欧洲纯电动汽车追踪- 4月纯电动汽车销量增长27%；大众、斯特兰蒂斯、福特表现突出

requires an estimated ~5-7pp expansionJun-24Jul-24Aug-24Sep-24-2.7pp-4.2pp-0.3pp2.9pp-0.9pp-0.4pp-2.2pp-1.0pp0.2pp0.2pp-0.5pp3.2pp-5.5pp-3.2pp-4.0pp-5.2pp1.5pp4.0pp3.4pp0.8pp-0.1pp-0.4pp0.2pp-2.4pp-0.5pp-2.7pp-2.8pp-1.2pp0.3pp0.7pp0.1pp-0.1pp4.0pp6.1pp5.7pp1.9pp0.3pp0.4pp0.3pp0.6pp1.4pp1.5pp1.1pp1.1pp-0.4pp0.0pp1.2pp0.7pp1.4pp-1.9pp-1.6pp-2.6pp0.0pp-0.9pp-0.5pp0.5pp-0.1pp-0.1pp0.0pp-0.2pp0.2pp0.4pp0.6pp0.4pp0.0pp0.0pp0.0pp0.0pp0.9pp0.6pp-0.6pp0.4pp regulation is a challengeregulation should be the main factorOct-24Nov-24Dec-24Jan-25Feb-25Mar-255.2pp2.7pp0.5pp10.4pp12.3pp11.1pp-1.8pp-1.4pp-0.2pp1.0pp1.9pp0.3pp-2.9pp-3.5pp5.0pp-8.3pp-13.0pp-8.6pp0.8pp-0.7pp-4.7pp-1.0pp1.5pp0.5pp-3.3pp-0.4pp-2.8pp0.6pp2.0pp0.8pp0.3pp-0.3pp-1.2pp-3.2pp-2.4pp-3.0pp-1.1pp0.6pp1.2pp2.1pp1.7pp2.0pp-0.3pp-0.1pp-0.4pp-0.8pp-0.1pp-0.6pp1.4pp1.2pp0.6pp-3.0pp-3.7pp-3.4pp0.7pp0.1pp-0.4pp0.5pp0.2pp-0.7pp1.4pp1.1pp1.2pp1.0pp0.9pp2.0pp1.9pp2.3pp3.0pp1.4pp1.2pp1.9pp-2.7pp-2.3pp-2.6pp-1.8pp-3.5pp-1.7pp0.2pp0.1pp0.2pp0.5pp0.5pp0.7pp0.1pp0.1pp0.0pp0.2pp0.0pp-0.4pp0.5pp0.3pp0.2pp0.2pp0.3pp0.3pp0.1pp0.2pp0.2pp0.4pp0.5pp0.4pp-0.4pp0.1pp0.2pp-0.4pp-0.3pp-1.5pp Philippe Houchois * | Equity Analyst44 (0) 20 7029 8983 | philippe.houchois@jefferies.comDavid Kerstens ^ | Equity Analyst44 (0) 20 7029 8684 | dkerstens@jefferies.comLuke Sussams ^ | Sust. & Transition Strategist44 (0)20 7548 4404 | lsussams@jefferies.comMichael Aspinall ^ | Equity Analyst+44 (0) 20 7029 8431 | maspinall@jefferies.comOwen Paterson ^ | Equity Analyst+44 (0)20 7548 4745 | opaterson@jefferies.comKiara Asinobi ^ | Equity Associate+44 (0)20 7548 4542 | kasinobi@jefferies.comDefinitions: For OEMs,Market sharetracksan OEM's share of the BEV market whilePenetrationtracks the share of BEVs ineach OEM's own total registrations.Exhibit 2 - Est YTD Europe BEV market shareby OEM.BYDBMWSource: Jefferies, eu-evs.com. Data from sample of 13European countries.Exhibit 3 - Est Europe YTD BEV penetration(BEV share of own sales) by OEM.BMWBYDSource: Jefferies, eu-evs.com, various country autoassociations. Data from 13 European countries. Apr-2510.2pp0.2pp-5.3pp4.0pp-1.7pp-4.1pp2.2pp-1.1pp-5.0pp-0.1pp1.6pp2.6pp-2.4pp0.2pp-0.3pp0.4pp0.7pp-2.2pp assume with substitution towards PHEVs. Mercedes has started the year softly, down -2.7pp in YDand -5.5pp in April - unhelpful given their compliance challenge.Please see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 4 - Est Europe monthly BEV penetration and y/y change in penetration rate.BEV penetrationOEMJan-24VW GROUP9.2%HYUNDAI-KIA13.6%STELLANTIS7.4%BMW14.6%MERCEDES-BENZ19.2%RENAULT5.9%NISSAN10.7%VOLVO33.4%TOYOTA5.1%BYD100.0%FORD3.4%SAIC25.8%TATA MOTORS3.0%OTHERS4.6%Total12.1%VW GROUPHYUNDAI-KIASTELLANTISBMWMERCEDES-BENZRENAULTNISSANVOLVOTOYOTABYDFORDSAICTATA MOTORSOTHERSTotalSource: Jefferies, eu-evs.com, various auto associations. Data from 13 European countries.Exhibit 5 - Estimated reduction in CO2 average emissions for 2025 compliance -in %.-22.9%-21.3%-25%-20%-15%-10%-5%0%VWFordSource: EEA, JEFePlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Philippe Houchois, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, David Kerstens, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Luke Sussams, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Michael Aspinall, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Owen Paterson, certify that all of the views expressed in