European EV sales continue to surprise on the upside
May data saw European EV sales surprise on the upside, with over 46,000 units sold, back in the green on a y/y basis. Many commentators have been surprised by the strength in sales but we understand that part of the reason for that is a high proportion of fleet sales as opposed to direct consumer demand. While Chinese EV sales remain down in y/y terms, much of this is because of last year’s high base effect. June is likely to be the last month of strongly negative y/y comparisons. While sales remain depressed compared to 2019 and even 2018 volumes, they...