Here's How Credit Suisse Views May EV Performance

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 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 NIO June deliveries climbed by over 60.3% Y/Y, XPeng Inc's XPEV deliveries for the month jumped by 133% Y/Y, and Li Auto Inc's 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.

Posted In: NewsAnalyst RatingsTech

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.