Takeaways

• In a very recent publication, we put forward the idea that in an environment that may seem worrying for the deployment of electric vehicles, not all players or rather all geographies were in the same boat.

• The objective of this note is essentially to illustrate the two main points raised in our note of August 9 cited above with fascinating data and some comments:

  • China – EVs Now Cheaper than ICEs.

  • Batteries – A Slowdown Showing Discrepancies.

• So, consider this note as an appendix to the previous one, the main conclusion of which is to confirm the strong dominance of Chinese ecosystems in the electric vehicle industry.

• China and Western countries have made different strategic and technological choices. This is a subject that we have discussed many times and which has enabled a massive scale-up in China.

• BYD valuation multiples remain very attractive, including a 2025 EV/Sales multiple of 0.6x and an EV/EBIT of 10.5x versus respectively 5.3x and 55.0x for Tesla.Introduction