on Asian manufacturers in the near to medium term.",{"type":601,"attrs":2041,"content":2042},{"textAlign":49},[2043],{"text":2044,"type":606},"Outside the major EV markets, battery supply is predominantly sourced from Chinese manufacturers, reflecting limited local production capacity. ",{"type":601,"attrs":2046,"content":2047},{"textAlign":49},[2048],{"text":2049,"type":606},"As EV adoption scales, regions are seeking greater supply chain resilience, but the difficulty of establishing domestic battery production means Chinese and Korean manufacturers, already scaled, cost competitive and integrated, remain central to meeting near and medium-term demand.‑competitive and integrated, remain central to meeting near‑ and medium‑term demand. ",{"type":601,"attrs":2051,"content":2052},{"textAlign":49},[2053],{"text":2054,"type":606,"marks":2055},"For more information about Benchmark’s EV & Battery Service get in touch with the team below:",[2056],{"type":878},{"type":601,"attrs":2058},{"textAlign":49},{"type":644,"attrs":2060},{"id":2061,"body":2062},"2f77e184-5c4f-4467-b2dd-c354495365cd",[2063],{"id":883,"_uid":2064,"component":885,"wrap_in_box":50,"redirect_url":2065,"success_file":2066,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":2068,"show_on_intelligence":50},"i-eacbc36c-a7f1-416f-8afc-56fb0b3efa13",{"id":547,"url":547,"linktype":621,"fieldtype":887,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2067},{},[],{"type":601,"attrs":2070,"content":2071},{"textAlign":49},[2072],{"text":1857,"type":606,"marks":2073},[2074],{"type":878},"As global EV demand continues to accelerate, battery supply remains highly concentrated and regionally uneven.",[2077],{"slug":544,"name":543,"content":2078},{"job_title":557,"image":2079,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[2081,2082,2083],{"slug":902,"name":903},{"slug":899,"name":900},{"slug":1935,"name":1936},{"id":1984,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1985,"copyright":547,"fieldtype":553,"meta_data":2085,"is_external_url":50},{},{"id":2087,"alt":547,"name":2088,"focus":547,"title":547,"source":547,"filename":2089,"copyright":547,"fieldtype":553,"meta_data":2090,"is_external_url":50},145611001824827,"EV battery","https://a.storyblok.com/f/287943243085208/6543x3667/139acacf53/adobestock_627340524.jpeg",{},"Feb 16, 2026",{"id":2093,"uuid":2094,"name":2095,"slug":2096,"full_slug":2097,"content":2098},144283726874057,"b27e8012-ca1b-4c7c-9200-1f5ccdbc7c24","Global EV sales reached 1.2 million units in the opening month of 2026","global-ev-sales-reached-1-2-million-units-in-the-opening-month-of-2026","article/global-ev-sales-reached-1-2-million-units-in-the-opening-month-of-2026",{"_uid":2099,"date":2100,"tags":2101,"editor":2103,"content":2107,"excerpt":2388,"featured":51,"reporter":2389,"component":896,"seo_title":2393,"categories":2394,"visibility":904,"author_company":547,"data_vis_image":2399,"featured_image":2401,"seo_description":2405,"author_full_name":547,"author_job_title":547,"formattedDate":2406},"1650d9be-a69c-4dc2-90d7-5d04d9257809","2026-02-13 00:00",[2102],{"slug":582,"name":583},[2104],{"slug":1643,"name":1644,"content":2105},{"job_title":1646,"image":2106,"bio":1649,"linkedin":1650},{"filename":1648},{"type":598,"content":2108},[2109,2128,2146,2202,2210,2217,2225,2233,2241,2250,2258,2271,2283,2291,2310,2322,2330,2338,2346,2354,2366,2368,2374,2376,2386],{"type":601,"attrs":2110,"content":2111},{"textAlign":49},[2112,2117,2123],{"text":2113,"type":606,"marks":2114},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.2 million ",[2115],{"type":609,"attrs":2116},{"color":943},{"text":1662,"type":606,"marks":2118},[2119,2121],{"type":609,"attrs":2120},{"color":943},{"type":616,"attrs":2122},{"href":949,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2124,"type":606,"marks":2125}," were sold globally in January 2026. The global EV market was down 3% compared to January 2025, and down 44% compared to December 2025, driven by a 55% month-on-month and 20% year-on-year decrease in China.",[2126],{"type":609,"attrs":2127},{"color":943},{"type":736,"attrs":2129,"content":2130},{"level":1578,"textAlign":967},[2131,2135,2141],{"text":1678,"type":606,"marks":2132},[2133],{"type":609,"attrs":2134},{"color":943},{"text":1683,"type":606,"marks":2136},[2137,2139],{"type":609,"attrs":2138},{"color":943},{"type":616,"attrs":2140},{"href":1689,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2142,"type":606,"marks":2143}," sales in Jan 2026 vs Jan 2025 (m-o-m vs Dec 2025):",[2144],{"type":609,"attrs":2145},{"color":943},{"type":1219,"content":2147},[2148,2162,2172,2182,2192],{"type":1222,"content":2149},[2150],{"type":601,"attrs":2151,"content":2152},{"textAlign":967},[2153,2158],{"text":2154,"type":606,"marks":2155},"Global: 1.2 million, -3% (-44%)",[2156],{"type":609,"attrs":2157},{"color":943},{"text":1857,"type":606,"marks":2159},[2160],{"type":609,"attrs":2161},{"color":547},{"type":1222,"content":2163},[2164],{"type":601,"attrs":2165,"content":2166},{"textAlign":967},[2167],{"text":2168,"type":606,"marks":2169},"China: 0.60 million, -20% (-55%)",[2170],{"type":609,"attrs":2171},{"color":943},{"type":1222,"content":2173},[2174],{"type":601,"attrs":2175,"content":2176},{"textAlign":49},[2177],{"text":2178,"type":606,"marks":2179},"Europe: 0.32 million, +24% (-33%)",[2180],{"type":609,"attrs":2181},{"color":547},{"type":1222,"content":2183},[2184],{"type":601,"attrs":2185,"content":2186},{"textAlign":49},[2187],{"text":2188,"type":606,"marks":2189},"North America: 0.09 million, -33% (-27%)",[2190],{"type":609,"attrs":2191},{"color":547},{"type":1222,"content":2193},[2194],{"type":601,"attrs":2195,"content":2196},{"textAlign":49},[2197],{"text":2198,"type":606,"marks":2199},"Rest