China: A large number of models will be launched on the supply side in 2022 + recognition on the demand side will increase, and domestic electric car sales will exceed market expectations. Although the beginning of the year was adversely affected by the reduction of subsidies, early consumption, the Spring Festival holiday, and the price war of fuel vehicles, the orders and other data that the market pays close attention to gradually recovered in April and reached last year's high in May. Sales in June slightly exceeded expectations. From January to June 2023, electric car sales were 3.747 million units, +44% year-on-year.

United States: Starting from January 2023, some previously unsubsidized models will be able to enjoy subsidies again. Electric vehicles performed strongly from January to June 2023, with sales reaching 693,000 units, +52% year-on-year. At the same time, the distribution of models is more balanced. Tesla’s market share from January to June was 50%, which was -9.3pct year-on-year. The launch of the new model cycle in the United States will drive sales to rise rapidly.

Europe: Subsidies will be phased out at the end of 2022, and Tesla’s rush for installation will be combined with Tesla’s end-of-quarter deliveries. The performance of the European market at the end of the year will exceed market expectations. Sales volume from January to June 2023 was 1.359 million units, +26% year-on-year, of which pure electric/plug-in hybrids were 935,000/425,000 units, +46%/-3% year-on-year, mainly due to the impact of subsidy reduction after 2023 on plug-in hybrids. Still, pure electric sales continue to be strong, driving overall positive growth, and the impact of the reduction of subsidies in Europe has gradually weakened.