Electric vehicle sales are set for their slowest annual growth since the pandemic upended the global economy in 2020, as the shift away from the internal combustion engine confronts new hurdles.
A cooling in red-hot Chinese demand, weaker growth in Europe and a contraction in the US market will see EV sales rise 13 per cent to 24mn in 2026, down from an estimated 22 per cent increase last year, according to research firm Benchmark Mineral Intelligence.
The Trump administration’s ditching of tax incentives for EVs, the EU’s watering down of a ban on petrol cars that was due to take effect in 2035 and a slowing in China’s breakneck pace of growth will shape the fortunes of the industry this year, say executives and analysts.
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