China EV sales bounce back; other regions not so much…
There was quite a substantial bifurcation between regional markets for EV sales in May, with China’s sales bouncing back strongly, but not a lot of recovery in the US and Europe. After collapsing 39% m/m in April, impacted by Covid concerns and the Shanghai lockdowns, Chinese EV sales bounced 43% m/m in May to 419,000 units and initial signs are that they continued to rise in June. As we’ve noted earlier, this was in the context of continued weak performance in the ICE market. China’s EV sales are up over 100% y/y, its ICE sales growth is negative… BYD (HKG:1211)...