SA Rocks: BEVs charge higher

Research evidence excerpt

SA Rocks: BEVs charge higher

Idea

May 13, 2026 11:01 PM GMT

RMB Morgan Stanley Proprietary Limited+MSA Rocks | Europe Christopher Nicholson

Equity Analyst

BEVs charge higher Christopher.Nicholson@rmbmorganstanley.comBrian Morgan +27 11 587-0816

Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

EEMEA - Metals & Mining

Exhibit 1: Material increase in searches for "electric vehicles" since the beginning Europe

Industry View In-Line

of the Iran conflict in March

The Oil Manual: Why is the Price of Oil Not

Higher? (11 May 2026)

Sibanye-Stillwater: Finland trip day 2 (22 Apr

2026)

Sibanye-Stillwater: Finland trip day 1 (20 Apr

SA Gold: Asymmetry favours upside (15 Apr

metal&ROCK: The Price Deck – 2Q26: Two-Way

Risks (8 Apr 2026)

Commodity Matters: Stockpiling, Scarcity and

Safe Havens (8 Apr 2026)

Source: Google Trends (accessed on 13 May 2026), RMB Morgan Stanley Research Metals & Mining: 2Q26 - A Sharp Turn in

Narrative (8 Apr 2026)

Exhibit 2: BEV sales volumes growing strongly in March (+9% y/y and +82% m/

SA Diversified Mining: Updated estimates and

m), led by Europe where pure BEV penetration is now approaching 25%

valuations (9 Apr 2026)

Paper & Packaging: Scenario Framing Amid

Energy Shock (31 Mar 2026)

South Africa Mining: PGMs: Taking stock (20

Mar 2026)

Sasol Ltd: A Shift in Narrative – Part 2 (20 Mar

Source: EV-volumes.com, RMB Morgan Stanley Research

After a softer start to 2026, global BEV sales (exc. hybrids and plug ins) grew

strongly in March (+9% y/y and +82% m/m) and for the 3 months to March are now

tracking flat on 2025. Initially, the removal of the federal tax credit for EVs from 30

September 2025 in the US, and phasing out of NEV subsidies in China from the

RMB Morgan Stanley is a member of the JSE Limited and A2X

beginning of 2026, weighed.