1、July 15,2025Global Auto DatabookMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Mo

2、rgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated

3、persons of the member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.M O R G A N S T A N L E Y R E S E A R C HGlobal Autos&Shared Mobility TeamNorth AmericaAdam Jonas,CFA1+1(212)-761-1

4、726Daniela M Haigian+1(212)761-6071William Tackett,CFA+1 212 761-6028EuropeJavier Martinez de Olcoz Cerdan2+34 9141-81289Shaqeal A Kirunda+44 20 7425-0736ChinaShelley Wang3+852 3963-0047S.KoreaYoung Suk Shin4+82 2 399-9907IndiaBinay Singh5+852 2239-1901TaiwanTim Hsiao6+852 2848-1982JapanHiroto Segaw

5、a7+81 3 6836 84031Morgan Stanley&Co.Incorporated2Morgan Stanley&Co.International plc+3Morgan Stanley Asia Limited+4Morgan Stanley&Co.International plc,Seoul Branch+5Morgan Stanley India Company Private Limited+6Morgan Stanley Taiwan Limited+7Morgan Stanley MUFG Securities Co.,Ltd.+Sources:Company da

6、ta,Autodata,ACEA,Anfavea,China Auto Market,JADA,JMVA Note all regions have available data for May 2025 as of publication.Note:Europe sales growth is excluding of LCV sales.See our recent reports below:Gradatim Ferociter,Rentals Robo Revolution?(July 09,2025)Factory Mother,Robo Delivery,The Secret,HA