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Sales of EVs to continue growing strongly after 2019/2020

slowdown
➔Growth continues at reduced rate in

World EV sales growth to continue 2019/20 but should recover strongly
in 2021 (up over 40%)
12 60%

➔Many countries have introduced new
10 50%
incentives in recent months and “go

8 40% green” strategies could be
million units 6 30% accelerated.

4 20% ➔Our assumption of 30% a year to
2025 from next year bring global total

2 10%
to just over under 12m vehicles by
2025 with 80:20 Pure EV: PHEV split
0 0%
2016 2017 2018 2019 2020F 2021F 2022F 2023F 2024F 2025F
BEV PHEV Growth rate YoY %

Source: Rho Motion, Macquarie Commodities Strategy, October 2020
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