【The daily average trading volume of used cars in China from February 9 to February 14 was 65,800 units. 】Data from the China Automobile Dealers Association showed that during February 9 to February 14, the domestic used car market exhibited typical pre-holiday trading characteristics, with a daily average transaction volume of 65,800 units, down 5.28% MoM from the previous week. Affected by multiple factors such as the Spring Festival travel rush, suspension of logistics, and extended consumer car purchase decision-making cycles, the used car market typically enters an off-season in the week before the holiday.

On September 26, 2025, the General Office of the Hunan Provincial People's Government issued the "Hunan Province Action Plan for Accelerating the Improvement of the New Energy Vehicle Penetration Rate (2025–2026)," focusing on the promotion and application of NEVs and industrial upgrading. It explicitly proposed accelerating the construction of energy replenishment facilities such as hydrogen refueling stations. The core contents are as follows: I. Core Action Targets The core objective is to narrow the gap with the national NEV penetration rate, advancing in phases: By the end of 2025, the gap between the provincial NEV penetration rate and the national average is expected to narrow to within 6%. By the end of 2026, the aim is to reach the national average NEV penetration rate. II. Four Key Action Tasks (1) Consumer Environment Optimization Action Innovating Sales Models : Automakers are encouraged to develop products suited to local scenarios, explore diversified sales models such as leasing instead of purchasing and battery-swapping, and expand ecological cooperation. Improving the Service Network : Promote the establishment of delivery centers and authorized after-sales service sites at the county level and in remote areas, carry out after-sales services in rural areas, and address shortcomings in grassroots services. Extending the Consumption Chain : Standardize the used car market, strengthen battery recycling and leasing management, and enhance the residual value of NEVs. Strengthening Financial Support : Increase credit supply, introduce low-down-payment, long-term financial solutions tailored to younger groups, and optimize NEV insurance services. (2) Commercial Vehicle Replacement Action Public Sector Replacement : Focus on promoting the application of NEVs in public sectors such as buses, taxis, sanitation, and freight delivery, and support key cities for air pollution prevention and control in taking the lead in replacing vehicles in urban construction logistics. Truck Transformation Incentives : Using the phase-out of trucks meeting National IV and lower emission standards as a breakthrough, implement provincial fiscal support and introduce preferential expressway toll policies for new energy trucks. (3) Energy Replenishment Facility Enhancement Action (Including Key Construction of Hydrogen Refueling Stations) Urban Residential Charging Convenience : Implement "unified construction and service" for charging piles in residential areas, provide one-stop services for car purchase, electricity connection, and pile installation, and simplify the application process. Public and Dedicated Facility Support : Improve supporting policies for land use, power grid, and electricity prices for dedicated energy replenishment facilities such as those for buses and trucks, and encourage private capital participation in construction. Energy Replenishment Network Construction at Transportation Hubs : Accelerate the planning and construction of a batch of large power charging (battery swap) stations and hydrogen refueling stations in key areas such as expressway service areas, logistics parks, ports, along major logistics corridors, and national and provincial highways. ; Promote the renovation and expansion of eligible gas (CNG/LNG) stations into comprehensive energy supply stations offering "fuel (gas) + charging (battery swap)" services. Full Coverage of Rural Energy Replenishment : Incorporate charging piles into the "Village Access Project" to achieve full coverage of charging stations in every township and charging piles in every village, promoting the integrated development of energy replenishment facilities with PV systems, parking lots, and others. (IV) Enhanced Support Policy Actions Leveraging Fiscal Funds : Coordinate special funds from the central and provincial levels to implement trade-in and car-to-countryside policies, carry out NEV sales promotions, explore charging consumption subsidies, and encourage municipalities and prefectures to issue car purchase subsidies. Traffic Priority and Parking Incentives : Encourage municipalities and prefectures to grant NEVs traffic priority on core urban routes, along with benefits such as extended operating hours and parking fee reductions in public areas. III. Safeguard Measures Establish a dual-led working mechanism by the Provincial Development and Reform Commission (Provincial Energy Bureau) and the Provincial Department of Commerce, coordinating multiple provincial departments for collaborative advancement; require local governments to refine measures and ensure implementation, while intensifying policy publicity to eliminate misconceptions and foster a social environment supportive of NEV development. This plan is expected to include hydrogen refueling stations as key components of energy replenishment facilities in transportation hubs, advancing them in coordination with charging (battery swap) stations. This will effectively address the energy replenishment challenges for NEVs (particularly hydrogen-powered vehicles), providing solid support for increasing the NEV penetration rate and transforming the energy structure in Hunan.

