Global EV Registrations Drop 3% in January Amid China, US Policy Shifts

Global electric vehicle (EV) registrations fell 3% in January to nearly 1.2 million units, according to Benchmark Mineral Intelligence data. The decline followed a purchase tax in China and reduced subsidies, alongside policy changes in the U.S., which together suppressed sales. China's registrations dipped 20% to under 600,000, the lowest in almost two years, while North America's sales fell 33% to just over 85,000, the lowest since early 2022. Europe posted a 24% increase to over 320,000, and the rest of the world rose 92% to nearly 190,000, led by strong performance in South Korea, Brazil, and Thailand.