Image Source: www.cnbc.com
Overview
- Global EV sales in November 2025 grew at the slowest rate since February 2024, up just 6% to 1.98 million units, per Benchmark Mineral Intelligence (BMI) data.
- China sales rose 3% to 1.3 million, the weakest year-on-year gain since February 2024, impacted by reduced subsidies.
- North America saw a 42% drop to 100,000 units, driven by the end of a $7,500 US tax credit, setting 2025 for a 1% annual decline—the first since 2019.
- Europe and the rest of the world surged 36% and 35%, hitting 400,000 and 160,000 registrations, fueled by incentives.
- US policy shifts under Trump and EU delays on 2035 CO₂ bans signal challenges ahead.
Global EV Sales Hit a Wall: Slowest Growth in 2025 as China Slows and US Backtracks
The electric vehicle revolution is hitting speed bumps. According to data released by Benchmark Mineral Intelligence (BMI) on December 12, 2025, global EV sales in November crept up by a mere 6% year-on-year to 1.98 million units, marking the slowest growth since February 2024. The culprits? A cooling Chinese market, which accounts for over half of global EV sales, and a sharp US demand plunge after the expiry of a critical $7,500 tax credit in September 2025. While Europe and emerging markets kept the momentum with robust growth, the global slowdown raises questions about the pace of the EV transition amid shifting policies and economic headwinds.
China, the world’s EV powerhouse, saw sales inch up by just 3% to 1.3 million units, the weakest gain in nearly two years, as year-end subsidy cuts dampened consumer enthusiasm. In North America, the picture was bleaker: registrations crashed 42% to barely 100,000 units, mirroring October’s post-subsidy slump, putting 2025 on track for a 1% annual decline—the region’s first since 2019. Meanwhile, Europe bucked the trend with a 36% surge to over 400,000 registrations, thanks to national incentives in Germany, France, and the UK. The rest of the world followed suit, jumping 35% to nearly 160,000 units, with strong gains in Brazil and Thailand.
BMI data manager Charles Lester summed it up: “For next year, we’re still expecting a decrease in US EV sales forecast … The tax credit was so influential for the market.” With electrification advocates stressing the urgency of EVs to curb CO₂ emissions, carmakers and governments are grappling with slower adoption, citing risks to jobs and profits.
Why the Slowdown Matters
The November stall is more than a monthly blip—it reflects deeper structural and policy challenges. China’s plateau, driven by subsidy reductions, signals saturation in the world’s largest EV market, where nearly 50% of cars sold are electric. In the US, the end of tax credits has exposed EVs’ price gap with internal combustion engine vehicles, with average battery-electric models costing $10,000 more. US President Donald Trump’s recent proposal to gut fuel economy standards further clouds the outlook, potentially prioritizing hybrids and gas vehicles.
In Europe, the EU’s delay of key auto sector proposals, which may soften a 2035 ban on CO₂-emitting cars, adds uncertainty. While Europe’s 33% year-to-date EV growth is a bright spot, it relies heavily on subsidies that could face political pushback. Emerging markets like Southeast Asia and Latin America are rising fast, but their volumes (e.g., Brazil’s 125,000 units in 2024) are too small to offset China-US weaknesses. The global EV fleet, now at 58 million, still displaced 1 million barrels/day of oil in 2024, but hitting net-zero goals demands faster adoption.
The Numbers Tell the Story
- Global: 1.98 million EV registrations in November, up 6% YoY, the slowest since February 2024.
- China: 1.3 million units, up 3%, the weakest growth in 21 months.
- North America: 100,000 units, down 42%, with 2025 YTD down 1%.
- Europe: 400,000+ registrations, up 36%, YTD up 33%.
- Rest of World: 160,000 registrations, up 35%, led by Brazil and Thailand.
What’s Next for Global EVs
The outlook is mixed. China’s trade-in subsidies may soften the subsidy cut impact, but a 17% sales drop in early December 2025 signals trouble. US sales are projected to shrink in 2026, with automakers like GM and Hyundai offering discounts to cushion the tax credit loss, though production cuts loom. Europe’s incentive-driven growth faces risks if fiscal pressures or populist policies scale back support. Emerging markets, especially in Southeast Asia, are a bright spot, with 50% growth in 2024, but need infrastructure to sustain momentum.
The slowdown underscores EVs’ dependence on policy crutches. As battery prices drop (down 20% in 2025) and affordable models from BYD and Tata gain ground, price parity could reignite demand. But with Trump’s anti-electrification stance and EU wobbles, the road to 2030’s 30% global EV share looks bumpier than expected. India, with its 14-fold battery demand jump by 2032, could emerge as a counterbalance if domestic production ramps up. For now, the global EV engine is sputtering, needing fresh policy fuel to hit top gear again.
Source: republicworld.com
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