Global EV Sales Rise Year-on-Year in March as Europe Hits Record High, China and North America Decline

Global registrations of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) rose 3% year-over-year in March, surpassing 1.7 million units. Europe led the growth, with registrations surging 37% year-over-year to approximately 540,000 units—a record high. Data indicates that rising gasoline prices have been a key driver pushing European consumers toward electric vehicles. In markets outside China, Europe, and North America—such as Australia, New Zealand, Vietnam, and Thailand—where energy prices have risen sharply, EV registrations jumped 79% year-over-year. In China, EV registrations declined 14% year-over-year in March to around 850,000 units, continuing a downward trend since January. This pressure stems largely from the expiration of trade-in subsidies and purchase tax incentives, prompting consumers to shift away from smaller, subsidy-dependent EVs toward larger models. North American EV registrations fell 30% year-over-year to 122,000 units in March, marking the sixth consecutive month of annual decline. The drop is primarily attributed to the end of U.S. federal EV tax credits and proposed government plans to relax emissions standards. Although March saw the highest monthly registration volume in North America since the subsidy phaseout, the overall trend remains downward.