Global EV sales growth slows to weakest pace since early 2024 as China plateaus, US demand drops

Global electric vehicle sales growth slowed sharply in November, marking the weakest expansion since February 2024 as demand in China plateaued and policy changes in the United States weighed on North American sales, according to data released by Benchmark Mineral Intelligence.

Global EV registrations, a proxy for sales, rose 6% year-on-year to just under 2 million units in November. Growth in China, the world’s largest EV market, eased to 3% year-on-year to more than 1.3 million vehicles, the slowest pace recorded since February 2024.

North America saw a sharp contraction, with EV registrations falling 42% year-on-year to just over 100,000 units. The decline followed the expiry of US electric vehicle tax credits and mirrored a similar drop recorded in October. Cumulative registrations in the region are now down 1% for the year, putting North America on course for its first annual decline in EV sales since 2019.

Europe continued to post strong growth, supported by national incentive programmes. Registrations across the region rose 36% year-on-year in November to more than 400,000 vehicles and are up by around one-third so far this year compared with the same period in 2024. Sales in the rest of the world increased 35% to nearly 160,000 units.

Benchmark Mineral Intelligence said the slowdown reflects diverging policy signals across major markets. In China, reduced government subsidies toward the end of the year are expected to weigh on consumer demand, while in the United States the end of tax incentives has had an immediate impact on sales momentum.

“For next year, we’re still expecting a decrease in US EV sales,” said BMI data manager Charles Lester, noting that tax credits had played a central role in supporting demand.

The data comes amid broader policy shifts affecting the electric vehicle transition. In the United States, President Donald Trump has proposed rolling back fuel economy standards introduced by the previous administration. In Europe, the European Union has delayed the release of proposals that could potentially soften its planned 2035 ban on new internal combustion engine vehicles.

Electric transport groups argue that rapid adoption of EVs remains essential to reducing carbon emissions, while automakers and some governments have raised concerns about slower-than-expected uptake and its implications for jobs and profitability.