of World: 0.19 million, +92% (+0%)",[2200],{"type":609,"attrs":2201},{"color":547},{"type":601,"attrs":2203,"content":2204},{"textAlign":49},[2205],{"type":730,"attrs":2206},{"id":2207,"alt":547,"src":2208,"title":547,"source":547,"copyright":547,"meta_data":2209},144286440799951,"https://a.storyblok.com/f/287943243085208/1280x720/8506d4db63/monthly-ev-sales-slide-bmi-1.jpg",{},{"type":736,"attrs":2211,"content":2212},{"level":738,"textAlign":967},[2213],{"text":970,"type":606,"marks":2214},[2215],{"type":609,"attrs":2216},{"color":943},{"type":601,"attrs":2218,"content":2219},{"textAlign":967},[2220],{"text":2221,"type":606,"marks":2222},"“The EV market entered 2026 with a virtually unrecognisable landscape compared to its entry into 2025. Globally EV sales started 2026 down 3%, largely a consequence of China’s EV market contracting 20% compared to January 2025. January brought with it two key changes to China’s EV market, with the introduction of a purchase tax for EVs, as well as a reduction in the generosity of its trade-in scheme for 2026.",[2223],{"type":609,"attrs":2224},{"color":943},{"type":601,"attrs":2226,"content":2227},{"textAlign":967},[2228],{"text":2229,"type":606,"marks":2230},"“The European market retained its position as the fastest-growing major market, with its growth supporting the global EV market and preventing further contraction of the global EV market in January. It continues to be spurred on by the EU emission standards and, increasingly, the return of subsidy schemes to major markets.",[2231],{"type":609,"attrs":2232},{"color":943},{"type":601,"attrs":2234,"content":2235},{"textAlign":967},[2236],{"text":2237,"type":606,"marks":2238},"“Europe’s strong growth is sharply contrasted by North America, with the region’s EV market undergoing a period of readjustment. In the US, vehicle manufactures are realigning investment and production plans following Trump’s roll back on EV incentives from both the standpoint of consumers and manufacturers. Ford, GM and Stellantis have all taken significant multi-billion-dollar write-downs as they pivot their North American strategy away from EVs. Canada is looking to reinvigorate its EV market after 2025 brought the end of its subsidy scheme. The Canadian government reached an agreement with China to allow up to 49,000 Chinese made EVs into Canada at a tariff rate below 100% for the first time since 1 October 2024.”",[2239],{"type":609,"attrs":2240},{"color":943},{"type":736,"attrs":2242,"content":2244},{"level":2243,"textAlign":967},3,[2245],{"text":580,"type":606,"marks":2246},[2247,2249],{"type":609,"attrs":2248},{"color":943},{"type":1815},{"type":601,"attrs":2251,"content":2252},{"textAlign":967},[2253],{"text":2254,"type":606,"marks":2255},"The European EV market started 2026 up 24% after selling over 320,000 EV units in January 2026. The European market continued the strong growth it experienced in 2025, when it was the fastest growing major region as vehicle manufactures pushed to meet the EU tailpipe emissions targets. While these targets were softened in 2025, EV sales in Europe must continue to grow if manufactures wish to avoid facing tough fines.",[2256],{"type":609,"attrs":2257},{"color":943},{"type":601,"attrs":2259,"content":2260},{"textAlign":967},[2261,2266],{"text":2262,"type":606,"marks":2263},"Entering 2026, the subsidy landscape in the European EV market has shifted from where it was 12 months ago. Several major European automotive markets reintroduced EV subsidy schemes in 2025 and the start of 2026. The UK, Germany and France all recently reintroduced subsidy schemes and experienced year-on-year growth rates of 14%, 25% and 41%, respectively. ",[2264],{"type":609,"attrs":2265},{"color":943},{"text":2267,"type":606,"marks":2268},"  ",[2269],{"type":609,"attrs":2270},{"color":547},{"type":601,"attrs":2272,"content":2273},{"textAlign":967},[2274,2279],{"text":2275,"type":606,"marks":2276},"Not all European markets grew year-on-year. The Norwegian EV market contracted 71% year-on-year and 92% month-on-month after a significant pre-buying effect in the final months of 2025 due to the tightening of VAT exemptions for EVs from 1 January 2026. The Netherlands fell 28% year-on-year and 64% month-on-month, again following a pre-buying effect in the final months of 2025 before an increase in the tax that company cars are subject to. ",[2277],{"type":609,"attrs":2278},{"color":943},{"text":1857,"type":606,"marks":2280},[2281],{"type":609,"attrs":2282},{"color":547},{"type":736,"attrs":2284,"content":2285},{"level":2243,"textAlign":967},[2286],{"text":577,"type":606,"marks":2287},[2288,2290],{"type":609,"attrs":2289},{"color":943},{"type":1815},{"type":601,"attrs":2292,"content":2293},{"textAlign":967},[2294,2299,2306],{"text":2295,"type":606,"marks":2296},"Following the turbulence of 2025 for the North American EV market, sales in the region fell 33% year-on-year in January 2026. The decrease was driven by the US market which saw its lowest monthly EV since early 2022. The market continues to struggle following the elimination of federal tax credits on 30 September 2025, as well as the abolition of the Corporate Average Fuel Economy (CAFE) standards fines and the introduction of protectionist policies seeking to localise vehicle production and ",[2297],{"type":609,"attrs":2298},{"color":943},{"text":2300,"type":606,"marks":2301},"supply chains",[2302,2304],{"type":609,"attrs":2303},{"color":943},{"type":616,"attrs":2305},{"href":1793,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2005,"type":606,"marks":2307},[2308],{"type":609,"attrs":2309},{"color":943},{"type":601,"attrs":2311,"content":2312},{"textAlign":967},[2313,2318],{"text":2314,"type":606,"marks":2315},"In