Europe BEV Tracker – April BEVs +38% / +4.9pp; PHEVs +27%

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Europe BEV Tracker – April BEVs +38% / +4.9pp; PHEVs +27%

EUROPE | Autos & Auto Parts EquityMayResearch19, 2026

Europe BEV Tracker – April BEVs +38% / +4.9pp;

PHEVs +27% Definitions: For OEMs, Market share tracks an OEM's share of the BEV market while

BEV registrations across Europe are estimated +38% y/y / +4.9pp, solid vs a Penetration tracks the share of BEVs in

each OEM's own total registrations.

compliance-driven pickup last year. Leapmotor is the main share gainer in the

April Europe BEV market, at the expense of VW. Ex. 5 shows the progression of Exhibit 2 - Est YTD Europe BEV market share by OEM

BEV penetration within an OEM's own sales with strong gains at MBG, Hyundai- VW GROUP 25.6%

STELLANTIS 9.6%

TESLA 8.5%Kia, Ford, Volvo. BYD appears to continue to substitute towards PHEVs within HYUNDAI-KIA 9.0% BMW 7.9%

MERCEDES-BENZ 5.8%

BYD 4.8%their own sales. OTHERS 4.5%

FORD 4.1%

RENAULT 3.9%

LEAPMOTOR 3.7%

VOLVO 3.7%

SAIC 1.9%+5-7pp penetration benchmark vs 2024. Compliance with EU CO2 regulation should be the main POLESTARTOYOTA 3.5% 1.7%

NISSAN 0.7%factor determining BEV sales in Europe in '25-'27. In this note, we track BEV penetration as a TATA MOTORSXPENG 1.0% 0.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%gross proxy for future CO2 compliance. We have written in detail on the requirements for cars .

and vans. Industry-wide, achieving the required ~12% decrease in fleet CO2 requires an estimated Source:EuropeanJefferies,countries.eu-evs.com, Data from sample of 11

~5-7pp expansion in BEV penetration, even after taking into account hybrids and other offsets.

Compliance rules were amended on Feb 26th 2025 (vote confirmed in June 2025) to introduce a Exhibit 3 - Est Europe YTD BEV penetration

(BEV share of own sales) by OEM