KATHMANDU: Global sales of EVs returned to growth in October, rising 8% year-on-year to 2.09 million units. Continued growth in Europe and increased exports from China helped drive the recovery, according to data from UK-based research firm Benchmark Mineral Intelligence.
The growth comes after a slowdown in global EV demand. Total sales of battery-electric and plug-in hybrid vehicles reached 17.5 million units in the first 10 months of 2026, up 5% compared to the same period last year.
China continued to lead the global market, although domestic sales remained weak. Its year-on-year decline narrowed to 12% in October as manufacturers increased exports to other markets. Exports of new energy passenger vehicles reached nearly 600,000 units, setting another monthly record.
Europe recorded stronger growth, with EV sales increasing 36% during the month. Government subsidies, rising fuel prices, stricter emissions regulations and a wider range of electric models supported the increase.
In North America, sales grew 24% in October. It was the first month compared with a period when the US federal EV tax credit was no longer available. However, Benchmark said the US market had stabilized at a lower level rather than showing a full recovery.
Meanwhile, EV sales in other global markets increased 85% in October. The growth was largely driven by Chinese vehicle exports, with sales in these markets exceeding those in North America.
Benchmark data manager Charles Lester said weaker domestic demand in China had encouraged automakers to increase exports, contributing to growth in other markets.
