Core Insights - Ford Motor Company's stock price has remained around $10 since August 2024, despite growth in electric vehicle (EV) sales and a significant moderation in inflation, which is expected to lead to profit upside [1] Group 1: Company Performance - The stock price of Ford has been stable at approximately $10 since August 2024 [1] - The company is experiencing growth in its electric vehicle sales [1] - Moderation in inflation is contributing to potential profit increases for Ford [1]

Market Capitalization Changes - Tesla's market capitalization reached $105.14 billion, with an increase of $1 billion from the previous day, and its stock price is $326.43 [3] - Toyota's market capitalization is $238.97 billion, showing a decrease of $34.67 million, with a stock price of $182.61 [3] - Xiaomi Auto's market capitalization is $177.55 billion, increasing by $10.24 million, with a stock price of $6.88 [3] - BYD's market capitalization is $154.61 billion, decreasing by $26.58 million, with a stock price of $49.52 [3] - Ferrari's market capitalization is $85.96 billion, decreasing by $7.11 million, with a stock price of $482.39 [3] Other Notable Companies - General Motors has a market capitalization of $47.95 billion, increasing by $9.03 million, with a stock price of $49.87 [4] - Ford's market capitalization is $42.39 billion, increasing by $2.4 million, with a stock price of $10.66 [4] - Hyundai's market capitalization is $35.90 billion, increasing by $4.57 million, with a stock price of $22 [4] - Kia's market capitalization is $28.44 billion, increasing by $4.34 million, with a stock price of $71.84 [4] - Nissan's market capitalization is $8.74 billion, decreasing by $0.97 million, with a stock price of $2.50 [5]

Summary of Ford Conference Call - June 11, 2025 Company Overview - **Company**: Ford Motor Company (F) - **Event**: DB Global Auto Conference - **Date**: June 11, 2025 Key Points Industry and Market Position - Ford is positioned as a relative beneficiary amidst significant shifts in U.S. policy affecting the auto industry [9] - Over 80% of vehicles sold in the U.S. are manufactured domestically, providing Ford with a competitive advantage [10][11] - Ford's strategy is a continuation of its commitment to U.S. manufacturing, allowing for flexibility in market competition [12] Growth and Market Share - Ford aims to grow market share profitably, emphasizing the importance of balancing growth with profitability [15] - The "From America, For America" campaign was launched to provide employee pricing to customers, enhancing Ford's market presence [17] - Ford achieved a 14.7% market share in the U.S., a 1.9 percentage point increase year-over-year, with strong performance in its truck portfolio [18][19] - The Bronco family sold around 30,000 units, and the Expedition saw a 45% increase in sales [20] Ford Pro Business - Ford Pro is focused on growing its connected vehicle services and software offerings, which are essential for maintaining competitive advantages [22] - The Pro business has the widest vehicle lineup in the commercial sector, enhancing its market leadership [23] - Ford aims for 20% of profits in Pro to come from parts and services, diversifying revenue streams [26] Cost Management and Warranty Improvements - Ford has made significant progress in reducing costs, with a reported $1 billion year-over-year improvement [31] - The company is focusing on systemic changes to improve warranty costs and overall operational efficiency [28][33] - Mobile service initiatives have resulted in over 1.5 million services performed, enhancing customer satisfaction [27] Tariff Impact and Pricing Strategy - Ford anticipates a $2.5 billion headwind from tariffs but plans to offset this with cost actions [37] - The company is actively analyzing market conditions to adjust pricing strategies effectively [40] - Ford is balancing production, pricing, and competitiveness to ensure profitability [41] Electric Vehicle (EV) Strategy - Ford has been the second-largest automaker in EV sales in the U.S. over the past three years, with the Mach-E and Lightning leading the charge [48] - The company is launching new EV models in Europe, including the Capri and Explorer, which are expected to be more profitable than existing models [49][51] - Ford is focusing on educating customers about the best powertrain options for their needs, including gas, hybrid, and electric vehicles [52] European Market Dynamics - Ford Pro's commercial business in Europe has grown year-over-year, despite a softening overall market [56] - The company is adapting to regulatory compliance and pricing pressures in Europe, with a focus on maintaining a balanced pricing strategy [95][98] China Market Role - Ford views China as an export hub and is leveraging its joint ventures to enhance profitability and market presence [64][66] - The company is learning from the rapid integration of AI and customer experience innovations in the Chinese market [68] Autonomy and Advanced Driver Assistance Systems (ADAS) - Ford is developing its Level 2 and Level 3 autonomy solutions in-house, with a focus on customer trust and integration into commercial applications [74][76] - The company is evaluating partnerships to enhance its autonomy technology and customer value [80][82] Formula 1 Involvement - Ford's entry into Formula 1 is seen as a strategic move to enhance technological know-how and brand exposure [86][90] - The partnership with Red Bull aims to leverage racing technology for improvements in mainstream vehicles [88][89] Additional Insights - Ford is committed to addressing cost challenges while enhancing its product offerings and customer service [62] - The company is focused on long-term sustainability and profitability through strategic capital allocation and market adaptability [51][52]

