Global registrations of electric vehicles fell 11% in February, marking the second consecutive monthly decline, according to Benchmark Mineral Intelligence, as the sharp drop in China had a major impact on the global market, according to Reuters.
China, the world's largest market for electric vehicles, recorded the sharpest drop since the beginning of the COVID-19 pandemic: Registrations of battery-powered electric vehicles and plug-in hybrid vehicles decreased by 32% compared to last year and amounted to less than 500,000 vehicles, which generally corresponds to a 34% drop in total car sales, which the Chinese Association of Automobile Manufacturers reported. The decline occurred due to the fact that governments slowed down or canceled policies to support demand for electric vehicles.: China stopped financing a used-car-for-new-car exchange program, and tax incentives for the purchase of electric vehicles ended at the end of last year.
BMI noted that consumers remain very price-sensitive. Worldwide, registrations of electric vehicles have dropped to just over a million units, the lowest level for February since 2024.
