European Automotive: Kickstarting electrification – May 2026: BEV-led outperformance

Research evidence excerpt

European Automotive: Kickstarting electrification – May 2026: BEV-led outperformance

Deutsche Bank

Research

Europe Industry Date

Germany 11 June 2026

European

Autos Industry Update

Auto Manufacturing Automotive

Kickstarting electrification – May 2026:

BEV-led outperformance

Christoph Laskawi

BEV regs up 50% y/y in May, electrification regs (BEV+PHEV) outperform the Research Analyst

market by 34ppt +49-69-910-31924

Building on a strong start to the year, the EU5 region continued to show solid

momentum in car electrification in May. Electrified cars (BEV+PHEV) rose 37% y/y Mira Wiegratz

Research Associate

in volume, clearly outperforming the broader market, where registrations increased

+49-69-9103-1733

3% y/y, implying an outperformance of 34ppt. BEV registrations climbed 50% y/y,

lifting BEV penetration to 21%, while PHEV volumes increased 19% y/y, taking Tim Rokossa

PHEV share to 11%. In the first five months of 2026, electrified car sales grew 38% Head of European Equity Research

y/y, versus c.5% growth in the wider EU5 car market, resulting in a 7ppt increase in +49-69-910-31998

electrified market share to 30%. While EV adoption is still tracking below the more Nicolai Kempf

ambitious expectations held a few years ago, the market continues to expand at a Research Analyst

healthy pace. In addition, ongoing geopolitical conflicts have increased energy- +49-162-5168792

market uncertainty and pushed oil prices higher, which may further support EV Nikita Papaccio

demand by strengthening the relative cost appeal of electrified vehicles. Research Analyst

+49-69-910-48637

EU5: electrification share continues to expand, with BEV growth outpacing Edison Yu

PHEVs Research Analyst

May regs highlight the sustained upward trajectory of the electrified cars (BEV + +1-212-250-7263