[营销星球]瑞银-中国电动汽车：突然刹车？-2019.10.14-45页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE40.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch14October2019GlobalAutoSectorChinaelectriccars:brakingsuddenly?Near-termgrowthbottleneckAfterover80%salesvolumegrowthin2018and60%inH119,weexpectH219Chinaelectriccargrowthtoslowtoaroundzero.Asubsidycutofover60%sincelateJuneisakeyreason,butover-relianceonlicenceplaterestrictionsandfleetpurchasesarealsodragsonnear-termgrowth.Aftertracingseveralmillioncompulsoryinsuranceregistrationentrydata,weestimateover40%o