Global NEV Sales Dip in Q1 2026 as Chinese Brands Dominate PHEV Market

In the first quarter of 2026, global new energy vehicle (NEV) sales totaled 3.94 million units, down 2% year-over-year, accounting for 19% of total global vehicle sales. In the plug-in hybrid electric vehicle (PHEV) segment, Chinese brands dominated the market. BYD led with a 27.3% market share, while other Chinese brands—including Geely, Aito, Fangchengbao, Chery, and Lynk & Co—together held over 60% of the market. In contrast, overseas brands such as BMW, Mercedes-Benz, and Volvo each held less than 4% market share. In the battery electric vehicle (BEV) market, Tesla surpassed BYD to reclaim the top global position. BYD, Geely, and SAIC-GM-Wuling ranked second through fourth, respectively, though all reported year-over-year declines in sales, primarily due to weak demand in China. Leapmotor achieved逆势 growth—growing against the market trend—thanks to its expanded product portfolio and cost-performance strategy, securing fifth place. Kia and Toyota climbed in rankings owing to their diversified global market presence, which enhanced their resilience to market risks. TrendForce forecasts that global NEV sales will reach 23.35 million units in 2026, up 14% year-over-year, maintaining their growth advantage over internal combustion engine vehicles. However, upstream cost pressures are dampening demand. Price competition in the automotive market in 2026 is intensifying compared to 2025, driven by structurally higher raw material prices and a significant surge in automotive memory chip prices caused by supply-demand imbalances. Some Chinese domestic brands have already raised prices on their premium intelligent driving models to offset rising memory costs, while automakers in other regions face similar cost challenges.