中国车企欧洲月度销量监测：2026年5月

Emerging EuropeEurope China Autos & Auto Technology Autos&Auto Technology Chinese Automakers Monthly EuropeanMarket Volume Monitor: May 2026 Research Analyst+852-220-35496Wei Huang MarketVolumeMonitor"-trackstheEuropeansalesofleadingChineseautomakers.Weanticipate overseasvolumestobecomethekeygrowthdriver,withthe European market representinga significant growth market forChineseautomakers. Research Associate+852-2203-7057 Figure 2: Chinese OEMs European market volume byautomaker Figure 1: Chinese OEMs European market volume bycountryChinese OEM European Volume by Country By Country By Automaker Autos & Auto TechnologyChinaAutos&AutoTechnology Appendix 1 *Otherinformationavailableuponrequest and othersources.Fordisclosurespertainingtorecommendationsorestimates made onsecuritiesotherthantheprimaryourwebsiteathttps://research.db.com/Research/Disclosures/EguityResearchDisclosures.Asidefromwithinthisreport,Investors are strongly encouragedto reviewthis informationbefore investing. Analyst CertificationTheviews expressed inthis report accuratelyreflectthepersonal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive any Autos & Auto TechnologyChina Autos&AutoTechnology TheEquityRatingDispersionChartdepictsthefollowing: Theproportionof recommendationsthatarerated"buy","sell"and"hold"overtheprevious12months.ThisisshownforE.g.50%abovethe"buy"/"CompaniesCovered"barmeansthat50%ofDB'sequityresearchcoveredcompaniesoverthepast12months havea"buy"rating. Nextto each of the three respective bars showing the proportion of"buy","sell" and"hold" recommendations we providetwoadditionalbarstoshow: - The proportion of"buy","sell" or"hold recommendations where Deutsche Bank and or/Affiliates provided MiFIDInvestment or Ancillary Services in the past 12 months.This is represented in the"MiFID Investment and AncillaryServices"bar.ThepercentagevaluedisplayedabovethebarshowstheproportionofCompaniesCoveredwiththegiven"Cos.w/MiFIDInvestmentandAncillaryServices"barmeans50%oftheCompaniesCoveredwiththeratingstatedhavealsoreceivedMIFIDInvestmentandAncillaryServicesfromDB. -Theproportionof"buy"(or"sell"or"hold)recommendations whereDeutsche Bankand or/AffiliateshasprovidedInvestment Banking services in the past 12 months for which it has received compensation. The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also providedmeans50%of theCompanies Coveredwiththeratingstated alsohaveanInvestment BankingRelationshipwithDB. Buy:Basedona current12-monthviewofTsR,werecommendthat investorsbuythestock. Sell:Basedona current12-monthviewofTSR,werecommendthatinvestorssellthestock. Hold:Wetake a neutral view on the stock12-months out and, based on this time horizon,donotrecommend eitheraBuy or Sell. TSR=Total ShareholderReturn.Percentage change in shareprice from current price to projected target price plusprojected dividend yield Newlyissuedresearchrecommendationsandtargetprices supersedepreviouslypublishedresearch Autos & Auto TechnologyChina Autos&Auto Technology The informationandopinionsinthisreportwerepreparedbyDeutscheBank AG oroneof itsaffiliates (collectively'Deutsche Bank').Though the informationhereinis believed tobe reliable and has beenobtained frompublic sources believed tobereport are provided for reader convenience only.Deutsche Bank neither endorses the content nor is responsible for theaccuracyorsecuritycontrolsofthosewebsites. isincludedordiscussedinanothercommunication(oralorwritten)fromaDeutscheBankanalyst,DeutscheBankmayactasprincipal for its own account or as agent for anotherperson. including strategists,sales staff and other analysts,maytakeviews that are inconsistentwith thosetaken inthis researchreport.Deutsche Bank issues avariety_of researchproducts,including fundamental analysis,equity-linked analysis,quantitative analysis and trade ideas.Recommendations contained in onetype of communication may differ fromotherwise.DeutscheBankand/orits affiliatesmayalsobeholdingdebtorequitysecurities of theissuers itwrites on.Analystsare paid in part based on the profitability of Deutsche Bank AG and its affiliates,which includes investment banking,tradingand principal trading revenues. necessarilyreflecttheopinionsofDeutsche Bankandaresubjecttochangewithoutnotice.DeutscheBankprovides liquidityforbuyers and sellers of securities issued bythe companies it covers.DeutscheBankresearchanalystssometimeshaveshorter-term trade ideas thatmay be inconsistent withDeutsche Bank's existing longer-term ratings.Some trade ideas forequitiesarelistedasCatalystCallsontheResearchWebsite(https://research.db.com/Research/),andcanbefoundonthegeneralcoveragelistandalsoonthecoveredcompany'spage.ACatalystCallrepresentsahigh-convictionbeliefbyananalystthata stockwilloutperformorunderperformthemarketand/oraspecified sectoroveratimeframeofnolessth