EV Sales Hit Quarterly Record Despite US Policy Rollbacks, as Oil Prices Override Incentive Cuts

Global EV and plug-in hybrid sales rose 35% quarter-over-quarter in Q2 2026, per the IEA, reaching records across 50 countries. The surge coincides with the Trump administration eliminating federal EV tax credits and weakening fuel economy rules. The IEA attributes the growth to fuel price spikes from the US-Iran conflict. Electrified vehicles are projected to reach 29% of global car sales in 2026.