Global electric vehicle registrations - Up 3% in May, driven by higher fuel prices
Global demand for electric vehicles rose for the third straight month in May as subsidies and high fuel prices continued to push the transition away from internal combustion engine cars, data from consultancy Benchmark Mineral Intelligence showed.
Registrations of new battery electric vehicles and plug-in hybrid electric vehicles rose 3% from a year earlier to about 1.8 million in May, an indicator of sales, bringing the total 0.9% higher than last year for the first five months of the year.
Registrations rose 23% to about 415,000 units in May in the region, driven by government subsidies and high fuel prices that fueled purchases. However, the global picture remained uneven.
In China, May registrations fell 9% from a year earlier to roughly 987,000 vehicles, as support for vehicle sharing was withdrawn and a tax break for electric vehicle purchases expired at the beginning of 2026.
Following weaker domestic sales so far this year, more and more Chinese original equipment manufacturers (OEMs) have been looking to expand further into the global market.
"The trend we have seen over the last two months is joint ventures and the potential for Chinese original equipment manufacturers (OEMs) to produce at underutilized capacity in Europe," the analysts said.
Sales also fell 26% in North America to about 123,000 units in May, hit by the end of a U.S. tax credit scheme and proposals by President Donald Trump's administration to further ease carbon dioxide emissions rules.
Canada's move to open its market to some Chinese original equipment manufacturers (OEMs) will not be enough to significantly change the trajectory of the North American electric vehicle market.
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