Tesla(US:TSLA) KAIYUAN SECURITIES·2025-03-14 07:12Investment Rating - The investment rating for the power equipment industry is optimistic (maintained) [1] Core Insights - The report highlights a decline in electric vehicle sales in Europe for 2024, with total sales of 2.944 million units, a year-on-year decrease of 2.2%. Battery Electric Vehicle (BEV) sales were 1.993 million units, down 1.3%, while Plug-in Hybrid Electric Vehicle (PHEV) sales were 951,000 units, down 3.8% [11][14][46] - The report anticipates a recovery in the European electric vehicle market in 2025, projecting sales to rise to 3.39 million units, a 15% increase year-on-year, with a corresponding penetration rate of 24.4% [26][28] Summary by Sections Section 1: Electric Vehicle Sales in Europe - In 2024, the total electric vehicle sales in Europe (31 countries) are projected at 2.944 million units, reflecting a 2.2% decline year-on-year. BEV sales are expected to be 1.993 million units, down 1.3%, while PHEV sales are estimated at 951,000 units, down 3.8% [11][14][46] - The combined sales of electric vehicles in Germany, the UK, and France accounted for 53% of the total European market, with a year-on-year decline of 0.8 percentage points [14][15] Section 2: Market Dynamics and Trends - The report notes that several countries have phased out subsidies for electric vehicles, shifting incentives towards tax benefits. Germany canceled its electric vehicle subsidies at the end of 2023, while the UK plans to switch tax exemptions for electric vehicles starting April 2025 [4][25] - The tightening of carbon emission regulations in the EU is expected to impact the market, with stricter targets set for 2025 [26][40] Section 3: Key Players and Market Shares - The top three electric vehicle manufacturers in Europe are Volkswagen Group, Tesla, and Stellantis, holding market shares of 21%, 16%, and 11% respectively, collectively accounting for nearly half of the market [5][20] - In the UK, Tesla leads the market with a 13% share, followed by BMW and Mercedes with 8% and 7% respectively [42][44] Section 4: Future Projections - The report projects that by 2025, the sales of electric vehicles in Europe will increase to 3.39 million units, with a penetration rate of 24.4%, driven by stricter carbon emission regulations and the introduction of new electric vehicle models [26][28]