Minth: Strong Europe NEV sales in May, on track to achieve double-digit profit growth target

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Minth: Strong Europe NEV sales in May, on track to achieve double-digit profit growth target

Deutsche Bank

Research

Rating Company Date

Buy Minth 10 June 2026

Asia Reuters Bloomberg Rating Buy

Hong Kong 0425.HK 425 HK Price target (HKD) 41.80 Price at 9 Jun 26 33.12

52-week range 46.30 – 19.42

Consumer

Autos & Auto Technology Valuation & Risks

Strong Europe NEV sales in May, on track to

achieve double-digit profit growth target BinResearchWang Analyst

+852-220-35496

European Core Markets’ NEV Sales Maintain Strong Momentum in May 2026

Wei Huang The strong sales momentum of new energy vehicles (NEVs; which include pure Research Associate

electric vehicles and plug-in hybrid electric vehicles) in Europe continued in May +852-2203-7057

2026. The top five core Western European countries all booked decent NEV sales

in the month.

• Germany NEVs sales increased by 28.9% to 87,890 units, accounting for

36.7% of the total new car sales for May 2026, which reached 239,448 units.

• United Kingdom NEVs sales increased by 30.6% to 66,098 units, accounting

for 41.1% of total new car sales for May 2026, which reached 160,662 units.

• Italy NEVs sales increased by 77.7% to 28,738 units, accounting for 19.1%

of the total new car sales for May 2026, which reached 150,096 units.

• French NEVs sales jumped 63.3% to 45,060 units, accounting for 35.1% the

total new car sales for May 2026, which reached 128,484 units.

• Spain NEVs sales increased by 18% to 25,790 units, accounting for 23.1%

the total new car sales for May 2026, which reached 111,894 units.

Minth's share price highly correlated to vehicle electrification in Europe

With aluminum battery-casing production facilities located in China and Europe

(Serbia, the Czech Republic, Poland, and France), Minth provides a full range of