EBRO MOTORS GROUP EV SA (von NuWays AG): BUY 13.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: EBRO MOTORS GROUP EV SA - from NuWays AG



13.10.2026 / 09:00 CET/CEST
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Classification of NuWays AG to EBRO MOTORS GROUP EV SA



     Company Name:                EBRO MOTORS GROUP EV SA
     ISIN:                        ES0105725008



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 14.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Jorge Gonzalez



EU hybrid import quota could accelerate Chery contribution



New details on the EU-China hybrid vehicle agreement could materially
strengthen EBRO's investment case. Following Friday's announcement of an
agreement to restrict Chinese hybrid vehicle exports to the EU, The Guardian
now reports that Brussels plans to introduce an annual quota of 350k
China-built hybrids from December 2026. Crucially, EU-assembled vehicles
would reportedly be exempt, potentially increasing the strategic value of
EBRO's Barcelona factory for Chery.



  * A significant restriction on Chinese hybrid imports. The EU reportedly
    intends to use WTO safeguard measures to impose an initial annual quota
    of 350k HEV/PHEV vehicles for four years, with the cap increasing by 6%
    annually. This represents c. 45% of the annualised 8M26 EU registrations
    of BYD, SAIC, Chery and Leapmotor (c. 780k vehicles), excluding EBRO and
    Volvo. While this comparison covers all powertrains, the Commission
    reportedly expects c. 800k China-built hybrid imports in 2026, implying
    a reduction of more than 50% against the current run-rate.



  * Barcelona's strategic relevance could increase substantially. According
    to The Guardian, vehicles assembled within the EU, including those
    expected from BYD's Hungarian operations and future production in Spain,
    would be exempt from the quota. If confirmed, this could materially
    strengthen Chery's incentive to allocate additional production to EBRO
    Factory. With an estimated annual capacity of c. 130k vehicles across
    its existing lines at three shifts, Barcelona offers substantial
    headroom relative to the c. 32k EBRO-branded vehicles expected to be
    produced in 2026 (eNuW).



  * Potential for significantly higher Chery volumes, albeit with execution
    constraints. Our estimates currently assume Chery assembly volumes
    rising from c. 6k initially to c. 40k at medium-term maturity,
    equivalent to only c. 23% of Chery's annualised 8M26 EU registrations. A
    more restrictive import environment could support substantially higher
    allocations and stronger fixed-cost absorption. However, both Chery and
    EBRO Factory would require time to adapt production, supply chains and
    manufacturing processes, while the final quota terms, applicable
    exemptions and Chery's allocation decisions remain unconfirmed.



Our valuation sensitivity highlights substantial upside from higher Chery
production volumes. For instance, the assembly of more than 70k Chery
vehicles annually could already support a valuation of over EUR 17 per share.
While we consider it premature to incorporate additional volumes into our
forecasts until the reported regulatory details are officially confirmed,
the latest developments reinforce the investment case outlined in our
initiation report published yesterday (link here). EBRO combines the
heritage of a historic Spanish automotive brand and an established
manufacturing base in Barcelona with Chery's technology and procurement
scale. Strong initial commercial traction, reflected in a c. 2.2% market
share in Spain in only its second year, provides a solid foundation for
further growth through portfolio expansion, access to corporate fleets and
internationalisation. Meanwhile, additional Chery assembly volumes offer
substantial potential to improve plant utilisation, fixed-cost absorption
and profitability. We therefore maintain our estimates, BUY recommendation
and EUR 14.50 PT, with further scenario analysis on the following page.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=380e47ebceba51d52267eeef07c13eb2
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2414514 13.10.2026 CET/CEST