EV demand "growth" in China is +30% this year, so far. Are EV's seeing demand growth in US and EU, yes.
During the first half of 2023 – from January 1 to June 30 – the number of BEVs registered in the US totaled 546,551, an increase of 62 percent over the prior year. Overall, electric cars made up 7.1 percent of the total market, up from 4.9 percent during the same period in 2022, and 3.1 percent in 2021. Lets say, second half is slower, and sales growth contracts to 50% for whole CY 23
Electric vehicle sales in Europe continued their meteoric rise in the first half of this year, up 45 percent over the same period in 2022 and reaching a market share of about 15 percent. Same deal, sales growth contract to 35% for whole CY 23.
While not as strong as last year in China, US and EU are outstripping 22 CY growth so far. That IMO is better than decent growth in slow economic conditions, and certainly more than "some" demand growth.
Wrt to the macro situation, China have been lowering rates for past 6 months, that has already happened, where not waiting for it, they are in it now and, will be one of the first countries to emerge out the other side.
PLS Price at posting:
$3.89 Sentiment: Hold Disclosure: Held
(20min delay)