2025年第二季度电动汽车销售回顾

This publication has been developed in collaboration between Strategy&,PwC’s global strategy consulting business, alongside PwCAutofacts®’automotive industry and function experts. Together, we transformorganizations by developing actionable strategies that deliver results. At PwC, our purpose is to build trust in society and solve importantproblems. We’re a network of firms in 149 countries with almost 370,000people who are committed to delivering quality in assurance, advisoryand tax services. Find out more and tell us what matters to you byvisiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms,each of which is a separate legal entity.Please see www.pwc.com/structure for further details. www.pwc.com Global BEV market grows by more than a third in Q2 After a difficult 2024, totalBEV sales in the top fiveEuropean markets grew bya quarter in the first halfof 2025 GlobalBEVsalesenjoyedsubstantialgrowthyearonyearinthesecondquarterof2025,increasingby33%comparedtoQ22024.Almostoneinfivecars(19%)soldinallanalyzedmarketsinthesecondquarterwasaBEV. MuchofthatgrowthwaspoweredbyChina,whichwasresponsibleforalmosttwothirdsofglobalBEVsales.Indeed,BEV sales inChina in thefirstsixmonthsofthe year(H1)increasedbyalmostonehalf(47%)inrelationtothesameperiodin2024. EuropehasalsoplayedasignificantroleinthegrowthoftheglobalBEVmarketin2025,withH1salesinthetopfiveEuropeanmarketsupbyaquarter(25%)yearonyear.Theperformancein these European markets has been particularly welcome,given thetemporarysalesdipin2024. Germany’sBEVmarkethasbouncedbackespeciallystrongly,growingbymorethanathird(35%)inH12025vs.H12024.GermanyandtheUKarecompetingforthetopspotinEuropeforBEVunitssold,withGermanytakingtheleadinthesecondquarteroftheyear.However,theUKhadthehighestBEVmarketshareamongthetopfiveEuropeanmarketsinthefirsthalfoftheyear,at22%. 25% TheUSBEVmarketdidnotfitwiththeglobaltrend,falling3%yearonyearinthesecondquarterof2025.However,asignificantupliftisexpectedinthethirdquarterasconsumersseektotakeadvantageoftheexisting$7,500taxcreditbeforeitsterminationattheendofSeptember.As incentives end,OEMs operating in the US will need to pursue variousstrategiestomaintainconsumerinterestinBEVs. BEV sales growth in all the top fiveEuropean markets in H1 2025 vs. H1 2024 AmorefundamentalchallengeisfacingOEMsandgovernmentsworldwide–howtosecureasustainablesupplyoftherareearthelements(REEs)necessarytomanufactureelectricvehicles.The reserves and production of REEs are heavily concentrated in very fewcountries,makingthemapowerfulpotentialweaponingeopoliticalconflict.ThestrategiesthatOEMsandgovernmentscanadopttosafeguardtheirinterestsaresetoutinourAnalystInsightschapter. The global battle for rare earth elements Suchdominancepresentsaconcentrationriskfortherestoftheworld,withREE-richcountriesabletousetheirresourcesaspowerful leverage in trade negotiations.Other location-specificrisksarealsorelevant:naturaldisasters,wars,socialunrest,political or regulatory changes,and infrastructurefailurescouldallleadtosupplychaindisruption. Rareearthelements(REEs)playacrucialroleinmoderntechnology,serving as essential components in vehicles–particularly electric vehicles–and in a variety of otherproducts,includingsmartphonesanddiversemilitarytechnologies. globaloversupply.Asaresult,thepriceofcobaltreachedanall-timehighof$33,600permetrictonascompaniesstockeduponthecommodity.4 Withtradetensionsnowintensifyingonce again,REEsandothercriticalrawmaterials(listedinpage6fortheEU,USAandChina)representapowerfultoolinpromotingtheinterestsofcertainstates. REEscompriseagroupof17heavymetals.Neodymiumandsamariumare particularly relevant for EV manufacturers astheyfacilitatetheproductionofsignificantly strongerpermanentmagnets,resultinginpowerfulandefficientelectricmotors. Usingcommodities as geopolitical clout is nothing new.In2010,for example,China blocked the export to Japan ofcrucialmineralsusedinproductssuchasEVs,windturbinesandguidedmissilesduetoadiplomaticdispute.3 See thePwC Mine 2025 studyfor a deep dive intorisks and potentials in sourcing critical elements. AlthoughREEsarecalledrare,theyareinfactcomparativelyplentiful–threetimesmorecommonintheearth’scrustthancopper,and200timesmorethanplatinumorgold.1 InFebruary 2025,the Democratic Republic of Congo,responsiblefor 75%ofglobalcobaltproduction,putinplaceanexportbanforthevitalEVbatterymaterialinabidtocurb Despitethisabundance,however,REEsarefoundinrelativelylowconcentrations compared to other metals,making themmuchmoredifficulttoextractandrefine,andraisingconcernsaboutenvironmentaldamageandsustainability. AnotherchallengeposedbyREEsisthatreservesarelimitedtofew countries,while production is even more localized.Countrieswithsparseornon-existentreservesandproductionarethereforelefthighlyvulnerable. Almosthalf(48%)ofknownglobalREEreservesarelocatedinChina,morethandoubletheamountfoundinthesecondmostendowedcountryBrazilwith23%.Moreover,ChinadominatesREEminingtoanevengreaterextent,acco