Remembering that COVID19 has been a major event which has affected industrial output especially in China in the first quarter, followed by European industrial powerhouses late 1st and early second quarter, I felt this was particularly interesting:
Notice the increase in sales in India and the Americas and the fall off in China, 12% (off the top of my head) or so fall off in Europe, and large fall off in greater Asia.
Crunching the numbers you can see the majority of falls in sales has come from Chinese demand - totally out of the control of both Syrah and Chinese buyers. People have not stopped buying EV's during COVID, if you believe the numbers.
We can expect inventories and COVID impediments to slow India and Americas this coming FY, but to resume in China and I would call for an increase in Europe as European production begins a strong focus on EV and other state driven renewable energy projects.
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- Ann: Interim Financial Statements - Half-year ended 30 June 2020
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