Tailwinds driving car sales
- Anticipate PV market to remain promising for the rest of the year underpinned by vehicle tax cuts; Jun-Aug PV sales surged c.40% y-o-y, pointing to policy success
- Minor disruptions from power crunch and pandemic lockdowns
- 2022 NEV sales could potentially hit 6m units; expect sales CAGR of c.40% during 2021-2025
- NEV makers and parts segment gaining investor interest on attractive valuation of 1SD-2SD below historical mean
