U.S. EV market shows signs of bottoming out: Bernstein

Investing.com -- Bernstein said global electric vehicle demand recovered in the second quarter, with the U.S. market showing signs of stabilization after a weak start to the year.

Global passenger xEV sales, covering battery electric and plug-in hybrid vehicles, reached 1.98 million units in June, up 9% year over year, the firm said. China reportedly accounted for 51% of the total, followed by Europe at 27%, the rest of the world at 15% and North America at 7%.

"Rest of world and Europe are the fastest-growing regions for EV demand, while the US show signs of stabilization (-4% YoY)," analyst Neil Beveridge wrote.

He added that U.S. sales fell to 136,000 units in June, though Bernstein noted the market has posted five consecutive months of growth from January lows.

Chinese sales rose 6% month over month to 1.02 million units but declined 11% from a year earlier following subsidy reductions. European volumes grew 34% to 539,000 units, while rest-of-world sales doubled to 288,000.

Bernstein said pure battery electric sales remain strong while hybrids are weakening, with BEV volumes up 20% to 1.42 million units and PHEV sales down 12%.

BYD led among manufacturers with 283,000 units, despite a 25% decline, followed by Tesla at 208,000 units, up 19%.

Battery demand continues to outpace vehicle sales as automakers opt for larger packs, the firm said, with lithium-ion demand rising 22% to 112 GWh. CATL's year-to-date market share has climbed to 39% from 36% in 2025.

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