Core Viewpoint - Multiple well-known companies in the U.S. are implementing price increases in May, indicating a trend of rising costs across various sectors. Group 1: E-commerce and Retail - E-commerce giants Temu and Shein issued nearly identical price increase notifications [1] - Retail giants Walmart and Macy's announced price hikes in May [1] - Toy manufacturer Mattel announced price increases for certain products in the U.S. in early May [1] Group 2: Apparel and Footwear - Nike announced price increases for athletic shoes priced between $100 and $150, with a maximum increase of $5 [1] - Apparel brand Ralph Lauren plans to raise prices more significantly than initially planned to offset tariff impacts [1] Group 3: Technology and Automotive - Microsoft raised the suggested retail prices for its Xbox consoles and controllers globally in early May [1] - Ford increased the prices of three models produced in Mexico, with the highest increase reaching $2,000 [1] - Subaru announced price hikes for several models, effective in June [1] Group 4: Tools and Consumer Goods - Tool manufacturer Stanley Black & Decker raised prices in April and plans to increase them again in the third quarter [1] - Procter & Gamble indicated that it may need to pass price increases onto consumers, with potential price hikes visible as early as July [1]

Group 1 - Toyota leads the automotive market with a value of 2414.31 billion, showing an increase of 17.02% [2] - BYD follows with a value of 1549.88 billion, reflecting a growth of 23.66% [2] - Ferrari has a market value of 866.76 billion, up by 12.98% [2] Group 2 - General Motors is valued at 470.43 billion, with a growth of 9.63% [3] - Ford has a market value of 414 billion, increasing by 10.14% [3] - Honda's value stands at 405.07 billion, with a slight increase of 1.09% [3] Group 3 - Changan Automobile is valued at 155.79 billion, with a minor increase of 0.36% [4] - Nissan has a market value of 87.12 billion, showing an increase of 2.27% [4] - NIO's value is at 79.91 billion, reflecting a growth of 4.4% [4]

Investment Rating - Industry View: In-Line [5] Core Insights - Global electric vehicle (EV) sales increased by 38% year-over-year (y/y) in April 2025, with China leading the growth at 51% y/y [1] - Tesla's global sales decreased by 17% y/y, with a notable decline of 15% y/y in the US market [1][8] - The top battery electric vehicle (BEV) manufacturers globally include BYD, Geely, and GM, while Tesla's market share has dropped significantly [7][27] Summary by Sections Global BEV Sales - Total global BEV sales reached 1,079,716 units in April 2025, marking a 38% increase y/y but a decrease of 11% from the previous month [7] - The leading BEV manufacturers in April 2025 were BYD (181k sales), Geely (101k sales), and GM (96k sales) [7][22] - Tesla's market share in the global BEV market fell to 7.9% in April 2025, down from 12.3% the previous month [7][27] Regional Performance - In the US, BEV sales decreased by 4% y/y to 95,427 units in April 2025, with an EV penetration rate of approximately 6.5% [14] - European BEV sales increased by 30% y/y to 214,288 units, with a penetration rate of around 19.9% [14] - China saw a significant increase in BEV sales, up 51% y/y to 662,541 units, with a penetration rate of about 30.2% [14] Top BEV Models - The top-selling BEV models globally in April 2025 included the Tesla Model Y (57k sales), BYD Seagull/Dolphin Mini (38k sales), and Wuling HongGuang Mini (36k sales) [30] - The total sales of the top 20 BEV models accounted for 41% of the total BEV sales in April 2025 [30] Battery Deployment - Total MWh deployed in April 2025 increased by 32% y/y to 66,771 MWh [11] - The top five cell suppliers deployed a combined 49,858 MWh in April 2025, compared to 38,889 MWh the previous year [11] Market Share Dynamics - Tesla's share of the US BEV market decreased from 46.0% last year to 41.0% in April 2025 [8] - The market share of other manufacturers such as BYD and GM has been increasing, indicating a shift in competitive dynamics within the industry [24][27]

