EV Sales Hit Record High in 37 Countries as Global Markets Accelerate Shift to Electric Vehicles

**Global EV Sales Hit Record Highs in March–April 2024 Amid Middle East Conflict-Driven Fuel Price Surge** Fueled by rising oil prices linked to the Middle East conflict, new energy vehicle (NEV) sales reached record monthly highs in 37 countries globally during March or April 2024. According to S&P Global Mobility data, among 150 tracked countries, 28 set new records in March and nine in April. Combined for March–April, NEV sales posted year-over-year growth in 91% of these countries—the first time since April 2023 that this figure has surpassed 90%. South Korea, heavily reliant on crude imports from the Middle East, saw its cumulative EV sales surge 140% year-over-year to over 80,000 units in March–April, lifting its NEV penetration rate by 14 percentage points to 26%. Southeast Asia recorded a 40% year-over-year increase, reaching 90,000 units with a market share of 16%, while the EU also posted 40% growth, ending a period of stagnation. China’s NEV sales declined 8% year-over-year to 1.33 million units in March–April due to the phase-out of purchase tax incentives at the start of the year, though its market share still rose by five percentage points to 42%. In the U.S., sales plummeted 20% following the termination of federal EV purchase subsidies in September 2023. Dragged down by China and the U.S., global EV sales grew only 8% year-over-year—but excluding these two markets, the remaining 148 countries collectively saw a 50% surge. Global EV penetration reached a record-high 12%, with 38 countries now exceeding 10% penetration, including 28 surpassing the critical adoption threshold of 16%. Japan, cushioned by subsidies offsetting high fuel prices, reported a 50% year-over-year increase in EV sales for March–April, yet its market share remained low at just 2%. On May 20, the International Energy Agency noted that consumer behavior shifts triggered by the current energy crisis could continue reshaping the global automotive landscape for years to come. --- **Chery Plans to Launch Production at Nissan’s Sunderland Plant in the UK** Nissan recently disclosed it has signed a non-binding memorandum of understanding with Chery, under which Chery’s UK subsidiary will take over one production line at Nissan’s Sunderland plant and begin vehicle production in April 2027. The specific model(s) have not been announced, but industry observers expect right-hand-drive vehicles tailored for the UK and European markets. The Sunderland plant has an annual design capacity exceeding 500,000 units, but actual output in 2025 was only 273,174 vehicles. Nissan plans to consolidate its European manufacturing onto another line at the facility to reduce losses. New CEO Ivan Espinosa stated that Nissan will no longer develop models exclusively for the European market. Since entering the UK market in 2024 with its Jaecoo and Omoda brands, Chery captured a 6% market share in the first four months of 2026—surpassing Ford, Toyota, and Nissan. The Jaecoo X7 SUV ranked as the best-selling passenger car in the UK in March 2026. Previously, Chery had already taken over Nissan’s Barcelona plant in Spain and acquired its Rosslyn assembly plant in South Africa in January 2026. --- **Rheinmetall Sells Automotive Business for €350 Million to Focus on Defense** German industrial group Rheinmetall has finalized the sale of its Power Systems automotive division to Munich-based investment firm Aequita for €350 million (approximately $406.8 million). The transaction includes 100% of the business unit’s equity and is pending regulatory approval, with closing expected in Q4 2024. Upon completion, Rheinmetall will fully transition into a pure-play defense company. The firm had previously booked a €350 million asset impairment related to the division, and this divestiture will incur an additional non-cash impairment loss of roughly €200 million. Under the agreement, all German facilities and employees associated with the business will be retained for at least three years post-closing. Aequita has committed to maintaining approximately 6,250 global employees. In recent years, Rheinmetall has repurposed several civilian plants for defense production—including satellite manufacturing in Neuss, Germany; artillery component production in Berlin; and conversion of its Abadia facility in Spain to military output. Since the Russia-Ukraine conflict began in 2022, its automotive segment has consistently underperformed compared to its defense operations. Between 2023 and 2024, Rheinmetall sold its large- and small-bore piston businesses to Sweden’s Koncentra Verkstads and Switzerland’s Comitans Capital, respectively. Spurred by rising European defense spending, multiple industrial conglomerates are exiting automotive components to expand defense activities. Renault plans to produce military drones, while engine makers like Deutz are actively securing defense contracts. --- **Yanfeng Plastic Omnium Completes Business Integration, Adds Lighting Solutions** Effective June 1, 2026, Yanfeng Plastic Omnium (YPO) has implemented a comprehensive business integration and upgrade. OPmobility and Yanfeng have merged their respective module assembly operations in China into their joint venture and added a new business line focused on signature lighting and decorative lighting solutions. Post-integration, YPO offers Chinese OEMs integrated solutions covering exterior body systems, signature and decorative lighting, module assemblies, and exterior system integration. The company currently operates more than 30 plants nationwide and one R&D center, employing approximately 3,000 people. Established in 2007 as a joint venture between OPmobility and Yanfeng, YPO’s upgrade aims to meet growing demand from domestic and international automakers for integrated solutions and to strengthen capabilities in high-value-added products. --- **Aptiv Expands Collaboration with NVIDIA to Accelerate Jetson Platform Mass Production** On June 1, 2026, Aptiv announced an expanded partnership with NVIDIA to jointly advance the NVIDIA Jetson platform—including Jetson Thor—into a scalable, production-ready edge AI platform. The collaboration targets key bottlenecks enterprises face when deploying edge AI in distributed environments, including technical support, security compliance, and long-term maintenance. Key initiatives include providing commercial-grade lifecycle management for the meta-tegra board support package within the NVIDIA Yocto Project; developing a Yocto-based platform compliant with the EU’s Cyber Resilience Act (CRA); aligning Yocto mainline with Wind River Linux to reduce fragmentation; and building a production-grade software foundation for Jetson Thor. Additionally, the partnership optimizes integration among CUDA, the Yocto runtime environment, and meta-tegra to lower development complexity. Aptiv’s technical services now cover both existing Jetson deployments and next-generation platforms, with both companies jointly driving large-scale adoption across automotive, industrial automation, robotics, and aerospace sectors. --- **BASF Coatings Leadership Change: Steve Arndt Named Head of Automotive Refinish Business** Effective July 1, 2026, Steve Arndt will succeed Chris Titmarsh as Senior Vice President of BASF’s global Automotive Refinish business. Titmarsh served at BASF for 20 years, 11 of them dedicated to the refinish segment, and held this leadership role for over six years. Arndt brings more than 30 years of experience in the automotive refinish industry. He spent six years at Axalta Coating Systems as Global Director of Distribution Sales, overseeing distribution strategies across 140+ countries. Prior to that, he served as President and Chief Operating Officer of FinishMaster, a leading independent distributor in North America.