Global sales of electric vehicles (EVs) fell again in February, marking the second consecutive monthly decline.

Industry data from Benchmark Mineral Intelligence (BMI) showed that EV registrations dropped about 11% year-on-year during the month. The decline pushed global registrations to just over one million vehicles, the lowest level recorded since early 2024.

The slowdown reflects weaker demand in several key markets. In particular, China and North America recorded significant declines in electric vehicle registrations.

As a result, the global EV market experienced a noticeable drop despite growth in some other regions.

🇨🇳 China’s EV Market Sees Sharp Drop

China, the world’s largest electric vehicle market, recorded the biggest fall in sales.

EV registrations in China declined 32% compared with a year earlier, representing the steepest drop since the COVID-19 pandemic began.

Analysts linked the slowdown to changes in government policy. For example, China ended certain purchase tax exemptions and subsidies for EV trade-ins that had previously supported demand.

At the same time, China’s overall car market also weakened. Total vehicle sales in the country fell about 34% during the period, further affecting electric vehicle demand.

🇺🇸 North America Also Records Declining EV Sales

The EV market in North America also experienced a significant contraction. Registrations in the region dropped around 35% year-on-year, extending a downward trend that has lasted several months.

Industry analysts said policy changes contributed to the slowdown. In the United States, the end of certain EV tax incentives reduced financial support for buyers.

Meanwhile, regulatory proposals aimed at easing carbon-emission standards also influenced expectations within the electric vehicle sector.

Consequently, automakers with large exposure to the U.S. market have already recorded more than $70 billion in writedowns linked to EV strategy adjustments.

🇪🇺 Europe and Other Markets Show Growth

Despite the overall global slowdown, some regions recorded strong growth. In Europe, EV sales increased 21% year-on-year, although the growth rate slowed compared with previous years.

Meanwhile, registrations in other global markets rose even faster. Countries outside the major EV markets recorded about 78% growth, partly driven by Chinese automakers expanding their presence abroad.

These gains helped offset some of the decline seen in China and North America.

📊 EV Industry Faces Changing Market Conditions

The latest figures highlight how the electric vehicle industry is entering a period of adjustment.

Government incentives, consumer demand and global competition continue to shape EV sales trends. At the same time, automakers are adapting their strategies to changing market conditions.

Therefore, analysts say the coming months will be important for understanding whether the slowdown represents a temporary shift or a broader change in the global EV market.