Europe BEV Tracker – June BEVs +51% / +6.3pp; PHEVs +24%

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Europe BEV Tracker – June BEVs +51% / +6.3pp; PHEVs +24%

EUROPE | Autos & Auto Parts EquityJulyResearch15, 2026

Europe BEV Tracker – June BEVs +51% /

+6.3pp; PHEVs +24% Definitions: For OEMs, Market share tracks an OEM's share of the BEV market while

BEV registrations across Europe are estimated +51% y/y / +6.3pp, continuing Penetration tracks the share of BEVs in

each OEM's own total registrations.

to be stronger than expected, helped by incentive schemes (e.g. DE, IT, FR). VW

is the main BEV share loser, to the gain of Leapmotor, Toyota, and a handful Exhibit 2 - Est YTD Europe BEV market share by OEM

of other Chinese OEMs. Ex. 5 shows the progression of BEV penetration within VW GROUP 24.0%

TESLA 10.1%

STELLANTIS 8.9%an OEM's own sales with strong gains at Hyundai-Kia, MBG, RNO, Toyota. BYD HYUNDAI-KIA 8.9% BMW 8.1%

MERCEDES-BENZ 5.8%

RENAULT 5.3%appears to continue to substitute towards PHEVs within their own sales. BYD 4.6%

TOYOTA 3.8%

OTHERS 3.8%

VOLVO 3.7%

FORD 3.7%

SAIC 2.0%+5-7pp penetration benchmark vs 2024. Compliance with EU CO2 regulation should be the main LEAPMOTORPOLESTAR 3.6% 1.8%

NISSAN 0.8%factor determining BEV sales in Europe in '25-'27. In this note, we track BEV penetration as a TATA MOTORSXPENG 1.1% 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