January 2026, Canada and China reached an agreement that will allow up to 49,000 Chinese made EVs into Canada at the most-favoured-nation tariff rate of 6.1%. This will strengthen the Canadian EV market which struggled in 2025 following the end of its EV subsidy scheme in January 2025 and its deteriorating trade relationship with the US throughout last year. ",[2316],{"type":609,"attrs":2317},{"color":943},{"text":1857,"type":606,"marks":2319},[2320],{"type":609,"attrs":2321},{"color":547},{"type":736,"attrs":2323,"content":2324},{"level":2243,"textAlign":967},[2325],{"text":583,"type":606,"marks":2326},[2327,2329],{"type":609,"attrs":2328},{"color":943},{"type":1815},{"type":601,"attrs":2331,"content":2332},{"textAlign":967},[2333],{"text":2334,"type":606,"marks":2335},"The Chinese EV market fell 3% in January 2026 compared to the same period last year. January brought two major changes to the Chinese market. EVs became subject to purchase tax for the first time since 2014. Although EVs are not yet subject to the standard 10% purchase tax rate levied on internal combustion engine vehicles, with most EVs facing a purchase tax of 5%. China’s trade-in scheme became proportional for 2026, as opposed to the flat-rate subsidy applied in 2025. Consequently, average subsidy levels will be lower in 2026 than in 2025, with price reductions for smaller EVs no longer as significant.",[2336],{"type":609,"attrs":2337},{"color":943},{"type":736,"attrs":2339,"content":2340},{"level":2243,"textAlign":967},[2341],{"text":1444,"type":606,"marks":2342},[2343,2345],{"type":609,"attrs":2344},{"color":943},{"type":1815},{"type":601,"attrs":2347,"content":2348},{"textAlign":967},[2349],{"text":2350,"type":606,"marks":2351},"The RoW had a strong start to 2026 with its sales almost doubling compared to January 2025, supported by significant growth in South Korea, Brazil and Thailand.",[2352],{"type":609,"attrs":2353},{"color":943},{"type":601,"attrs":2355,"content":2356},{"textAlign":967},[2357,2362],{"text":2358,"type":606,"marks":2359},"Thailand’s EV sales more than tripled year-on-year to over 44,000 units in January 2026, a record month for the country. The surge in sales was driven by vehicle manufacturers being granted an extension to January 2026 to register their vehicles under Thailand’s EV3 scheme. Alongside consumer subsidies, the EV3 and EV3.5 schemes offer reduced import duties on completely built-up EVs, providing these are offset by local EV production. The increase in sales was also supported by reductions in vehicle excise tax rates for EVs from 1 January 2026. ",[2360],{"type":609,"attrs":2361},{"color":943},{"text":1857,"type":606,"marks":2363},[2364],{"type":609,"attrs":2365},{"color":547},{"type":601,"attrs":2367},{"textAlign":967},{"type":601,"attrs":2369,"content":2370},{"textAlign":967},[2371],{"text":1913,"type":606,"marks":2372},[2373],{"type":878},{"type":601,"attrs":2375},{"textAlign":49},{"type":644,"attrs":2377},{"id":2378,"body":2379},"184cb64a-7128-49f2-ae6e-e9284aecc1cb",[2380],{"id":883,"_uid":2381,"component":885,"wrap_in_box":50,"redirect_url":2382,"success_file":2383,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":2385,"show_on_intelligence":50},"6b7c13d9-b7e1-403f-af1c-59115b7cdcc2",{"id":547,"url":547,"linktype":621,"fieldtype":887,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2384},{},[],{"type":601,"attrs":2387},{"textAlign":49},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.2 million electric vehicles were sold globally in January 2026.",[2390],{"slug":544,"name":543,"content":2391},{"job_title":557,"image":2392,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"Global EV sales reached 1.2 million units in January 2026",[2395,2396,2397,2398],{"slug":902,"name":903},{"slug":899,"name":900},{"slug":1935,"name":1936},{"slug":1938,"name":1939},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2400},{},{"id":2402,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2403,"copyright":547,"fieldtype":553,"meta_data":2404,"is_external_url":50},144285078707881,"https://a.storyblok.com/f/287943243085208/8192x5522/2082d261b9/adobestock_482617019-1.jpeg",{},"Benchmark reports that 1.2 million electric vehicles were sold globally in January 2026.","Feb 13, 2026",{"id":2408,"uuid":2409,"name":2410,"slug":2411,"full_slug":2412,"content":2413},136728963606797,"7381307a-486b-41af-b923-1af8fdda11f2","Germany confirms its new EV subsidy scheme","germany-confirms-its-new-ev-subsidy-scheme","article/germany-confirms-its-new-ev-subsidy-scheme",{"_uid":2414,"date":2415,"live":51,"tags":2416,"editor":2425,"content":2429,"excerpt":2514,"featured":51,"reporter":2515,"component":896,"seo_title":547,"categories":2519,"visibility":904,"author_company":547,"data_vis_image":2526,"featured_image":2530,"seo_description":547,"author_full_name":547,"author_job_title":547,"formattedDate":2534},"31984dcd-6d8f-4fdc-9194-3413b260ec7c","2026-01-20 00:00",[2417,2420,2421,2424],{"slug":2418,"name":2419},"policy","Policy",{"slug":573,"name":574},{"slug":2422,"name":2423},"germany","Germany",{"slug":585,"name":586},[2426],{"slug":1643,"name":1644,"content":2427},{"job_title":1646,"image":2428,"bio":1649,"linkedin":1650},{"filename":1648},{"type":598,"content":2430},[2431,2450,2458,2463,2468,2475,2480,2485,2490,2497,2504,2509],{"type":601,"attrs":2432,"content":2433},{"textAlign":49},[2434,2436,2441,2443,2448],{"text":2435,"type":606},"The German government has confirmed its most recent ",{"text":2437,"type":606,"marks":2438},"electric vehicle (EV)",[2439],{"type":616,"attrs":2440},{"href":949,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2442,"type":606}," subsidies, setting out a new socially targeted programme that will support the purchase and leasing