[BYD Officially Enters Argentina's Passenger Car Market] Chinese new energy vehicle manufacturer BYD officially launched three electric and hybrid cars in Buenos Aires, the capital of Argentina, on the 8th, marking the brand's formal entry into Argentina's passenger car market. The models released include two pure electric vehicles—the Dolphin MINI and Yuan Pro—as well as the plug-in hybrid model Song Pro DM-i. BYD Argentina Sales Director Bernardo Fernández Paz stated that over 1,500 units have been pre-sold in the first batch, indicating growing local consumer interest in new energy vehicles.

At the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference hosted by SMM, Asst. Prof. Uthane Supatti Ph.D., Vice Chairman of the Electric Vehicle Association of Thailand (EVAT), shared insights on the topic of "Accelerating the Development of Thailand's EV Ecosystem" . Transformation of Transportation Modes in Thailand Traditional transportation modes include speedboats, traditional buses, and traditional trains. After improvements, electric taxis, electric buses, and electric motorbike taxis emerged. Following electrification, subways, trams, and electric boats have also come into view. Thailand's EV Vision - The "30@30" Policy Thailand has set EV adoption and production targets for 2025 and 2030. By 2030, the following goals will be achieved: zero-emission vehicles will account for 30% of Thailand's total car production; zero-emission vehicles will account for 50% of the country's total car usage. Passenger Car Production: As of 2024, Thailand's total sedan production reached 1,468,997 units, down 20% YoY. Among them, passenger car production was 558,440 units, down 13.5% YoY; BEV passenger car production was 9,688 units, surging 5,807.3% YoY. Expansion of EV Manufacturing Investment in Thailand The planned maximum EV production capacity exceeds 500,000 units per year. EV Market Share in Thailand's Passenger Car Market (2019-2024) The share of EVs in Thailand's passenger car market has been increasing year by year, reaching 13.8% by 2024. Number of BEV Models Available for Sale as of January 2025: Charging Infrastructure - Number of DC Charging Piles After 2023, the deployment of charging piles has reached a significant turning point. Data shows that the number of charging piles increased by an astonishing 306.2% YoY in 2023. By 2023, the number of charging piles had already surpassed the original 2025 target. However, there is still significant room for improvement to achieve the 2030 target, requiring continued construction efforts. Electric Motorbikes According to public data, the cumulative annual registration of electric motorbikes in Thailand (as of December 2024) was 63,158 units. Promoted EV Equipment Projects (Excluding Batteries) Promoted Battery Projects Thailand's EV Battery Ecosystem - Investment Potential in Battery Reuse and Recycling in Future Periods Automotive Parts Situation as of September 2024 As of September 2024, the production of automotive parts has significantly declined, with the Manufacturing Production Index (MPI) decreasing by 8.8% YoY. This data continues the trend of a 17.7% YoY decline in automobile production and a 12.3% YoY decline in motorcycle production, reflecting the industry's shift towards EVs. This includes the adoption of EV 3.0 and EV 3.5 measures to boost EV production and imports. Despite this, the spare parts market is expanding due to an increase in the registration of vehicles aged five years and older. The automobile spare parts market grew 4.3% YoY, while the motorcycle spare parts market also increased 2.3% YoY, primarily because the prolonged sluggishness of past purchasing power has extended the lifespan of older vehicles. On the other hand, the export value of automobile parts declined 0.5% YoY, particularly with internal combustion engine exports falling 16.0% YoY, a trend consistent with global automakers' strategies to increase EV production. 》Click to view the special report on the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference

[Dazhong Mining: Geological Environment Protection and Land Reclamation Plan for the Tongtianmiao Ore Block in the Jijiaoshan Mining Area of the Lithium Mine Passes Expert Review] Dazhong Mining announced that the "Geological Environment Protection and Land Reclamation Plan for the Tongtianmiao Ore Block in the Jijiaoshan Mining Area, Linwu County, Hunan Province," compiled by its wholly-owned grand subsidiary Chenzhou Chengtai, recently passed the expert review by the Ministry of Natural Resources. (Cailian Press) [Mexico's Auto Parts Industry: US Tariffs Threaten the Operation of North America's Automotive Industry Chain] The Mexican National Auto Parts Industry Association (INA) issued a statement on June 6 local time, stating that the US decision to raise import tariffs on steel and aluminum to 50% may jeopardize the continuous operation of North America's automotive industry chain. The association expressed concern in the statement about the US government's decision to increase import tariffs on steel and aluminum derivatives produced in Mexico from 25% to 50%. According to the association's assessment, this move will affect the competitiveness of Mexico's auto parts industry, disrupt the stability of North America's highly integrated supply chain, and impact automotive production across the region. (Cailian Press) [Ministry of Commerce: Currently, Price Commitment Consultations Between China and the EU on the EV Case Have Entered the Final Stage, but Both Sides Still Need to Make Efforts] A spokesperson for the Ministry of Commerce answered questions from reporters regarding Minister Wang Wentao's talks with Valdis Dombrovskis, the European Commissioner for Trade and Economic Security, during his visit to France. Question: Are there any new developments in the price commitment consultations on the anti-subsidy case for electric vehicles (EVs)? Can you provide the latest information? Answer: Minister Wang Wentao and Commissioner Dombrovskis held professional and in-depth discussions on the EV case, pushing it a significant step forward towards a proper resolution. Currently, price commitment consultations between China and the EU on the EV case have entered the final stage, but both sides still need to make efforts. The EU proposed exploring new technical paths simultaneously, and China will assess the feasibility of the EU's proposal from legal and technical perspectives. Both sides instructed their working teams to intensify efforts to find a mutually acceptable solution that complies with their respective legal provisions and WTO rules, and properly resolve trade disputes. [CAAM: Export Value of Auto Parts Products Reached $8.02 Billion in April, Up 6.3% YoY] According to data compiled by the China Association of Automobile Manufacturers (CAAM) from the General Administration of Customs, in April 2025, the export value of auto parts products reached $8.02 billion, down 3.7% MoM but up 6.3% YoY. From January to April 2025, the cumulative export value of auto parts products reached $31 billion, up 4.8% YoY. (Cailian Press) [China Automobile Dealers Association: New Car Price Wars Continue, Price Reductions May Suppress the Activity of the Used Car Market] The China Automobile Dealers Association and Jingzhengu jointly released the "Research Report on China's Auto Retention Rate for May 2025."The report points out that the supply of used cars has shown signs of weakness, prompting the industry to readjust its growth expectations. The duration of the used car market rally, stimulated by trade-in subsidies, is difficult to predict. When considering prices, the price war for new cars in May and June continues, and price reductions may dampen the activity in the used car market. From a product perspective, after a batch of new car models are launched, older models do not quickly flood the used car market. Instead, the actual used car transactions involve more older vehicles. (Cailian Press) [Changan Auto's Zhu Huarong: Firmly Opposes Vicious Competition Without Moral or Legal Boundaries] Zhu Huarong, Chairman of Changan Auto, stated that the company firmly opposes vicious competition without moral or legal boundaries. Changan Auto promises that, no matter how fierce the competition is, all its brands will adhere to the