Global electric vehicle registrations fell 3% year-on-year in January, signaling a significant cooling in the EV market. China's EV sales dropped 20% to under 600,000 units, the lowest level in nearly two years, while US sales fell 33% to just over 85,000 vehicles, the fewest since early 2022. This decline stems from China's new purchase tax and reduced subsidies, alongside U.S. policy shifts. Carmakers face $55 billion in writedowns as they scale back EV ambitions due to these headwinds and price wars in China. The data underscores the fragility of global EV adoption despite ongoing climate goals.