of EVs from the start of 2026. The programme aims to make EVs affordable for a broader range of households, stabilise the domestic market, and strengthen Germany’s position in the European automotive and battery ",{"text":2444,"type":606,"marks":2445},"value chain",[2446],{"type":616,"attrs":2447},{"href":1689,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2449,"type":606},". The Federal Environment Ministry has allocated a EUR3bn ($3.3bn) budget to run through 2029.",{"type":601,"attrs":2451,"content":2452},{"textAlign":49},[2453],{"text":2454,"type":606,"marks":2455},"Subsidy structure",[2456],{"type":2457},"bold",{"type":601,"attrs":2459,"content":2460},{"textAlign":49},[2461],{"text":2462,"type":606},"The central feature of the programme is its income-based design. Subsidies are tiered by household earnings, with grants ranging from EUR1,500 ($1,650) to EUR6,000 ($6,600) per vehicle. The highest payments will go to lower- and middle-income households, with eligibility capped at EUR90,000 ($99,000) annual income. Grants vary based on taxable income level and the number of children under the age of 18. Those eligible to receive the highest grants are households with a taxable income of EUR45,000 or below with two or more children aged under 18, while households with no children and a taxable income of EUR80,000 or below receive the lowest subsidy amount.",{"type":601,"attrs":2464,"content":2465},{"textAlign":49},[2466],{"text":2467,"type":606},"The subsidies apply to both outright purchases and leases, a key feature given leasing’s popularity among German households.",{"type":601,"attrs":2469,"content":2470},{"textAlign":49},[2471],{"text":2472,"type":606,"marks":2473},"Vehicle categories covered",[2474],{"type":2457},{"type":601,"attrs":2476,"content":2477},{"textAlign":49},[2478],{"text":2479,"type":606},"Battery electric vehicles (BEVs) will receive the highest support, with grants between EUR6,000 ($6,600) for lower-income and EUR3,000 ($3,300) for middle-income households.",{"type":601,"attrs":2481,"content":2482},{"textAlign":49},[2483],{"text":2484,"type":606},"For plug-in hybrid EVs (PHEVs) and range-extender EVs (REEVs), eligibility is limited to between 1 January 2026 and 30 June 2027. During this period, such vehicles must emit no more than 60gCO₂/km in type approval or achieve an electric-only range of at least 80km to qualify. Grants for these vehicles range from EUR4,500 ($4,950) to EUR1,500 ($1,650), depending on income level.",{"type":601,"attrs":2486,"content":2487},{"textAlign":49},[2488],{"text":2489,"type":606},"The current framework does not differentiate by vehicle origin, meaning Chinese-made models are eligible, although this could change as EU preferential regulations are under review.",{"type":601,"attrs":2491,"content":2492},{"textAlign":49},[2493],{"text":2494,"type":606,"marks":2495},"Market impact",[2496],{"type":2457},{"type":644,"attrs":2498},{"id":2499,"body":2500},"a942a3d2-5a40-4469-a248-ddee94efee41",[2501],{"id":2502,"_uid":2503,"type":621,"component":652,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3561565","i-7c8a0fe7-7bae-4797-b536-d257e0df8a09",{"type":601,"attrs":2505,"content":2506},{"textAlign":49},[2507],{"text":2508,"type":606},"The German market has historically been highly responsive to subsidies. Across Europe, targeted support for lower- and middle-income buyers has proven effective: in Italy, similar incentives reached their funding cap in a matter of days, while in France, a larger scheme ended within six weeks of launch.",{"type":601,"attrs":2510,"content":2511},{"textAlign":49},[2512],{"text":2513,"type":606},"This scheme will provide a meaningful boost to Germany, likely funding a total of 200,000 vehicles through to 2029. Some recipients of the subsidy would likely have looked to purchase EVs without the subsidy, but targeted support for the lowest income groups, which typically have low uptake, makes this scheme more important for marginal buyers than blanket subsidies.","The German government has confirmed its most recent electric vehicle (EV) subsidies, setting out a new socially targeted programme that will support the purchase and leasing of EVs from the start of 2026. The programme aims to make EVs affordable for a broader range of households, stabilise the domestic market, and strengthen Germany’s position in ...",[2516],{"slug":544,"name":543,"content":2517},{"job_title":557,"image":2518,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[2520,2521,2522,2523],{"slug":899,"name":900},{"slug":902,"name":903},{"slug":1938,"name":1939},{"slug":2524,"name":2525},"new-energy","New Energy",{"id":2527,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2528,"copyright":547,"fieldtype":553,"meta_data":2529,"is_external_url":50},136730621501124,"https://a.storyblok.com/f/287943243085208/1270x752/a457787ddd/screenshot-2026-01-20-120823.png",{},{"id":2531,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2532,"copyright":547,"fieldtype":553,"meta_data":2533,"is_external_url":50},136730819710688,"https://a.storyblok.com/f/287943243085208/2560x1440/f1bb25e77e/adobestock_316671337.jpeg",{},"Jan 20, 2026",{"id":2536,"uuid":2537,"name":2538,"slug":2539,"full_slug":2540,"content":2541},133953821231216,"98327103-8d08-4b87-9f03-eee3dbdb86ca","Global EV sales reach 20.7 million units in 2025, growing by 20%","global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20","article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"_uid":2542,"date":2543,"tags":2544,"editor":2545,"content":2549,"excerpt":2759,"featured":51,"reporter":2760,"component":896,"seo_title":2538,"categories":2764,"visibility":904,"author_company":547,"data_vis_image":2767,"featured_image":2769,"seo_description":2772,"author_full_name":547,"author_job_title":547,"formattedDate":2773},"07c5b0ad-98ef-4798-823b-aa662dc0e32f","2026-01-14 