EV Sales Surge Globally in March — But U.S. Growth Lags Amid Tariff Tensions

Global electric vehicle (EV) and plug-in hybrid (PHEV) sales surged by 29% year-on-year in March, according to new data from Rho Motion, powered largely by continued momentum in China and Europe. While the growth rate mirrors that of previous months, geopolitical factors are beginning to influence regional performance — especially in North America.

Global Snapshot — March EV Sales Breakdown:

• Global Total (BEV + PHEV): 1.7 million units (+29% YoY)

• China: 1 million units (+36% YoY)

• Europe: 0.4 million units (+24% YoY)

• U.S. & Canada: 0.2 million units (+12% YoY)

• Rest of World: Up 13% YoY

What's Holding Back North America?

While the rest of the world shows robust adoption, North America's 12% rise appears tepid in comparison — and that's largely due to:

• Tariff impact: U.S. imposed 25% tariffs on foreign EV imports starting April 3

• Imported EVs vulnerability: ~39% of EVs sold in the U.S. are imported

• Battery dependence: ~25% of U.S.-made EVs use imported battery components

• Trump administration's stance: Uncertainty over emission standards and tariff enforcement has slowed industry decision-making

Tesla (NASDAQ: TSLA) may also take a hit — with Chinese counter-tariffs potentially doubling prices of U.S.-made models like the Model S and Model X in China.

EU's Balancing Act

The European Union is pursuing a different strategy — exploring tariff relaxation on Chinese EVs in exchange for price floors, in hopes of maintaining supply chain balance while supporting domestic automakers.

Key Growth Drivers by Region

• China: Consumer demand + domestic incentives continue to drive leadership

• Europe: Regulatory pressure and emissions compliance are spurring adoption

• U.S. & Canada: Policy uncertainty and supply chain risks act as growth brakes

Deeper Analysis for EV Investors:

Stay ahead by monitoring:

• Cryptocurrency Daily — EV startups increasingly intersect with blockchain for battery traceability

• Commodities Data — Lithium, cobalt, and nickel price trends crucial for EV cost modeling

Final Take

EV momentum remains global — but fragmented. While Europe and China power forward, North America's growth is threatened by protectionism and policy shifts. For investors and industry players, the coming months will be a test of resilience and adaptability in an increasingly geo-political auto market.