Global EV sales drop 11%, but manufacturers discover surprising alternative revenue model
Worldwide 2.2 million EVs in two months
About 1.1 million electric cars were sold worldwide in February 2026, figures from Benchmark Mineral Intelligence show. That sounds impressive, but is 11 percent less than in February 2025 as well as 11 percent less than in January. For the first two months of 2026, the tally stands at 2.2 million units, down 8 percent year-on-year.
The causes vary greatly by region. In Europe, sales are up 21 percent thanks to subsidies and government measures. Germany (+26 percent), France (+30 percent) and Italy (almost a doubling) are leading the way. North America, on the other hand, shows a very different picture: sales are down a whopping 36 percent year-to-date.
China exports like never before
Some manufacturers are feeling the pain more than others. Ford saw its EV sales plummet 70 percent in the first two months of 2026. But even at Volkswagen Group, the numbers hurt. In fact, every automaker is suffering from disappointing sales figures. China – still the world’s largest EV market – is struggling with a 26 percent drop in the domestic market. The cause? Reinstatement of purchase taxes and adjusted trade-in subsidies. But Chinese brands are compensating for that loss by exporting more than ever. In the first two months of 2026, Chinese EV exports doubled, passing the half-million-unit mark.
Batteries as a revenue model outside the car
This is where it gets really interesting. Car manufacturers and suppliers are discovering that their battery knowledge can make money not only in cars. More and more parties are focusing on so-called energy storage systems (ESS): large battery packs that serve as storage for solar and wind energy, or as a buffer for the power grid.
Think of factories storing solar power during the day to use at night, or grid operators capturing peaks in demand. The technology is largely the same as in EV batteries, allowing automakers to leverage their existing production lines and knowledge. That makes it a logical and lucrative fallback route now that EV growth is faltering for a while.
And the Netherlands?
The Netherlands has traditionally been a strong EV market, thanks in part to the favorable additional tax rate for business drivers (currently 16 percent for all-electric cars) and a dense charging network. European growth of 21 percent is therefore good news for our country.
Still, there are caveats. The phasing out of Dutch subsidies for private buyers (the SEPP scheme expired) may inhibit growth. At the same time, the Chinese export wave and increasing competition are causing increasingly sharply priced models to arrive at dealerships. Brands such as BYD, MG and Xpeng are now offering affordable alternatives that are putting pressure on European manufacturers.
The emergence of energy storage systems is also relevant to the Netherlands. With our ambition to generate 70 percent of electricity sustainably by 2030, the need for storage capacity is growing rapidly. Car manufacturers who step in here can play an important role in our energy transition.
The numbers at a glance
Here are the global EV sales figures for the first two months of 2026:
- Worldwide: 2.2 million units (-8% YTD)
- China: 1.1 million units (-26%)
- Europe: 0.6 million units (+21%)
- North America: 0.17 million units (-36%)
- Rest of the world: 0.37 million units (+84%)
In conclusion
The EV market is no longer growing in a straight line upward – that much is clear. But the overall numbers are still huge and Europe is running at full speed. The smart move by manufacturers to use their battery expertise more broadly shows that the billions invested in electrification are not going to waste. On the contrary, they are simply finding new ways to pay for themselves. And that is perhaps the most reassuring sign in an otherwise troubled market.