00:00",[],[2546],{"slug":1643,"name":1644,"content":2547},{"job_title":1646,"image":2548,"bio":1649,"linkedin":1650},{"filename":1648},{"type":598,"content":2550},[2551,2562,2567,2604,2611,2615,2620,2625,2630,2635,2639,2644,2649,2654,2659,2664,2668,2679,2684,2689,2694,2707,2711,2716,2721,2726,2730,2735,2740,2742,2747,2757],{"type":601,"attrs":2552,"content":2553},{"textAlign":49},[2554,2556,2560],{"text":2555,"type":606},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 2.1 million ",{"text":1662,"type":606,"marks":2557},[2558],{"type":616,"attrs":2559},{"href":949,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2561,"type":606}," were sold globally in December 2025, bringing the end of year figure to 20.7 million EV units sold in the passenger car and light-duty vehicle segment.",{"type":601,"attrs":2563,"content":2564},{"textAlign":49},[2565],{"text":2566,"type":606},"Snapshot electric vehicle sales in 2025 vs 2024:",{"type":1219,"content":2568},[2569,2576,2583,2590,2597],{"type":1222,"content":2570},[2571],{"type":601,"attrs":2572,"content":2573},{"textAlign":49},[2574],{"text":2575,"type":606},"Global: 20.7 million, +20% ",{"type":1222,"content":2577},[2578],{"type":601,"attrs":2579,"content":2580},{"textAlign":49},[2581],{"text":2582,"type":606},"China: 12.9 million, +17%",{"type":1222,"content":2584},[2585],{"type":601,"attrs":2586,"content":2587},{"textAlign":49},[2588],{"text":2589,"type":606},"Europe: 4.3 million, +33%",{"type":1222,"content":2591},[2592],{"type":601,"attrs":2593,"content":2594},{"textAlign":49},[2595],{"text":2596,"type":606},"North America: 1.8 million, -4%",{"type":1222,"content":2598},[2599],{"type":601,"attrs":2600,"content":2601},{"textAlign":49},[2602],{"text":2603,"type":606},"Rest of World: 1.7 million, +48%",{"type":601,"attrs":2605,"content":2606},{"textAlign":49},[2607],{"type":730,"attrs":2608},{"id":49,"alt":547,"src":2609,"title":49,"source":49,"copyright":49,"meta_data":2610},"https://rhomotion.com/app/uploads/2026/01/Monthly-EV-sales-slide-BMI-2-1024x576.jpg",{},{"type":601,"attrs":2612,"content":2613},{"textAlign":49},[2614],{"text":970,"type":606},{"type":601,"attrs":2616,"content":2617},{"textAlign":49},[2618],{"text":2619,"type":606},"“This time last year few could have predicted the EV market upset that occurred which has resulted in a virtually unrecognisable landscape now as we enter 2026. Globally the EV sales figures have grown by a fifth compared to the previous year which shows how resilient the market is.",{"type":601,"attrs":2621,"content":2622},{"textAlign":49},[2623],{"text":2624,"type":606},"“Looking at Europe, the dark horse has overtaken China as the fastest growing major region. This is despite weakened car manufacturing targets bookending the year as many had already prepared for the 2025 targets to come into force.  We do not expect this growth rate to be the same in 2026 as manufacturers focus their efforts on the deadline year, 2027.",{"type":601,"attrs":2626,"content":2627},{"textAlign":49},[2628],{"text":2629,"type":606},"“In North America, it will come as no surprise that the year has been tumultuous for the region. A year on from Trump’s inauguration, he has delivered on many of the promises he made to roll back the EV buying incentives and is attempting to domesticate manufacturing. In a move that signifies the arresting impact of this, GM has cancelled contracts with BEV battery suppliers. For the first time in seven years in the US we are predicting the market will shrink, by almost a third.",{"type":601,"attrs":2631,"content":2632},{"textAlign":49},[2633],{"text":2634,"type":606},"“China’s growth appears to have slowed, largely due to the high comparison base created by improved EV subsidies introduced in mid-2024, which significantly lifted sales in the second half of that year. With domestic price wars sapping BYD’s profit margins, the car manufacturer looked more towards Europe and other regions where they could deliver a competitive advantage with home-grown car manufacturers and still make several times the profit on every car sold.”",{"type":601,"attrs":2636,"content":2637},{"textAlign":49},[2638],{"text":580,"type":606},{"type":601,"attrs":2640,"content":2641},{"textAlign":49},[2642],{"text":2643,"type":606},"The European EV market grew by 33% in 2025 compared with 2024, with 31% growth coming from Battery Electric Vehicles (BEVs) and 38% from Plug-in Hybrid Electric Vehicles (PHEVs) over the same period. The European electric vehicle market was marked by a year of legislative change, as EU tailpipe emissions targets were softened throughout the year. There was also increased support for consumer EV purchases, with several major European countries expanding or increasing subsidies.",{"type":601,"attrs":2645,"content":2646},{"textAlign":49},[2647],{"text":2648,"type":606},"Over 2025, EV sales accelerated in several major markets. Large-volume countries such as Germany and the UK grew by 48% and 27%, respectively. EV sales in France began 2025 weakly and remained in negative territory for most of the year, but finished with 2% growth overall after recovering in the final months, supported by subsidies.",{"type":601,"attrs":2650,"content":2651},{"textAlign":49},[2652],{"text":2653,"type":606},"The softening of the 2025 EU emissions targets in May 2025, shifting compliance to an average of 2025–27 emissions rather than just 2025, provided car manufacturers with some relief. However, many manufacturers had already put plans in place to increase EV sales in order to meet these targets.",{"type":601,"attrs":2655,"content":2656},{"textAlign":49},[2657],{"text":2658,"type":606},"Looking