海外新能源车销量月报：2月美国销量同比+5%，欧洲销量同比+19%-2025-03-25

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - In February 2025, European new energy vehicle (NEV) sales reached 174,462 units, a year-on-year increase of 19.1% and a month-on-month increase of 2.1% [2][4] - In the United States, NEV sales in February 2025 were 120,000 units, reflecting a year-on-year increase of 4.9% and a month-on-month increase of 0.8% [2][3] - Emerging markets saw NEV sales of 78,000 units in January 2025, marking a year-on-year increase of 22.3% but a month-on-month decrease of 27.6% [2][3] Summary by Region Europe - February 2025 NEV sales: 174,462 units, year-on-year +19.1%, month-on-month +2.1% [4][5] - Cumulative sales for January-February 2025: 156,000 units, year-on-year -45.3% [4] - February 2025 penetration rate: 24.0%, year-on-year +4.3 percentage points [4][5] United States - February 2025 NEV sales: 120,000 units, year-on-year +4.9%, month-on-month +0.8% [2][3] - Cumulative sales for January-February 2025: 239,000 units, year-on-year +8.2% [2] - February 2025 penetration rate: 9.6%, year-on-year +0.7 percentage points [2] Emerging Markets - January 2025 NEV sales: 78,000 units, year-on-year +22.3%, month-on-month -27.6% [2][3] - Penetration rate: 5.1%, year-on-year +0.9 percentage points [2] Investment Recommendations - The report suggests focusing on companies such as Leap Motor, BYD, CATL, EVE Energy, Guoxuan High-Tech, Zhongxin Aviation, Funeng Technology, Zhongwei Co., Huayou Cobalt, Greeenme, Betterray, New Era, and Xingyuan Material, as they are expected to benefit from the growth in overseas markets [2]