欧洲2月电车跟踪：九国注册量同比+19%延续强势，碳排目标推迟预计影响有限

Investment Rating - The report maintains a "Strong Buy" rating for the electric vehicle sector in Europe [4]. Core Insights - In February, the electric vehicle sales in nine European countries reached 176,000 units, representing a year-on-year increase of 19% and a month-on-month increase of 2% [2][16]. - The European Commission is expected to pass a new amendment to carbon emission targets, potentially easing the compliance conditions for the years 2025-2027, which may positively impact electric vehicle sales [9][17]. - The report anticipates that the electric vehicle sales in Europe will exceed 3.26 million units in 2025, with a potential to reach over 3.4 million units due to strong early-year performance [10][17]. Summary by Sections Sales Performance - February sales in the UK were 28,500 units, showing a year-on-year increase of 35.2% but a month-on-month decrease of 32.5% due to a license plate replacement cycle [3][12]. - France saw sales of 31,800 units, down 15.5% year-on-year, primarily due to a reduction in subsidies [3][32]. - Germany's sales reached 55,300 units, up 31.5% year-on-year, attributed to a low base in 2024 [3][12]. - Italy's sales were 13,200 units, reflecting a year-on-year increase of 35.3% [3][12]. - The Nordic countries, including Norway, Sweden, and Denmark, reported strong sales growth, with Norway's sales up 26.8% year-on-year [3][12]. Market Trends - The penetration rate of electric vehicles in February was 24.6%, an increase of 4.5 percentage points year-on-year [2][16]. - The report highlights that the sales of pure electric vehicles (BEVs) and plug-in hybrids (PHEVs) in February were 122,400 and 53,600 units, respectively, with year-on-year increases of 25.8% and 6.7% [16][23]. Policy Impact - The EU's potential easing of carbon emission targets is expected to support electric vehicle sales growth, with projections indicating a total of 10.53 million units sold across Europe from 2025 to 2027 [9][17]. - The report notes that Tesla's sales in February were 12,000 units, down 41.1% year-on-year, while other manufacturers saw a 29% increase in sales [10][29].