Global EV & Battery Update: June 2026: EV/PHEV growth robust in EU, moderating in China, US stays tepid; ESS remains the sweet spot

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Global EV & Battery Update: June 2026: EV/PHEV growth robust in EU, moderating in China, US stays tepid; ESS remains the sweet spot

J P M O R G A N Asia Pacific Equity Research

10 July 2026

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Global EV & Battery Update

June 2026: EV/PHEV growth robust in EU, moderating

in China, US stays tepid; ESS remains the sweet spot

EV+PHEV penetration trends by region. June EU-5+US+China EV/PHEV Korea Auto, EV battery, Nuclear and

momentum remained resilient, with sales at 1.4mn units (+10% y/y, -2% m/m) and Utility

penetration at 36% (+2%pts y/y, +2%pts m/m). EU-5 continued to drive penetration Sonny Lee AC

gains, China’s penetration rose despite soft PV sales, while the US remained muted. (82-2) 758 5716

sonny.lee@jpmorgan.com

• EU-5. June EV/PHEV sales volume grew 49% y/y and penetration reached J.P. Morgan Securities (Far East) Limited, Seoul

34% (+8%pts y/y, +2%pts m/m) with strength across all regions. EU-5 Branch

penetration continues to rise: France (+12%pts), followed by Germany Seri Yoon

(+11%pts), Italy (+8%pts), UK (+7%pts), Spain (+2%pts), supported by (82-2) 758 5704

seri.yoon@jpmorgan.com

country-level subsidy schemes and affordable mass EVs penetrating the J.P. Morgan Securities (Far East) Limited, Seoul

market. Our EU auto team forecasts Chinese OEMs’ market share in Europe Branch

will rise to ~20% from ~12% currently, with localization continuing and Spain Asia Autos & EV Battery

seen as a key hub for further regional production localization (link). Rebecca Wen

• US.