ahead to 2026, the key development in Europe is the proposed watering down of the 2035 emissions targets, reducing the requirement from a 100% tailpipe emissions reduction (relative to 2021 levels) to 90%, provided certain conditions are met, including the use of low‑carbon steel credits and renewable fuel credits. Under the proposed Automotive Package, manufacturers would also benefit from additional compliance flexibilities, including banking and borrowing of emissions performance for the 2030–32 period. Additional measures include new targets for corporate fleets, super‑credits for small vehicles, and increased support through the EU’s Battery Booster initiative.",{"type":601,"attrs":2660,"content":2661},{"textAlign":49},[2662],{"text":2663,"type":606},"Entering 2026, we expect car manufacturers to maintain strong EV sales momentum, as they must still comply with the 2025–27 emissions standards. The revival of consumer subsidies will also play a key role, with several countries, including France, Germany, and Sweden, announcing support targeted at low- and middle‑income households. As a result, the European EV market is expected to grow by 14% in 2026.",{"type":601,"attrs":2665,"content":2666},{"textAlign":49},[2667],{"text":577,"type":606},{"type":601,"attrs":2669,"content":2670},{"textAlign":49},[2671,2673,2677],{"text":2672,"type":606},"2025 was a turbulent year for the North American EV market. In the US, the elimination of federal tax credits on 30 September 2025, alongside the reduction of CAFE standards fines to zero and the introduction of protectionist policies aimed at onshoring vehicle production and ",{"text":2300,"type":606,"marks":2674},[2675],{"type":616,"attrs":2676},{"href":1793,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2678,"type":606},", significantly weakened market momentum. As a result, US EV sales grew by just 1% in 2025.",{"type":601,"attrs":2680,"content":2681},{"textAlign":49},[2682],{"text":2683,"type":606},"Amid these changes, the Canadian market performed poorly following the removal of subsidies early in 2025, causing EV sales to fall by 41% over the year. In contrast, EV sales in Mexico grew by 29%, with the majority of this growth driven by imports of Chinese EVs.",{"type":601,"attrs":2685,"content":2686},{"textAlign":49},[2687],{"text":2688,"type":606},"The US market experienced two consecutive months of record EV sales in August and September 2025, as consumers rushed to take advantage of federal tax credits before their removal. This was followed by a sharp contraction in Q4 2025, with EV sales falling by 49% compared with Q3 2025.",{"type":601,"attrs":2690,"content":2691},{"textAlign":49},[2692],{"text":2693,"type":606},"The outlook for the US EV market in 2026 remains weak, reflecting limited consumer incentives, a lack of supportive legislation, and OEMs scaling back investment in electrification in favour of internal combustion engine production. As a result, EV sales in the US are expected to decline by 29% in 2026.",{"type":601,"attrs":2695,"content":2696},{"textAlign":49},[2697,2699,2705],{"text":2698,"type":606},"Looking further ahead, several range‑extended electric vehicles (REEVs) are expected to enter the US market over the next few years, including models from Stellantis, Scout, Ford, and Volvo. Both RAM (Ramcharger 1500) and Ford (F‑150 Lightning) have opted to introduce REEV variants rather than pure BEV versions for upcoming models. These vehicles are well aligned with North American consumer preferences for larger vehicles and reduce reliance on ",{"text":2700,"type":606,"marks":2701},"charging infrastructure",[2702],{"type":616,"attrs":2703},{"href":2704,"uuid":49,"anchor":49,"target":1668,"linktype":950},"https://www.benchmarkminerals.com/ev-charging",{"text":2706,"type":606}," by not operating solely on electricity. However, the appetite for REEV demand in the US is yet to be proven. The outlook for plug‑in hybrid electric vehicles (PHEVs) in the region is also weakening. Most recently, Stellantis announced plans to cut its entire PHEV line‑up for 2026, while maintaining its strategy for two upcoming REEV models.",{"type":601,"attrs":2708,"content":2709},{"textAlign":49},[2710],{"text":583,"type":606},{"type":601,"attrs":2712,"content":2713},{"textAlign":49},[2714],{"text":2715,"type":606},"The Chinese EV market grew by 17% in 2025 compared with 2024, with BEVs increasing by 26% and PHEVs by 6% over the same period. Year‑on‑year growth slowed markedly in the final quarter of 2025, reaching just 4% compared with Q4 2024. In contrast, H1 2025 EV sales grew by 33% year on year. This divergence largely reflects the fact that, in mid-2024, subsidies under China’s trade‑in scheme were increased, meaning that EV sales in the second half of 2025 were being compared against an elevated base in H2 2024.",{"type":601,"attrs":2717,"content":2718},{"textAlign":49},[2719],{"text":2720,"type":606},"Growth in the Chinese EV market during 2025 was driven by intense domestic competition, aggressive pricing, and expanded model availability. As competitive pressures intensified domestically, Chinese car manufacturers increasingly turned to overseas markets. For example, BYD more than doubled its EV exports, rising from 0.4 million units in 2024 to over one million in 2025. These export flows were a key driver of EV growth in the rest of the world, with South America, Southeast Asia, and Central Asia among the main beneficiaries. The European market also saw a strong presence of Chinese‑produced EVs, which accounted for 19% of total EV sales in 2025.",{"type":601,"attrs":2722,"content":2723},{"textAlign":49},[2724],{"text":2725,"type":606},"In 2026, EVs in China will face a