EV Tracker Apr-26: Higher Oil Prices and Chinese Exports Turbocharge Europe
Report Coverage
- Broker
- BofA Securities
- Region
- Global / Europe / China / United States
- Sector
- Machinery & Equipment, Fossil Energy
- Report Type
- Industry Report
- Primary Focus
- Monthly global BEV sales tracking with focus on Europe acceleration and Chinese OEM export dynamics
Report Summary
Global BEV sales grew 16% y/y to 1.2 million units in April 2026, with BEV penetration reaching 17.8%. Europe was the standout region with 38% y/y growth, while the US declined 19% and China was flat at -1%. BYD remained the global BEV leader with 13.3% market share, while Chinese OEM exports to Europe surged 56% YTD.
Key Takeaways
- Global BEV sales grew 16% y/y in April to 1.2m units with penetration at 17.8%, up 90bps m/m, entirely driven by Europe's 38% y/y surge
- BYD remains the undisputed global BEV leader with 13.3% market share and five models in the TOP20 BEV ranking
- Chinese OEMs BEV exports represented 26% of sales in April and 32% YTD, with Europe sales up 56% YTD led by Xpeng (+107%), Geely (+102%) and BYD (+82%)
- EV residual values inflected upward for the first time since Sep-25, rising 3% m/m, likely supported by persistently high oil prices
- Raw material prices (nickel, copper, aluminium, lithium, cobalt) rose 30-80% y/y, materially impacting BEV production costs given BEVs are more aluminium- and copper-intensive than ICE vehicles
Why This Report Matters
Europe has emerged as the primary growth engine for global EVs, with Chinese OEMs rapidly expanding market share through exports while higher oil prices create a structural tailwind for the EV transition.
Topics Covered
Companies Mentioned
Who this summary is for
This summary is for users researching the BofA Securities EV Tracker Apr-26 report. It helps users review EV Tracker Apr-26: Higher Oil Prices and Chinese Exports Turbocharge Europe coverage, key takeaways, and related broker or sector research paths across global BEV sales volume tracking, Europe EV market acceleration, Chinese OEM export expansion strategy; BYD, Tesla.
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