SA Rocks: BEVs charge higher

研报英文原文证据摘录

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

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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/

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

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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

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beginning of 2026, weighed.