The big winner: China. The country sold a record-breaking 1 million EVs in May alone. That’s a 33% jump year-over-year, and a 10% boost compared to April. The rest of the world saw solid gains too, but North America lagged far behind, mainly due to slashed incentives in Canada.
Europe holds steady, with help from Spain and Italy. Europe is up 27% year-to-date, with 1.6 million EVs sold from January through May. Countries like Germany (+45% YTD) and the UK (+32% YTD) are helping lead the way, but southern Europe is really stepping on the accelerator. Spain saw a whopping 72% growth in EV sales so far this year, and Italy isn’t far behind at 58%.
North America stalls out. The US, Canada, and Mexico are dragging, with just 3% growth YTD. That’s mostly due to Canada’s pause on EV subsidies, which caused a steep 20% sales drop.
The US is holding on with 4% growth, helped by the federal EV tax credit that remains in place through the end of the year.