Today, I’d like to share my research framework and investment roadmap for the electric vehicle (EV) industry in Europe and the United States. Over the past two years, this sector has been widely discussed in markets, yet many investors still focus on surface-level indicators such as penetration rates and delivery growth. In reality, the Western EV industry is standing at the threshold of a structural inflection point. Without a clear grasp of the underlying industrial rhythm, it’s easy to get distracted by short-term news flow and miss the real medium-term beta opportunities. 1. Two Models, Two Timelines China’s EV boom followed a “subsidy-led demand → supply chain catch-up” model. Europe and the U.S. are taking a different route — a “policy certainty → supply chain build-out → consumer ad

1. Macro Drivers Tariff Overhang – Trump announced new tariffs, set to take effect in October, covering drugs, heavy trucks and furniture. Healthcare and biotech names were hit hardest. Cooling Rate-Cut Hopes – Stronger-than-expected durable goods and labor data trimmed expectations for a year-end Fed cut. Key Data Ahead – Core PCE inflation prints later today; markets are bracing for a directional catalyst. 2. Market Performance Indices – S&P 500 opened down about 0.5%, Nasdaq lower by 0.4%, both trading in a choppy, risk-off tone. Sector Moves – Healthcare/Biotech: leading laggards on tariff headlines Tech/Semiconductors: valuation pressure rising as yields stay firm Utilities/Energy/Infrastructure: relative resilience, attracting defensive flows 3. Stock Highlights NVIDIA (NVDA) – R