1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 17 to 20.Analyst Certification on page 16.Price Objective Basis/Risk on page 15.12811257 Global Semiconductors Automotive Semiconductor Tracker:Policy in overdrive Industry Overview Shift in regional EV demand away from China The 1st edition of Auto Sem

4、i tracker for 2025 saw a shift in regional demand for EVs away from China towards Europe and the US.This shift was driven predominately by BEVs,whereas PHEVs saw weaker demand globally in January(+24%YoY vs+51%in Dec).Whilst the Jan data is not reflective of recent policy changes,e.g.EU CO2 regulati

5、ons and 25%tariffs on US imports,we believe S&P have already baked in tariff implications into forecasts,in which they see flat LVP unit growth(89.5m)and+20%xEV unit growth YoY in 25E(21.3m).We reiterate our Neutral on STM due to loss of market share in general-purpose MCUs and elevated channel inve

6、ntories.EV demand to accelerate in Europe In January,LVP declined-4%YoY,with declines across Europe(-11%)and NA(-9%)less than offset by growth in China(+2%YoY).January saw acceleration in BEV demand in Europe(+36%YoY vs+3%in Dec)and the US(+24%YoY vs+12%in Dec)vs a slowdown in China(+10%YoY vs+15%in