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Credit Suisse analyst Dan Levy shared vital takeaways from May EV sales. Global EV penetration was 13% in May, up ~150bp M/M, above the YTD '22 pace and well ahead of the 2021 EV penetration rate.
All regions saw M/M EV uptake improvements except for China. However, it remained the global leader, and the M/M decline was likely a function of normalizing production as China lifted COVID restrictions.
Tesla, Inc's (NASDAQ:TSLA) 11% global EV share in May remained near its low point over the last three years due to the Shanghai lockdown. Though battery material costs will remain a focus, recent signs of price normalization will likely provide welcome relief to OEMs.
Material availability concerns reminded him that OEMs might need to revisit long-term penetration targets while focusing on controlling the supply chain, considering LFP, and using hybrids.
China's strong EV uptake was due to several factors, including tech and cost-effectiveness. NIO Inc's (NYSE:NIO) June deliveries climbed by over 60.3% Y/Y, XPeng Inc's (NYSE:XPEV) deliveries for the month jumped by 133% Y/Y, and Li Auto Inc's (NASDAQ:LI) deliveries rose 68.9% Y/Y.
The Q2 deliveries of NIO grew 14.4% Y/Y, XPeng by 98% Y/Y, and Li by 63.2% Y/Y.
Price Action: TSLA shares traded higher by 0.35% at $671.08 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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