Electric Vehicle Sales show slowest Growth since pandemic
Global growth in the electric vehicle market will slow to its lowest level since the pandemic, reflecting increasing economic, regulatory and market obstacles as the automotive industry's transition away from internal combustion engines becomes more difficult, the Financial Times reports.
According to Benchmark Mineral Intelligence, global sales of electric vehicles in 2026 are projected to grow by 13% to 24 million units, significantly less than the projected growth of 22% last year, due to cooling demand in China, weak momentum in Europe and a decline in the United States. The abolition of tax breaks for electric vehicles under the Trump administration, the relaxation of EU rules on a planned ban on gasoline-powered cars from 2035, and a slowdown in previously booming growth in China are changing industry expectations.
Electric vehicle sales in the United States are projected to fall by 29% to 1.1 million vehicles, while Europe is expected to grow more modestly and China, which remains the largest electric vehicle market in the world, is projected to expand at a slower but still positive pace. Chinese manufacturers, led by BYD, which surpassed Tesla in 2025, continue to drive growth with lower-priced models, but hybrids and plug-in hybrids are becoming more popular as consumers remain wary of gaps in charging station infrastructure.