Presentation：海外新能源车销量月报：9月欧洲销量同比转正

Investment Rating - The report suggests a positive outlook for the electric vehicle (EV) market, particularly in Europe and emerging markets, indicating significant growth potential in the coming years [2]. Core Insights - In September 2024, European NEV sales reached 232,000 units, marking a year-on-year increase of 8.1% and a month-on-month increase of 84.2%. The cumulative sales from January to September 2024 totaled 1.583 million units, reflecting a year-on-year decline of 4.4% [2][6]. - The penetration rate of NEVs in Europe for September 2024 was 25.5%, up 2.5 percentage points year-on-year and 3.0 percentage points month-on-month [2][6]. - The top three countries in NEV sales for September 2024 were the UK (81,000 units, +26.6% YoY), Germany (49,415 units, +4.9% YoY), and France (38,376 units, -16.3% YoY) [2][19][13]. - In the US, NEV sales for September 2024 were 127,000 units, down 3.4% YoY and 13.6% MoM, with a cumulative total of 1.146 million units from January to September, reflecting a 6.5% increase YoY [2][19]. - Emerging markets saw NEV sales of 85,000 units in August 2024, up 17.0% YoY, with a cumulative total of 640,000 units from January to August, representing a 24.3% increase YoY [2]. Summary by Sections Europe - September 2024 NEV sales in Europe were 231,503 units, with a YoY increase of 8.1% and MoM increase of 84.2%. The cumulative sales for the first nine months were 1.583 million units, down 4.4% YoY [6][7]. - The penetration rate for NEVs in Europe reached 25.5% in September 2024, an increase of 2.5 percentage points YoY and 3.0 percentage points MoM [6][7]. United States - In September 2024, NEV sales in the US totaled 127,000 units, a decrease of 3.4% YoY and 13.6% MoM. The cumulative sales from January to September were 1.146 million units, reflecting a 6.5% increase YoY [2][19]. Emerging Markets - NEV sales in emerging markets for August 2024 were 85,000 units, up 17.0% YoY, with a cumulative total of 640,000 units from January to August, indicating a 24.3% increase YoY [2]. Investment Recommendations - The report highlights significant growth potential in the European electric vehicle market due to increasing electrification rates and carbon emission policies expected to drive sales from 2025 to 2030. It also notes the strong competitive position of domestic brands in emerging markets [2]. - Companies to watch include Leap Motor, BYD, CATL, and others in the battery supply chain [2].