company's bottom lines and principles, which means unwaveringly ensuring the safety, quality, and long-term sustainable service of its products. The company will never participate in competition by harming the interests of users. Instead, it will adhere to legal compliance in global market competition and persist in enhancing efficiency through measures such as group-wide operations, cost reduction through scale, and the development of common platforms. (Cailian Press) Related Reading: Quotes for cobalt-related products continue to fall, with Co3O4 prices dropping by 7,650 yuan in a single week. Will the decline stop next week? [Weekly Observation] [SMM Analysis] Rio Tinto and Codelco Join Forces to Enter the Lithium Triangle, Investing $900 Million to Develop a World-Class Salt Lake Project [SMM Analysis] Separator Prices Remain Stable [SMM Analysis] Raw Material Costs Drag Prices Down, with Potential for a Rebound During the Policy Window Period The battery and solid-state battery sectors strengthen again, with multiple automakers announcing the latest progress. Lopal shares hit the daily limit for nearly six consecutive trading days. [Hot Stock] [SMM Analysis] Cathode Material Production in May Increased MoM, While Downstream End-Use Demand Growth Remained Sluggish [SMM Analysis] Anode Material Production in May Increased Due to Rising Demand [SMM Analysis] Co3O4 Production in May Increased MoM, with Most Industry Players Adopting a Cautious Wait-and-See Attitude Quotes for cobalt-related products collectively "fall," while cobalt chloride smelters maintain firm quotes. Will prices remain high and volatile in the future? [Weekly Observation] [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part I) [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part II) [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part III) [SMM Analysis] New Breakthrough in Lithium Battery Technology: Can a Single Injection Extend Battery Life? [SMM Analysis] Lithium battery recycling procurement continued to decline in May, potentially becoming the sluggiest of the year [SMM Analysis] In May, the production of ternary cathode material increased by 3.52% MoM [SMM Analysis] In May, the production of ternary cathode precursor decreased by 3.99% MoM Summary of China's LFP Market in May and Outlook for June [SMM Lithium Battery Market Analysis] [SMM Analysis] In May 2025, the total domestic lithium carbonate production of SMM decreased by 2% MoM and increased by 15% YoY [SMM Analysis] In May, the production of lithium hydroxide remained stable and slightly strong on a MoM basis, with the expected flat trend unchanged in June [SMM Analysis] In May, the production of ternary cathode precursor decreased by 3.99% MoM [SMM Analysis] In May, the supply and demand of iron phosphate remained stable, with potential price adjustments in June amid efforts to boost sales volume

[6.9 Lithium Battery News] ►Dazhong Mining: The Geological Environment Protection and Land Reclamation Plan for the Tongtianmiao Ore Block in the Jijiaoshan Mining Area of the Lithium Mine Passed Expert Review ►Mexican Auto Parts Industry: US Tariffs Threaten the Operation of the North American Automotive Industry Chain ►Ministry of Commerce: Currently, the price commitment consultations between China and the EU on the EV case have entered the final stage, but efforts from both sides are still needed ►CAAM: In April, the export value of China's auto parts products reached $8.02 billion, up 6.3% YoY ►China Automobile Dealers Association: The price war for new cars continues, and price reductions may curb the activity of the used car market

The State Council Information Office will hold a press conference at 10:00 a.m. on Tuesday, June 10, 2025. Deputy Secretary General Xiao Weiming of the National Development and Reform Commission (NDRC), along with relevant officials from the Ministry of Education, the Ministry of Civil Affairs, the Ministry of Finance, the Ministry of Human Resources and Social Security, and the National Health Commission, will introduce policies on further safeguarding and improving people's livelihoods, and answer questions from journalists.

