Global new PHEV market sees difficult start to 2026
16 March 2026
Global electric vehicle (EV) sales declined at the start of 2026. The plug-in hybrid vehicle (PHEV) market felt the largest drop, but did all models experience the same fall? Autovista24 editor Tom Geggus explores the numbers.
According to the latest data from EV Volumes, the global EV market fell by 9.5% year on year in January. In total, 1,156,731 PHEVs and battery-electric vehicles (BEVs) were sold in the new passenger car market.
Even with the inclusion of extended-range electric vehicles, PHEVs felt a sizeable drop, with 381,254 deliveries. This result was down by 20.6% from the figures recorded in January 2025. It marked a sizable downturn from the 1.6% growth recorded in December.
However, the powertrain only accounted for a third of the global EV market in January. BEVs made up the remaining 67%. The pure-electric powertrain recorded 775,477 sales, which equated to a year-on-year drop of 2.8%. This was the first BEV drop since February 2024, according to EV Volumes.
So, while the global PHEV market saw a larger fall, it made up a smaller proportion of the international EV market. However, in terms of units, there were 99,109 fewer PHEVs sold in January, but only 22,044 fewer BEVs. But did all models see similar declines?
Balanced fall of PHEV models
Of the top 10 best-selling PHEVs in January, five models recorded sales declines while the remainder enjoyed positive results. This confirms the rapidly changing face of the market, with new offerings challenging established players for dominance.
The Fang Cheng Bao Tai 7 saw sales first kick off in the third quarter of 2025. Since then, it has seen volumes accelerate, taking the lead of the global PHEV market. In total, the model recorded 17,553 deliveries, making up 4.6% of all the powertrain’s sales.
Exemplifying the market split, the BYD Song Plus, also known as the Seal U, saw its sales drop by 47.3%. These 13,293 units accounted for 3.5% of the global PHEV market, down from 5.2% in January 2025.
Another more established leader, the BYD Song Pro, recorded a delivery decline of 39.5%. Its 12,590 sales made up 3.3% of all PHEV sales, down from 4.3% in January 2025, putting it in third.
New PHEV challenge
The Aito M7 saw a sales uptick of 41% to 11,901 units in fourth. This meant its market share increased by 1.3 percentage points (pp) to 3.1%. Behind it, the BYD Qin Plus recorded a 47.4% sales drop, with 8,353 units moved. Its share fell by 1.1pp to 2.2%.
In sixth, the Zeekr 9X captured 1.7% of the global PHEV market with 6,602 units sold. With deliveries commencing in September last year, this confirms a steep upward curve in buyer interest.
Seventh went to the BYD Seal 06. Its 6,405 sales equated to a 57.3% decline from January 2025. This pushed its market share down from 3.1% to 1.7%. Behind it, the Jaecoo J7 saw its share grow by 1.1pp to 1.5%. This was thanks to a 208.8% increase in demand to 5,802 units.
Ninth went to the Volvo XC60 as its share only slid by 0.1pp to 1.4%. However, its sales slumped by 25.1% year on year to 5,362 units. With 5,316 sales, the Aito M8 was in hot pursuit, taking 1.4% of the market as well. The chief difference is that the M8 first recorded sales in April 2025, while the Volvo XC60 is a familiar market presence.
New BEVs racing to top
The global BEV market was led by a familiar model at the start of this year. The Tesla Model Y recorded 54,786 deliveries, down by 11.2% year on year. This meant its hold on the market weakened by 0.6pp to 7.1%.
The Xiaomi YU7, which first recorded sales in June 2025, saw 37,956 units delivered, equating to a 4.9% share. The Nio ES8, also known as the EL8, represented 2.4% of all BEV volumes with 18,558 units. Following the launch of its third generation in September last year, it has seen sales climb.
The BYD Seagull, also known as the Dolphin Surf, came fourth in the month with 17,448 sales. This was down 19.6% on January 2025 as its share hit 2.2%, down 0.5pp. After first recording sales in September last year, the Li Auto I6 finished fifth with 16,876 units moved. It accounted for 2.2% of all BEVs sold.
The Tesla Model 3 came next as it moved 16,535 units, down 35%. Its market share dropped to 2.1% from 3.2% a year ago. The Geely Geome Xingyuan, also known as the EX2, finished seventh. Its sales declined by 41.6% to 16,442 units, capturing 2.1% of the market, down 1.4pp.
The BYD Dolphin finished eighth with 15,812 sales, up 60.3%, allowing it to increase its stake to 2% from 1.2%. After first recording sales in September 2025, the Aito M7 reached 13,129 sales in January, equating to a 1.7% share.
The BYD Yuan Up, also known as the Atto 2, came 10th. Its sales fell by 29.1% year on year to 11,702 units. This gave it a 1.5% share, down from 2.1% a year earlier.
