欧洲销售追踪：5月工作日调整后销售额同比增长4.5%；插电式混合动力汽车表现强劲；法国仍是薄弱环节

EUROPE | Autos & Auto PartsEquity ResearchJune 5, 2025 Owen Paterson *  | Equity Analyst+44 (0)20 7548 4745 | opaterson@jefferies.comPhilippe Houchois ^  | Equity Analyst44 (0) 20 7029 8983 | philippe.houchois@jefferies.comMichael Aspinall *  | Equity Analyst+44 (0) 20 7029 8431 | maspinall@jefferies.comKiara Asinobi *  | Equity Associate+44 (0)20 7548 4542 | kasinobi@jefferies.comEurope Sales Tracker: May DSR +4.5%; PHEVsstrong; France still the weak linkMay regs in 5 major EU markets +0.7% y/y but +4.5% work-days adj (DSR).In EU5, share was relatively stable y/y, incl STLA for second month in arow. Tesla still weak at -41% y/y. BEV penetration a bit slower at +2.8ppto 14.5%. PHEVs however are proving stronger than expected at +3.6pp to9.6%. France remains a negative outlier both for total growth (-12.3% y/y)and EVs (BEV penetration -1.3pp; PHEV -0.6pp) despite being past tougherEV comps this month.Exhibit 1 - EU5 - May sales volumes by country.May-25May-24y/y %YTD % y/yvs May 17-19 a