"EV sales in North America fell 1% this year compared to 2024, according to data from supply chain data firm Benchmark Mineral Intelligence. The dip comes as the US has faced a combination of policy changes, tariffs, and supply chain upheavals this year. There were 1.7 million EVs sold in North America between January and November - far behind the 11.6 million sold in China and below the 3.8 million sold in Europe."
"Benchmark Mineral Intelligence cited the $7,500 EV tax credit ending in September as a reason for "subdued" sales in the US, along with the Trump administration relaxing rules for automakers designed to encourage the transition to EVs and hybrids. US automaker execs have been sounding the alarm bells on sales. In September, Ford CEO Jim Farley predicted that the EV market share in the US would nearly halve to around 5% in the near term."
"China's overall EV sales were up 19%. While BYD, the country's biggest EV maker, hit a rough patch in its home market amid rising competition from local startups, it set a record for EV exports in October. Globally, EV sales were up 21% compared to last year, the Benchmark Mineral Intelligence data showed. The most valuable EV company in the world is based in the US, but Americans are buying fewer battery-powered vehicles."
Global EV sales increased 21% year-over-year, driven primarily by strong growth in China, which sold 11.6 million electric vehicles. North American EV sales fell 1%, totaling 1.7 million units between January and November. Europe sold 3.8 million EVs. Contributing factors in the US include policy shifts, tariffs, supply chain disruptions, and the expiration of the $7,500 EV tax credit in September. Tesla performed relatively better than rivals during October but still faces pressure to avoid another year of declining sales. GM and Rivian announced layoffs amid weakening demand. BYD set a record for EV exports in October despite domestic competition.
Read at Business Insider
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