European Automotive: Beyond the BEV hype

研报英文原文证据摘录

European Automotive: Beyond the BEV hype

Deutsche Bank

Research

Europe Industry Date

Netherlands 11 June 2026

European

Autos Recommendation

Auto Parts Automotive Change

Beyond the BEV hype

Nikita Papaccio

Higher charging demand recently in Europe Research Analyst

Recent headlines suggest a shift towards more BEVs amid the oil price shock, +49-69-910-48637

which is supported by recent comments from EU OEMs on elevated BEV order

Christoph Laskawi

intake in Europe (see our conference feedback here). While we do not see an Research Analyst

acceleration in new BEV regs or demand for used BEVs in Germany (as a proxy for +49-69-910-31924

the EU), we do note that the order-to-sale cycle in Europe typically spans 2-3

Nicolai Kempf

months. For now, we observe rising charging demand, signaling a higher utilization

Research Analyst

rate of the existing BEV fleet. This trend should benefit charge point operators like

+49-162-5168792

Fastned through increased revenues. Nevertheless, we do not anticipate

accelerated expansion of charging networks due to lengthy permitting and Mira Wiegratz

construction processes and the current lack of sustainability of this trend, limiting Research Associate

+49-69-9103-1733

additional investments in this sector. Consequently, Alfen's charging business is

unlikely to benefit from this development. Tim Rokossa

Head of European Equity Research

In light of this, we are incorporating higher revenues for Fastned this year but are +49-69-910-31998

downgrading the stock from Buy to Hold, deeming it fairly valued at present. Our

new target price is EUR33 (up from EUR30). Furthermore, we are adjusting Alfen's Key Changes

forecasts to include higher sales from its energy storage business. We are tweaking Company Target Price Rating