SMM, June 7: Metal Market: As of the overnight close, domestic market base metals showed mixed performance. SHFE lead led the gains with a 0.15% increase, SHFE nickel rose by 0.11%, and SHFE tin closed flat at 262,930 yuan/mt. SHFE zinc fell by 0.38%, and alumina dropped by 1.26%. Overseas market base metals collectively declined, with LME aluminum leading the losses with a 1.07% drop. LME tin fell by 0.94%, LME zinc by 0.87%, and LME copper by 0.71%, with the remaining metals experiencing minor fluctuations in their declines. In the ferrous metals series, prices collectively fell overnight. Stainless steel dropped by 0.67%, HRC by 0.68%, rebar and iron ore by over 0.5% (rebar fell by 0.57%, iron ore by 0.56%). In the coking coal and coke sector, coking coal fell by 0.13%, and coke by 1.44%. In the precious metals sector overnight, COMEX gold fell by 1.31% but gained 0.47% on a weekly basis. COMEX silver rose by 0.91%, reaching a high of $36.51/oz during the session, a new high since 2012, and surged 9.39% on a weekly basis. SHFE gold fell by 1.09% but gained 1.42% on a weekly basis. SHFE silver rose by 0.62%, hitting a record high of 8,867 yuan/mt during the session since its listing, and gained 7.64% on a weekly basis. Overnight closing prices as of 7:58 a.m. on June 7 》Click to view SMM Futures Data Dashboard Macro Front Domestic Developments: On the morning of June 6, Premier Li Qiang of the State Council had a scheduled phone call with Canadian Prime Minister Justin Trudeau. Li Qiang pointed out that China-Canada development represents opportunities, not threats, for each other. There are no fundamental conflicts of interest between the two countries; instead, there is a history of traditional friendship and mutual benefit. He hoped that Canada would work with China in the same direction, view China's development objectively and rationally, achieve mutual success, and jointly promote prosperity. China is willing to work with Canada to jointly uphold multilateralism and free trade, and promote the correct development of economic globalization and the multilateral trading system, injecting more stability into world peace and development. Trudeau stated that Canada-China relations have experienced setbacks in the past few years, and Canada is willing to restart the relationship. He looks forward to resuming high-level exchanges and dialogue mechanisms with China in areas such as diplomacy, economy, and trade, and strengthening practical cooperation in trade, agriculture, energy, and environmental protection. The China National Coal Association and the China Coal Transportation and Distribution Association are scheduled to hold the "2025 Summer National Coal Trading Conference" from July 10 to 11. The theme of the conference is "Promoting Efficient Allocation of Resource Elements and Facilitating Dynamic Balance in Coal Supply and Demand." The conference aims to earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, continuously enhance the viability, competitiveness, development capacity, and sustainability of the coal industry chain and supply chain, and maintain stable and healthy economic development and overall social stability. The China Automobile Dealers Association and Jingzhengu jointly released the "Research Report on China's Used Car Price Retention Rate in May 2025." The report points out that the duration of the recent surge in the used car market, driven by trade-in subsidies, is difficult to predict. When considering prices, the price war for new cars in May and June continues, and price reductions may dampen the activity in the used car market. US dollar: The US dollar index rose 0.48% overnight to close at 99.22, while it fell 0.22% on a weekly basis. This is because data showed that US employment growth in May was better than expected, although the growth rate slowed compared to the previous month, suggesting that the US Fed may wait longer before cutting interest rates. Data from the US Department of Labor showed that employers added 139,000 jobs in May, down from 147,000 in April but exceeding the 130,000 increase forecasted in a survey of economists. Following the data release, financial markets bet that the US Fed would wait until September to cut interest rates, with a total of two rate cuts expected in 2025, reducing the likelihood of a third rate cut. Other currencies: The US dollar rose 0.95% against the Japanese yen to 144.87 yen and 0.26% against the Swiss franc to 0.822. After the data release, the US dollar's gains against these two safe-haven currencies widened. The US dollar rose against the yen and the Swiss franc for the second consecutive week but was still down about 8% and about 9% year-to-date, respectively. Immediately after the employment data release, the euro fell further against the US dollar, closing down 0.43% at 1.1395 US dollars in New York. Year-to-date, the euro has still risen about 10% against the US dollar. After European Central Bank President Lagarde's comments that the ECB was approaching the end of its monetary policy easing cycle, the euro briefly touched a six-week high of 1.14950 US dollars against the US dollar on Thursday and is set to post a weekly gain. Data: Next week, global leading indicators for the turning point of the industrial production cycle in May will be released. In China, data such as the year-on-year PPI for May, the year-on-year CPI for May, the trade balance in yuan for May, the year-on-year import and export growth rate for May, the year-on-year M2 money supply growth rate for May, the year-to-date social financing scale