purchase tax for the first time. Previously, EVs were fully exempt, but from 2026 they will be 50% exempt from purchase tax. In addition, the new 2026 trade‑in subsidy scheme will be proportional to vehicle price, rather than the flat‑rate subsidy applied in 2025, which had favoured smaller vehicles. As a result, average EV subsidy levels will be lower in 2026 than in 2025.",{"type":601,"attrs":2727,"content":2728},{"textAlign":49},[2729],{"text":1444,"type":606},{"type":601,"attrs":2731,"content":2732},{"textAlign":49},[2733],{"text":2734,"type":606},"In the RoW, the EV market grew by 48% in 2025 compared with 2024. A significant number of regions in the RoW had a strong presence of Chinese EV imports, including Southeast Asia that almost doubled year-on-year and in the final three months of the 2025 average over 55,000 EVs sold per month compared with an average of 32,000 per month in the final three months of 2024. South & Central America grew by 49% year-on-year, again led by a strong Chinese presence that accounted for over 85% of EV sales in the region.",{"type":601,"attrs":2736,"content":2737},{"textAlign":49},[2738],{"text":2739,"type":606},"Japan’s EV market only grew by 6% year-on-year, with limited uptake of EVs in the region due to the strong presence of hybrid EVs. Japan’s EV penetration remains at 3% for the fourth consecutive year. In contrast, the South Korean market grew by 50% year-on-year, led by new EV models introduced by domestic OEMs and imported EVs, and government incentives.",{"type":601,"attrs":2741},{"textAlign":49},{"type":601,"attrs":2743,"content":2744},{"textAlign":49},[2745],{"text":2746,"type":606},"To learn more about our EV sales data and forecast, submit your details below and our team will be in touch:",{"type":644,"attrs":2748},{"id":2749,"body":2750},"e3ea8d07-1dfe-4112-a7d9-ef6d96fbe7b1",[2751],{"id":883,"_uid":2752,"component":885,"wrap_in_box":50,"hubspot_form":883,"redirect_url":2753,"success_file":2754,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":2756},"i-1869e646-189b-49d7-b4f8-24d9ce3093f4",{"id":547,"url":547,"linktype":621,"fieldtype":887,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2755},{},[],{"type":601,"attrs":2758},{"textAlign":49},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 2.1 million electric vehicles were sold globally in December 2025, bringing the end of year figure to 20.7 million EV units sold in the passenger car and light-duty vehicle segment. Snapshot electric vehicle sales in 2025 vs 2024: Benchmark Mineral […]",[2761],{"slug":544,"name":543,"content":2762},{"job_title":557,"image":2763,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[2765,2766],{"slug":899,"name":900},{"slug":902,"name":903},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2768},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2770,"copyright":547,"fieldtype":553,"meta_data":2771,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/058918fbd6/bm-adobestock-459495501-1.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 2.1 million electric vehicles were sold globally in December 2025, bringing the end of year figure to 20.7 million EV units sold ","Jan 14, 2026",{"id":2775,"uuid":2776,"name":2777,"slug":2778,"full_slug":2779,"content":2780},133953948534922,"35c7c7fa-17a7-461e-b247-ae2efa2b5eca","Global EV sales reach 18.5 million units, growing by 21% YTD in November 2025","global-ev-sales-reach-18-5-million-units-growing-by-21-ytd-in-november-2025","article/global-ev-sales-reach-18-5-million-units-growing-by-21-ytd-in-november-2025",{"_uid":2781,"date":2782,"tags":2783,"editor":2789,"content":2793,"excerpt":2908,"featured":51,"reporter":2909,"component":896,"seo_title":2913,"categories":2914,"visibility":904,"author_company":49,"data_vis_image":2916,"featured_image":2918,"seo_description":2920,"author_full_name":49,"author_job_title":49,"formattedDate":2921},"7f282442-b758-40fa-ac51-52d08274bcb4","2025-12-12 00:00",[2784,2785,2786],{"slug":582,"name":583},{"slug":579,"name":580},{"slug":2787,"name":2788},"us","US",[2790],{"slug":1643,"name":1644,"content":2791},{"job_title":1646,"image":2792,"bio":1649,"linkedin":1650},{"filename":1648},{"type":598,"content":2794},[2795,2806,2811,2831,2836,2840,2845,2850,2855,2860,2864,2869,2874,2878,2883,2888,2890,2896,2906],{"type":601,"attrs":2796,"content":2797},{"textAlign":49},[2798,2800,2804],{"text":2799,"type":606},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 2.0 million ",{"text":1662,"type":606,"marks":2801},[2802],{"type":616,"attrs":2803},{"href":949,"uuid":49,"anchor":49,"target":1668,"linktype":950},{"text":2805,"type":606}," were sold globally in November 2025.",{"type":601,"attrs":2807,"content":2808},{"textAlign":49},[2809],{"text":2810,"type":606},"Rho Motion Data Manager, Charles Lester, commented:",{"type":601,"attrs":2812,"content":2813},{"textAlign":49},[2814,2816,2822,2824,2829],{"text":2815,"type":606},"“Global EV sales reached 2.0 ",{"text":2817,"type":606,"marks":2818},"million units",[2819],{"type":616,"attrs":2820},{"href":2821,"uuid":49,"anchor":49,"target":1668,"linktype":950},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"text":2823,"type":606}," in November 2025, bringing cumulative sales to 18.5 million year-to-date, up 21% on 2024. Europe led growth, rising 36% year-on-year in November, driven by new incentives and wider model availability. France and Italy both saw renewed momentum from national support, while the UK expanded its subsidy list to support further uptake. In contrast, North America remains subdued following the end of US tax credits, whereas China continues to dominate with 11.6 ",{"text":2817,"type":606,"marks":2825},[2826],{"type":616,"attrs":2827},{"href":2828,"uuid":49,"anchor":49,"target":1668,"linktype":950},"https://source.benchmarkminerals.com/article/global-ev-sales-reached-1-75-million-units-in-march-2026",{"text":2830,"type":606}," sold year-to-date, up 19%. Record overseas sales from BYD reflect the growing global reach of Chinese EV makers. Overall, EV demand remains resilient, supported by expanding model ranges and sustained policy incentives worldwide.”",{"type":601,"attrs":2832,"content":2833},{"textAlign":49},[2834],{"text":2835,"type":606},"Snapshot electric vehicle sales in YTD 2025 (Jan-Nov 2025) vs YTD 2024 (Jan-Nov 2024), YTD %",{"type":736,"attrs":2837,"content":2838},{"level":738,"textAlign":49},[2839],{"text":580,"type":606},{"type":601,"attrs":2841,"content":2842},{"textAlign":49},[2843],{"text":2844,"type":606},"The European market grew by 36% y-o-y in November 2025, with 35% growth in BEVs and 39% in PHEVs. This brings YTD sales in Europe to 3.8 million units, growing by 33% compared to YTD 2024.",{"type":601,"attrs":2846,"content":2847},{"textAlign":49},[2848],{"text":2849,"type":606},"The French market is now up YTD for the first month this year, in November 2025, by 1%. The French market had been down throughout 2025 due to a cut in subsidies earlier in the year. The sales increase has been led by major OEMs, such as VW Group and Renault, alongside a wider range of models. The market has also been boosted from the nation’s ‘leasing social’ program that targets lower-income households to transition to EVs.",{"type":601,"attrs":2851,"content":2852},{"textAlign":49},[2853],{"text":2854,"type":606},"The Italian market had record EV sales of just under 25,000 in November after it launched a new incentive program aimed at replacing older internal combustion engine (ICE) vehicles. The program allocated EUR597.3 million (~USD700 million) in funding and plans to replace around 39,000 ICE cars.",{"type":601,"attrs":2856,"content":2857},{"textAlign":49},[2858],{"text":2859,"type":606},"The UK added five more EV models that qualify for the full GBP3,750 (~USD4,400) subsidy, including the Nissan Leaf (manufactured in Sunderland, UK, with deliveries set to begin in early 2026), the MINI Countryman, Renault 4, Renault 5, and the Alpine A290.",{"type":736,"attrs":2861,"content":2862},{"level":738,"textAlign":49},[2863],{"text":577,"type":606},{"type":601,"attrs":2865,"content":2866},{"textAlign":49},[2867],{"text":2868,"type":606},"Overall EV sales in the US increased m-o-m in November 2025, following a sharp drop in sales in October due to the Tax Credit ending on 30 September 2025. BEV sales increased m-o-m from Kia (30%), Hyundai (20%), Honda (11%), Subaru (232 Solterra sales vs 13), but figures are still significantly lower than when the Tax Credit was in place.",{"type":601,"attrs":2870,"content":2871},{"textAlign":49},[2872],{"text":2873,"type":606},"In early December, Donald J. Trump formally “reset” the U.S. Corporate Average Fuel Economy (CAFE) standards. Under the new rule, manufacturers will only need to meet a fleetwide average of ~34.5 mpg by 2031, a big reduction compared to the roughly 50.4 mpg target under the previous rule. These rules allow OEMs to meet these standards through ICE vehicles and put less pressure on OEMs to have to transition to BEVs or PHEVs. These relaxed standards will slow the transition to electrification in the US, as seen by ICE-focused investments, such as Stellantis’ USD13 billion investment, which aims to expand production by 50% in the US.",{"type":736,"attrs":2875,"content":2876},{"level":738,"textAlign":49},[2877],{"text":583,"type":606},{"type":601,"attrs":2879,"content":2880},{"textAlign":49},[2881],{"text":2882,"type":606},"Growth in EV sales continues to slow in China as the market grew by 3% y-o-y and 4% m-o-m in November 2025. The Chinese market remains up YTD with 19% growth and 11.6 million units sold so far this year.",{"type":601,"attrs":2884,"content":2885},{"textAlign":49},[2886],{"text":2887,"type":606},"BYD set a record for reported EV exports of 131,935 units, eclipsing the previous record of ~90,000 set in June 2025. Sales of BYD models in Europe have increased by over four times in 2025, with ~200,000 units sold, doubled in Southeast Asia, and risen by more than 50% in South America.",{"type":601,"attrs":2889},{"textAlign":49},{"type":601,"attrs":2891,"content":2892},{"textAlign":49},[2893],{"text":2746,"type":606,"marks":2894},[2895],{"type":878},{"type":644,"attrs":2897},{"id":2898,"body":2899},"8418f806-5ac4-4be9-b6ce-a2bee7c21936",[2900],{"id":883,"_uid":2901,"component":885,"wrap_in_box":50,"hubspot_form":883,"redirect_url":2902,"success_file":2903,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":2905},"i-81b5296b-f249-44eb-9f15-ff5e4b4fa111",{"id":547,"url":547,"linktype":621,"fieldtype":887,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2904},{},[],{"type":601,"attrs":2907},{"textAlign":49},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 2.0 million electric vehicles were sold globally in November 2025. Rho Motion Data Manager, Charles Lester, commented: “Global EV sales reached 2.0 million units in November 2025, bringing cumulative sales to 18.5 million year-to-date, up 21% on 2024. Europe led […]",[2910],{"slug":544,"name":543,"content":2911},{"job_title":557,"image":2912,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"Global EV sales reach 18.5 million, growing 21% YTD in Nov 25",[2915],{"slug":902,"name":903},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2917},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2770,"copyright":547,"fieldtype":553,"meta_data":2919,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 2.0 million electric vehicles were sold globally in November 2025.","Dec 12, 2025",1784052340855]