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BMW (A2/A): Still Leading in EV

CONSUMER CYCLICALS

• Despite already leading in EV% of sales (15% vs 8% at MBGGR and VW, approximately) BMW continues to outperform in this segment.

• Company forecasts imply the EV share gap will widen further in 2024.

• Impressive in a market where EV growth is stepping down but presents margin risks with competition intense there.

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