Global EV Sales Jump 35% in Q2, 50 Countries Set Records
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- Global EV sales jumped 35% in Q2 2026 from Q1, setting quarterly records in 50 countries, while the overall global car market fell about 5% year over year in the first half.
- The IEA raised its 2026 EV outlook to 29% of all cars sold worldwide — one percentage point above its May Global EV Outlook forecast — citing growth in more than 90 countries outside China and the US.
- Australia, Brazil, India, Korea, and Vietnam roughly doubled their EV sales from March through June 2026 compared with the same period in 2025, among more than 90 countries posting year-over-year growth.
- China's EV sales are expected to stagnate year over year for the first time this decade, though EVs still account for over 60% of new car sales there — an all-time high share.
- US EV demand fell sharply after the Trump administration ended federal EV tax credits in September 2025 and weakened fuel-economy rules, removing two major incentives for carmakers and buyers.
- Chinese manufacturers exported nearly as many EVs in H1 2026 as they did in all of 2025, leaving more than 1 million Chinese-made EVs available globally without buyers and adding pressure on established automakers.
- The Middle East war and resulting energy crisis have pushed fuel costs and supply security back into the spotlight, with road vehicles consuming nearly half of global oil demand and exposing oil-importing economies to price spikes.
Why it matters: With over 1 million unsold Chinese EVs available globally and sales doubling in markets like India, Brazil, and Vietnam, Chinese automakers gain pricing leverage in emerging markets while US automakers lose policy support. The IEA's revised 29% global EV share forecast reflects a China-export-led model overtaking Western demand — reshaping who leads the auto industry over the next decade.
