In March, the demand for electric vehicles in Europe remained unchanged, and Tesla hit a single month high. In March, the sales volume of electric vehicles in Germany, France, Norway, the United Kingdom, Sweden and Italy reached 62000, 32000, 15000, 55000, 16000 and 11000 respectively, with a total of 190000, a year-on-year increase of 5.6% and a month on month increase of 65.8%; The penetration rate of electric vehicles in the six countries reached 23.8% in March, with a year-on-year increase of 5.7pct and a month on month increase of 1.6pct. In March, the overall sales volume of electric vehicles in Europe met expectations, overcame the adverse impact of chip shortage and maintained stable growth.
In March, Tesla delivered nearly 40000 vehicles in Europe, setting a new high in single month delivery in Europe, including 13000 vehicles in the UK and 8000 vehicles in Germany, becoming the top two markets in Europe; 1q22 delivered nearly 56000 vehicles, which was basically the same month on month. Tesla Berlin factory officially opened on March 22, and the first batch of mass production modely was delivered; The production of the Berlin plant will help alleviate Tesla‘s production capacity in Europe, reduce European consumers’ dependence on imported models, and boost the sales of electric vehicles in the European market.
Industry trends: many companies released the first quarterly report of 2022, with significant growth in performance Contemporary Amperex Technology Co.Limited(300750) Indonesian investment in battery industry chain project; As of March 22, the number of charging piles in China was 3.109 million, a year-on-year increase of 73.9%; Last week, the share price of new energy automobile industry chain company adjusted, and the net value of new energy theme fund generally fell.
Investment suggestion: with the strengthening of policy and auto enterprises, the penetration of new energy vehicles in the global market is ushering in a new round of acceleration, and the industry boom is rising. It is suggested to pay attention to the main line of new forces represented by Tesla and the catch-up process of new models such as Volkswagen, and recommend leading and second-line elastic targets. For the whole vehicle, Great Wall Motor Company Limited(601633) (2333. HK), Geely Automobile (0175. HK) and ideal automobile (2015. HK) are highly recommended; In terms of battery materials, we strongly recommend Contemporary Amperex Technology Co.Limited(300750) , Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Shanshan Co.Ltd(600884) ; In terms of motor electric control, it is recommended to pay attention to Wolong Electric Group Co.Ltd(600580) , Shenzhen Inovance Technology Co.Ltd(300124) ; For lithium battery equipment, it is recommended to pay attention to Wuxi Lead Intelligent Equipment Co.Ltd(300450) and Zhejiang Hangke Technology Incorporated Company(688006) ; For lithium and cobalt, it is suggested to pay attention to Zhejiang Huayou Cobalt Co.Ltd(603799) , Chengxin Lithium Group Co.Ltd(002240) .
Risk tips: 1. The growth rate of electric vehicle production and sales slows down. With the continuous growth of the production and sales base of new energy vehicles, it will be more and more difficult to maintain a high growth rate, and the introduction of mainstream models for the public has become the key; 2. The price war in the industrial chain intensified. The continuous decline of subsidies and the continuous investment of new production capacity have led to the pressure of price reduction in all links of the industrial chain; 3. The influx of overseas competitors accelerated. With the growth of the Chinese market and the dilution of subsidy policies, the pace of overseas giants entering the Chinese market is accelerating, which has a new impact on the industrial pattern.
