Global Energy Storage EV TRACKER - August 2026: China EV sales stall despite diesel spike

In August 2026 global passenger xEV (BEV + PHEV) sales reached 1.76M which was flat growth y-o-y. China accounted for 58% of global xEV sales followed by Europe on 19%, RoW 16% and N. America at 7%. YTD growth in EV sales is 4% relative to our forecast 10% EV sales growth for 2026 implying a much stronger 2H is required to hit our estimates. We expect global xEV penetration to reach c.32% in 2026, up from 28% in 2025. EV sales in China reached 1.0M units in August, -10% yoy following subsidy reductions. European EV sales grew to 335K units (+23% YoY), while RoW kept strong momentum with sales growing at 81% YoY to 272K units. US EV sales fell 40% yoy to 123K units, marking the sharpest monthly yoy decline in 2026. Globally, BEV sales increased by 8% YoY to 1.26M units while PHEV sales declined -17% YoY to 481k units. Among the OEMs, BYD, Tesla and Geely continued to lead sales. Li-ion battery demand for passenger EVs increased 9% YoY to 98GWh this month;