Global EV Sales Dip as China's Exports Surge

Global electric vehicle (EV) registrations in January declined by 3% year-over-year to approximately 1.2 million units, impacted by policy adjustments in both China and the United States. Domestic sales in China dropped sharply by 20% to under 600,000 units—the lowest level in nearly two years—while North American sales plunged by 33%, with the U.S. hitting a new low since early 2022. Europe saw a 24% increase, reaching 320,000 units, though its growth rate has clearly slowed. In contrast, Chinese EV exports performed strongly, accelerating expansion into markets such as Southeast Asia, South Korea, and Brazil. Driven by Thailand’s incentive policies and rising demand across multiple countries, EV sales in the "Rest of World" category surged by 92% year-over-year to nearly 190,000 units, setting a new record high. Analysts note that Chinese automakers are rapidly stepping up their overseas push, with exports poised to become a key growth driver.