DataDig: BEV Exports Take Charge

研报英文原文证据摘录

DataDig: BEV Exports Take Charge

Idea

July 20, 2026 12:45 PM GMT

Morgan Stanley Australia Limited+MAustralia Materials | Asia Pacific Rahul Anand, CFA

Equity Analyst

DataDig: BEV Exports Take R.Anand@morganstanley.comMichael A Stancliff +61 2 9770-1136

Research Associate

Michael.Stancliff@morganstanley.com +61 2 9770-9253

Charge Morgan Stanley Asia Limited+

Tim Hsiao

Charts, analysis, and comparables for the global mining sector. Equity Analyst

Tim.Hsiao@morganstanley.com +852 2848-1982

China’s BEV sales continued to recover in June, rising 33% YoY/11% MoM, extending

the rebound from the February low and reaching the highest monthly level since

Nov-25. Export markets remain the key support (BEV exports +140% YoY/+15%

MoM), with China's domestic demand remaining weak. We note exports comprised

27.1% of total China BEV sales in June, up from 15.1% in June 2025. Our China Autos

Australia Materials

team notes that new model launches and overseas markets drove the June strength; Asia Pacific

however, July marks the start of the off-season, keeping sales seasonally sluggish Industry View Attractive

until the next new product cycle starts in August (see here). For lithium, although Recent Research:

we remain cautious, equity valuations have retreated. Near-term risks remain from South32 Ltd: 4QFY26 Prodn: In-line EBITDA for

the CATL mine restart and suspended supply returning, though strong demand FY26; Aus Manganese impacts flagged for '27,

should provide some support to lithium prices this quarter, in our view. Within our cost guidances to follow. (19 Jul 2026)

coverage, we recently moved IGO to EW from UW (implying ~US$1,668/t Australia Macro+: The Future of Work

spodumene price) as valuation has corrected (see Strategy 3Q: Demand Focus), Downunder (19 Jul 2026)