Theme of the Day: Global EV sales reached 1.75mn units in Mar 2026

Benchmark Mineral Intelligence reports that 1.75mn electric vehicles were sold globally in Mar 2026, bringing Q126 EV sales to 4.0mn – down 3% YoY. In Mar 2026, EV sales grew 66% month-on-month and up by 3% YoY. Snapshot electric vehicle sales in Q126 vs Q125, YTD %. Global: 4.0mn, -3%, China: 1.9mn, -21%, Europe: 1.2mn, +27%, North America: 0.32mn, -27%, and Rest of World: 0.6mn, +79%. The global EV market rebounded strongly in Mar 2026, with a resurgence in China following the Chinese New Year and record-breaking months across several countries in Europe and Asia driving a 66% month-on-month increase in sales. Europe recorded a landmark month for EV sales in Mar 2026, surpassing half a million units for the first time. Sales rose 72% month-on-month and 37% YoY, driven by renewed subsidy schemes and higher petrol prices linked to the conflict in the Middle East. Both BEVs and PHEVs reached record volumes. The strength reflects a combination of seasonal and structural factors. The UK benefited from the Mar registration plate change, alongside rising fuel costs, delivering a record month and 31% YoY growth. Across Europe, countries including Austria, Belgium, Finland, France, Italy, Portugal and Spain also posted record BEV sales, with higher petrol prices continuing to influence consumer behaviour and lift year-to-date growth. Chinese OEMs are also playing an increasing role. In Italy, Leapmotor accounted for around 30% of BEV sales in Q1 2026, with other Chinese brands pushing the total share closer to 40%. Q126 North American EV sales are down 27% compared to the same quarter last year, with the US down 27% and the Canadian market down 25%. Despite subdued sales so far this year in North America, the US market had over 100,000 sales in Mar 2026 – the highest monthly figure since the tax credits were eliminated at the end of Q325. In the US, Honda has followed several other North American OEMs that have pulled back plans for electrification. Honda cancelled the development and launch of its Honda 0 Series models. Shortly after, the Afeela models under a joint venture between Honda and Sony were also cancelled. In China, EV sales almost doubled in Mar 2026, compared to Feb, when EV sales were weaker due to the Chinese New Year. The Chinese market remains down by 21% YTD in Q126. In the opening quarter of 2026, China has exported significant volumes of BEVs and PHEVs as the domestic market continues to be squeezed. Rest of World (RoW): New Zealand’s increase in Mar BEV registrations has been the standout in terms of YoY growth rates, surging by 263% compared to the same month last year. At the end of Feb, the country saw an increase in sales of 20% for the year, however after Mar, that growth rate is now more than 100% compared to 2025. Since the start of the war in Iran, with petrol prices rising by over 20%, Oceania in general has been among the first to face concern over supplies at the pump. Australia also saw a significant YoY growth rate, with 89% more BEV sales than Mar 2025. However, this actually represented a lower growth rate than the country had been experiencing so far this year, as the first two months of 2025 were already very strong, with 111% growth, albeit from a lower base. Mar 2025 is now a record month for Australian BEV registrations, more than 2,000 higher than the previous record set in Jun last year.