Global EV sales bounce in May
Global EV sales rose 13% m/m in May, exceeding 1m units for only the fifth time ever. They are now up 41% y/y YTD, their highest growth rate this year, which bodes well for activity to continue to recover into the end of the year. Europe saw the biggest recovery, with sales bouncing 27% for the month after falling 38% in April. European sales are now up 39% y/y YTD, well above the growth rate that we would have expected given ongoing pressure on the consumer. They continue to substantially outpace ICE sales. While a lot is made about the...