Pole Position "UBS European & US Autos Daily" Hummel

研报英文原文证据摘录

Pole Position "UBS European & US Autos Daily" Hummel

Global Research

26 May 2026ab

Pole Position Equities

Europe including UKUBS European & US Autos Daily

Automobiles

Patrick Hummel, CFA

BEV resale values reportedly under pressure Analyst

According to a Financial Times article, resale values for BEV across Europe have dropped patrick.hummel@ubs.com

sharply over the past few years, and are now c45-50% of original listing prices for three- +41-44-239 52 54

year-old cars, with the UK showing the lowest value retention at c38%. The article cites David Lesne

new Chinese new entrants as one of the reasons, and says some Chinese EVs are Analyst

holding higher value than vehicles from legacy car makers. The UK data seems to be david.lesne@ubs.com

affected by MG’s strong presence in the market, with the article stating that the brand +33-14-888 3034

has 34% residual value after three years. Earlier this month, Automobilwoche reported Joseph Spak, CFA

on weak residual values of Chinese EVs in Germany. Analyst

joseph.spak@ubs.com

Our view: +1-212-713 3089

Since the start of the Middle East conflict (and higher oil prices), demand for BEVs has Juan Perez-Carrascosa

been strong (also observable in the new car market) and we could see some stabilisation Analyst

on the RV data over the next few months. That said, we doubt OEMs had consistently juan-perez.carrascosa@ubs.com

+34-91-436 9025

offered lease contracts three years ago with resale values being as low as those

mentioned in the FT article. This could become a material drag on the OEMs’ fincos Paul Gong

results (as the leases contracts expire). The reported trend of Chinese brands showing Analyst

lower value retention (which we think may relate to a less extensive servicing network paul.gong@ubs.com

+852-2971 7868