Global EV market goes K-shaped as the U.S. gets left behind

Global EV sales have topped 20 million and now account for 25% of the market, according to the IEA.

Growth is strong in China, Latin America, Southeast Asia, and Europe, where lower costs and broader adoption are accelerating the shift.

The U.S. market remains stuck near a 10% EV share after tax credit cuts and import restrictions slowed demand.

The divergence could weaken U.S.-focused automakers like Rivian and Lucid while giving Chinese rivals such as BYD an advantage.