for May, and the year-to-date new yuan-denominated loans for May will be released. In the US, data such as the final value of the wholesale inventory monthly growth rate for April, the 1-year inflation expectations of the New York Fed for May, the 3-year inflation expectations of the New York Fed for May, the 1-year gold price increase expectations of the New York Fed for May, the unadjusted year-on-year CPI for May, the unadjusted year-on-year core CPI for May, the unadjusted year-on-year energy CPI for May, the IPSOS Primary Consumer Sentiment Index (PCSI) for the US as of June 7, the initial jobless claims for the week ending June 7, the year-on-year PPI for May, the year-on-year core PPI for May, and the preliminary value of the University of Michigan Consumer Sentiment Index for June will be released. In Japan, data such as the revised quarter-on-quarter growth rate of seasonally adjusted real GDP for Q1, the revised annualized quarter-on-quarter growth rate of seasonally adjusted real GDP for Q1, the revised quarter-on-quarter growth rate of seasonally adjusted nominal GDP for Q1, and the BSI Large Manufacturing Confidence Index for Q2 will be released. In the UK, data such as the ILO unemployment rate for April, the average weekly earnings including bonuses for the three months to April, the month-on-month GDP growth rate for April, the month-on-month industrial output growth rate for April, the year-on-year industrial output growth rate for April, the seasonally adjusted goods trade balance for April, and the seasonally adjusted trade balance for April will be released. In the Eurozone, data such as the Sentix Investor Confidence Index for June, the seasonally adjusted trade balance for April, and the total reserve assets for May will be released. Additionally, data such as the month-on-month growth rate of manufacturing sales for April in Canada, the month-on-month growth rate of new manufacturing orders for April in Canada, the seasonally adjusted consumer confidence index for May in Switzerland, the ANZ consumer confidence index for the week ending June 8 in Australia, and the final value of the year-on-year CPI for May in Germany will also be released. Additionally, on June 12, US President Trump will raise tariffs on imported steel from 25% to 50%. Furthermore, the US Fed released the "Quarterly Report on US Financial Accounts." Crude oil: Oil prices in both markets rose overnight, with US crude oil up 2.21% and posting a weekly gain of 6.55%, while Brent crude oil rose 2% and recorded a weekly increase of 6.16%, both achieving their first weekly gains in three weeks, supported by a positive US employment report and optimistic expectations for the US-China trade outlook. Analysts believe that the US employment report has appropriately increased the likelihood of an interest rate cut by the US Fed, which could stimulate economic growth and oil demand. As news of tariff negotiations emerged, along with data showing how trade uncertainties and US tariff policies are affecting the global economy, the oil market continued to fluctuate. On Saturday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed to increase production by 411,000 barrels per day in July. This is part of a broader strategy by OPEC to regain market share. The organization rejected Saudi Arabia's proposal for a larger production increase. HSBC said in a report, "Based on our estimates, with oil demand rising in the summer and peaking in July-August, matching the growth in OPEC supply, the market appears balanced in Q2/Q3." US energy services company Baker Hughes stated in its closely watched report that the number of oil and natural gas rigs operated by US energy firms fell for the sixth consecutive week this week, the first such six-week decline since September 2023. (Wenhua Comprehensive)

[The automotive industry is witnessing a new round of price wars, this time centered on the highly competitive affordable car market.] Previously, various viewpoints predicted that the price wars would gradually come to an end and return to normal by mid-year or at the latest by the end of this year. However, BYD recently initiated a new round of price wars, prompting multiple companies to follow suit. The focus of this price war is to compete for more of the existing market. BYD took the lead by announcing price reductions for 22 car models on May 23. Both the Ocean Network and the Dynasty Network launched fixed-price promotions, with the lowest price for the former's car models reaching 55,800 yuan. A BYD salesperson stated that BYD's current sales promotions cover almost all car models, with cash discounts ranging from approximately 5,000 yuan to 20,000 yuan. For consumers with trade-in needs, this car purchase is indeed a great deal. The aforementioned price as low as 50,000 yuan actually includes various subsidies. Nevertheless, it still represents a significant discount with broad coverage.

【Spain: New Car Sales Up 7.1% YoY in April】According to data from the Spanish Automobile and Truck Manufacturers Association (ANFAC), new car sales in Spain increased by 7.1% year-over-year in April, reaching 98,522 units, marking the eighth consecutive month of growth. This is particularly noteworthy as Spain's new car sales in April 2024 had already grown by 23.1% year-over-year. In the first four months of this year, Spain's new car sales increased by 12.2% year-over-year, reaching 377,889 units. Spain is the only one among the top five European car markets to achieve positive growth, although it is still 13% lower than the pre-COVID-19 level in 2019.