As subsidies and persistently high fuel prices continued to boost demand for electric vehicles (EVs), global new registrations of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) added 3% YoY in May to approximately 1.8 million units, marking the third consecutive month of growth, data from consultant Benchmark Mineral Intelligence showed. Total sales in 5M26 also grew 0.9% YoY.
European demand was the main driver of the increase in May registrations, with registrations in the region hiking 23% to approximately 415,000 units. In China, registrations dropped 9% YoY to approximately 987,000 units in May, in wake of the cancellation of vehicle trade-in subsidies and the end of tax incentives for EV purchases. Sales in North America also declined 26% in May to approximately 123,000 units, weighed down by the expiration of tax incentives and the US government’s intention to further relax carbon dioxide emissions regulations.
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AASTOCKS Financial News
Website: www.aastocks.com
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