L&F completes LFP subsidiary L&F Plus plant

On May 20, data from South Korea's Ministry of Trade, Industry and Energy showed that total automobile exports in April reached $6.17 billion, down 5.5% compared to the same period last year. Among them, exports to North America, Latin America, and Oceania were up 2.4%, 23.7%, and 20.1% YoY respectively, but due to the ongoing war between the US and Iran, exports to the Middle East plunged 38.7%; exports to the EU and Asia declined 13.1% and 31.7% respectively. The data also showed that due to disruptions in some auto parts supply chains and consumers waiting for new and facelifted versions of major car models to launch, China's automobile production fell 6.1% YoY to 362,000 units.

On May 20, Cui Dongshu, Secretary General of the CPCA (China Passenger Car Association), stated that looking ahead, as automakers ramp up sales promotions and the volume push window opens in late May, retail sales are expected to rebound again, with the monthly YoY decline likely narrowing compared to the first ten days of the month. Meanwhile, the market divergence trend will continue, with new energy vehicles and low-priced entry-level car models still expected to outperform traditional internal combustion engine vehicles and mid-to-high-end joint venture brands.

According to the *Global EV Outlook 2026* report released by the International Energy Agency on the 20th, amid the energy crisis, governments and consumers around the world are accelerating the shift toward EVs. Global EV sales are expected to reach 23 million units in 2026, accounting for nearly 30% of global new car sales. The report showed that global EV sales grew 20% YoY in 2025, surpassing 20 million units for the first time and accounting for a quarter of global new car sales.