Core Insights - Ford and Toyota are major competitors in the global auto industry, with Toyota holding a significant lead in global sales and market capitalization [1][2] - In the U.S. market, Toyota sold 2.33 million vehicles in 2024, a 3.7% increase, while Ford sold 2.07 million vehicles, up 4.2% year over year [1] - On a global scale, Toyota sold 10.8 million vehicles compared to Ford's 4.5 million, with Toyota's market cap at approximately $250 billion versus Ford's $40 billion [2] Ford's Position - Ford remains a key player in the U.S. auto market, with popular models like the F-Series trucks and a strong presence in the SUV and crossover segments [6] - The company's hybrid strategy is gaining traction as full EV adoption slows, appealing to consumers seeking better fuel efficiency [7] - Financially, Ford exited Q1 2025 with $27 billion in cash and $45 billion in liquidity, allowing for investments in digital innovation and electrification [8] - Ford's dividend yield is approximately 6%, significantly higher than the S&P 500 average, with plans to return 40-50% of free cash flow to shareholders [8] - The Ford Pro business, focused on commercial customers, is expected to drive earnings growth due to strong demand and successful product launches [10] - Challenges include declining sales in traditional gas-powered vehicles, significant losses in the EV division, and potential tariff impacts costing up to $2.5 billion [11][12] - The Zacks Consensus Estimate predicts a 7% decline in sales and a 40% decline in EPS for Ford in 2025 [13] Toyota's Position - Toyota is recognized for its reliability and has exceeded earnings expectations, projecting growth in revenues and vehicle volumes for fiscal 2026 [14] - The company anticipates a 21% decline in operating income due to rising material costs, currency headwinds, and potential tariff impacts [15] - Toyota expects to sell 9.8 million vehicles in fiscal 2026, an increase from 9.36 million in fiscal 2025, with a focus on hybrid and plug-in hybrid sales [16] - The hybrid-first strategy is exemplified by the RAV4, which will be sold exclusively as a hybrid or plug-in hybrid starting in 2026 [17] - Toyota raised its annual dividend to 90 yen per share for fiscal 2025 and plans to increase it to 95 yen for fiscal 2026 [18] - The Zacks Consensus Estimate indicates an 8% growth in sales for Toyota in fiscal 2026, while earnings are expected to decline by 21% [18] Capital Efficiency and Valuation - Toyota has a return on invested capital of 4.8%, significantly higher than Ford's 1.77%, indicating better capital efficiency [19] - On a valuation basis, Toyota trades at a more attractive EV/EBITDA multiple compared to Ford, suggesting a more reasonable stock price relative to earnings [21] Conclusion - Both Ford and Toyota are navigating challenges in the evolving auto industry, with Ford having strong brand recognition and a high dividend yield, while Toyota benefits from global scale and a cautious electrification strategy [23][24] - Toyota's stronger capital discipline and strategic positioning provide it with a slight edge over Ford in the current market landscape [25]

| | 163.96 | +4.56 | 14.4 | | --- | --- | --- | --- | | 长安汽车 | 156.2 | + -2.06 | 1.79 | | 雷诺 | 143.49 | + +1.49 | 49.5 | | 斯巴鲁 | 128.26 | 1 +0.6 | 17.55 | | JAC 江淮汽车 | 119.26 | 1 +2.1 | 5.46 | | 和泰汽车 | 110.77 | + +1.3 | 19.88 | | 广汽集团 | 108.02 | + -0.71 | 1.06 | | ISUZU 五十铃 | 89.69 | + +1.33 | 12.6 | | NISSAN 日产 | 85.29 | -0.07 | 2.44 | | VinFast Auto | 83.5 | +3.51 | 3.57 | | ID | Leapmotor C 81.74 | ↑ +0.07 | | | ● 尉米汽车 | 78.86 | + -0.66 | 3.6 | | FC) 福特奥托生 | 78.24 | + -0.35 | 2.23 | | 1 - 1 - 路西德汽车 | 68. ...

金十图示：2025年06月09日（周一）全球汽车制造商市值变化 | | | 市值(亿美元) 较昨日变化(亿美元) | 股价(美元) | | --- | --- | --- | --- | | 特斯拉 | 9506.34 | + +336.53 | 295.14 | | (4) 丰田汽车 | 2412.87 | 1 +9.61 | 185.14 | | והו 小米汽车 | 1772.51 | + -19.9 | 6.84 | | 比亚迪 | 1500.16 | + -37.2 | 48.89 | | P 法拉利 | 860.03 | ↑ +4.02 | 482.61 | | 梅赛德斯奔驰 | 564.76 | + -2.33 | 58.65 | | 宝马汽车 | 542.21 | + -2.12 | 87.58 | | 入） 大众汽车 | 529.97 | + -9.28 | 104.67 | | --- | --- | --- | --- | | MS 玛鲁蒂铃木 | 456.9 | 1 +12.36 2 | 145.32 | | 通用汽车 gm | 456.39 | + +3.58 | 47.47 | | ...

Group 1 - The article discusses the analysis of oil and gas companies, specifically highlighting Baytex Energy and the search for undervalued companies in the sector [1] - The analysis includes a breakdown of essential factors such as balance sheets, competitive positions, and development prospects of these companies [1] - The author emphasizes the cyclical nature of the oil and gas industry, indicating that it requires patience and experience to navigate effectively [2] Group 2 - The author has a beneficial long position in the shares of Baytex Energy, indicating a personal investment interest in the company [3] - The article is presented as an independent analysis, with no compensation received from the companies mentioned, aside from the platform hosting the article [3] - The content is aimed at providing insights to members of the Oil & Gas Value Research service, who receive exclusive analysis not available to the general public [1]