Global EV registrations drop 11% in February as China sales plunge 3%

Global EV registrations fell 11 per cent in February, dragged by China’s largest sales drop since the onset of the COVID-19 pandemic in early 2020, data by consultancy Benchmark Mineral Intelligence (BMI) showed on Friday. As governments worldwide hit the brake on policies designed to encourage purchases of electric cars, China has pulled funding for auto trade-ins, while a tax exemption on EV purchases in the country expired at the end of last year. China, the world’s largest EV market, recorded in February a 32 per cent year-on-year drop in new battery-electric and plug-in hybrid car registrations, a proxy for…