IEA: Global EV sales jump 35% in Q2 and 50 countries set records

Global EV sales shook off a rough start to 2026 and came bounding back in Q2, jumping 35% from the first three months of the year and setting quarterly records in 50 countries. EVs are also having a much better year than the wider car market. Global car sales fell around 5% year over year in the first half of 2026 as economic pressure, higher fuel prices, and policy changes dragged down demand in China and the US, according to new analysis from the International Energy Agency (IEA). EV sales fell in the first quarter, largely because of weakness in those two giant markets. But elsewhere, buyers were busy plugging in. EV growth is spreading fast More than 90 countries recorded year-over-year EV sales growth during the first half of 2026. Australia, Brazil, India, Korea, and Vietnam were among the standouts, with sales from March through June roughly double those during the same period in 2025. For clarity, the IEA’s “electric car” category includes both BEVs and PHEVs. That strong growth outside China and the US, along with continued policy support in Europe, Latin America, and Southeast Asia, prompted the IEA to raise its 2026 outlook. EVs are now expected to make up 29% of all cars sold worldwide this year – one percentage point higher than the agency forecast in its Global EV Outlook 2026 released in May. In China, however, the IEA expects EV sales to stagnate year over year for the first time this decade as its overall car market weakens. It’s important to note, however, that more than 60% of new cars sold in China this year are expected to be EVs – an all-time high. The US has created its own policy-made problem. The Trump administration ended federal EV tax credits in September 2025 and weakened fuel-economy rules, removing two major incentives for carmakers and buyers to go electric. Unsurprisingly, US EV demand has fallen sharply. China has 1 million+ EVs looking for buyers China’s factories certainly haven’t slowed down. In the first six months of 2026, the country exported almost as many EVs as it did during all of 2025. The IEA estimates that only around two-thirds of those EVs have been sold. Add in unsold exports from earlier months, and more than 1 million Chinese-made electric cars are now available for sale around the world. The extra inventory could push global sales even higher, particularly in emerging markets where affordable Chinese models are already gaining ground. It’s also going to crank up the pressure on established automakers that are struggling to match Chinese brands on price. China and other emerging economies are expected to account for around 60% of global car demand over the next decade. In other words, the automakers that win those markets are likely to lead the global auto industry. Fossil fuel price volatility boosts EVs The Middle East war and the resulting energy crisis have shoved fuel costs and supply security back into the spotlight. Road vehicles consume nearly half of the world’s oil, leaving drivers and national economies highly exposed to price spikes and supply disruptions. That’s especially true for countries that rely heavily on oil imports from the Middle East. The IEA says government and auto industry responses to the crisis could give EV sales another boost. Whether that happens will depend heavily on policy choices. Countries can help drivers move away from volatile oil prices, or they can follow the US and pull support just as the rest of the global EV market accelerates. Read more: US EV fast charging has entered ‘Charging 2.0’ – here’s what that means If you’re looking to replace your old HVAC equipment, it’s always a good idea to get quotes from a few installers. To make sure you’re finding a trusted, reliable HVAC installer near you that offers competitive pricing on heat pumps, check out EnergySage. EnergySage is a free service that makes it easy for you to get a heat pump. They have pre-vetted heat pump installers competing for your business, ensuring you get high quality solutions. Plus, it’s free to use! Your personalized heat pump quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. – *ad