汇丰：欧盟汽车行业研究：纯电动车价格折扣监测-250801（英文版）（17页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Securities and Capital Markets(India)Private Limited View HSBC Global Investment Research at:https:/ Li

2、sten to our insightsFind out moreHSBCGlobal InvestmentResearchPodcasts MoM discounts flat in the UK but at record highs,while Germany showed sharp reduction in discounts in July 2025 Easing regulations in Europe and Chinas government signalling clampdown on fierce competition;pricing could improve I

3、n the US,termination of the EV tax credit will put pressure on EV sales;uncertain if OEMs would fund the incentive gap Discounts still high in the UK,Germany shows signs of improvement.In Germany,cash discounts declined by 168bp MoM to 10.7%in July,the first MoM decline since Feb 2025.However,discou

4、nt rates in the UK were unchanged from June at 15.0%,still at the highest level since we started this tracker in August 2023.The UK launched an EV grant programme last month,up to GBP3,750 per vehicle,but the qualification criterion for models is linked to their“manufacturing sustainability standard

5、s”.Qualifying models therefore could see some easing of discounts,while those that do not qualify may have to increase discounts to maintain their competitiveness.Regional nuances increasingly at play in determining development of EV discounts.The easing of discounts in Germany could be related to t

6、he CO2 target relief the EU has provided.With no immediate threat of penalties,OEMs could limit BEV discounts and focus on profitability,especially as margins come under pressure in H2 due to tariffs.In China,the governments focus on zero mileage used cars and commissions paid by banks to dealers po