Core Viewpoint - Major automakers, including General Motors, Tesla, Toyota Motor, and Ford, are advocating for the extension of a North American free trade deal, which they consider essential for American auto production [1] Group 1 - The automakers emphasize the importance of the trade deal for maintaining and enhancing their production capabilities in North America [1] - The request for the extension reflects the industry's reliance on a stable trade environment to support manufacturing and supply chains [1] - The involvement of multiple major players indicates a collective concern within the automotive industry regarding trade policies and their impact on production [1]

Core Insights - Ford's commercial arm, Ford Pro, is becoming the company's primary growth driver, with Q3 2025 EBIT increasing by 9.4% year-over-year to $2 billion on revenues of $17.4 billion, which is up 9% [1][8] - Ford Pro's EBIT margins exceeded 11% in the last reported quarter, making it the most profitable segment of Ford [1][8] - The segment's EBITDA margin for the first nine months of 2025 was 10.6%, with wholesale volumes and revenues increasing by 3% and 1%, respectively [1] Business Model and Services - Ford Pro integrates vehicle sales, services, and software into a cohesive ecosystem tailored for commercial clients, featuring models like the F-150, Super Duty, and Transit [2] - The service infrastructure and digital integration are key differentiators, with the dealer network expanding by adding 1,700 service bays and 500 mobile vans, establishing Ford as the largest mobile service fleet in the U.S. [3] Software and Recurring Revenue - Software is identified as a significant area for profitability, with paid software subscriptions rising by 8% sequentially to 818,000 in Q3, enhancing high-margin recurring revenues [4] - Fleets utilizing Ford's software experience a 20-point higher service parts capture rate, indicating improved customer retention and parts sales [4] Competitive Landscape - Competition in the commercial fleet sector is intensifying, with General Motors ramping up its GM Envolve platform and Stellantis developing its connected fleet software under the Mobilisights unit [6] Stock Performance and Valuation - Ford shares have increased by 22.8% over the past year, underperforming compared to General Motors' 27% rise and Stellantis' 26% decline [7] - Ford trades at a forward price-to-sales ratio of 0.32, below the industry average, and holds a Value Score of A [10]

Core Viewpoint - The end of the federal electric vehicle (EV) tax credit, which provided up to $7,500, has led to a significant drop in EV sales in October, prompting manufacturers to adjust production plans and express concerns about future demand [1][5][6]. Sales Performance - Ford reported a 25% year-over-year decline in October EV sales, with specific models like the Mustang Mach-E and F-150 Lightning seeing drops of 12% and 17% respectively [3]. - Kia and Hyundai experienced even steeper declines, with sales falling between 52% and 71% year-over-year, and Hyundai's Ioniq 5 and Ioniq 9 models seeing month-over-month drops of 80% and 71% [3]. - Prior to the subsidy expiration, there was a surge in EV sales, with third-quarter sales reaching a record high of 438,487 units, a 40.7% increase from the previous quarter [6]. Market Dynamics - The expiration of the tax credit is expected to lead to a "cooling period" in the EV market, with analysts predicting a drop in market share from 10%-12% in September to around 5% [6][7]. - The market is shifting from being driven by subsidies to being influenced by genuine consumer interest in EVs [3]. Rental Market Impact - The end of the subsidy has also affected the rental market, with companies raising leasing prices for all models, such as Tesla's Model Y, which saw monthly lease rates increase from $529 to approximately $599 [4]. Production Adjustments - In response to anticipated sales declines, companies like General Motors are implementing production cuts and temporary layoffs, affecting around 360 employees at their Factory Zero [9]. - The U.S. government has also reduced incentives for EV production and weakened regulatory frameworks, which may hinder the transition to electric vehicles [8]. Competitive Landscape - The changes in policy and market dynamics may put U.S. automakers at a disadvantage compared to international competitors, particularly in light of new regulations regarding battery components and critical minerals [9]. - Analysts express concern that the lack of government support could severely impact the ability of U.S. manufacturers to compete with China's EV industry [10].

Core Insights - Ford experienced a modest sales increase of 1.6% year over year in October, with total sales reaching 175,584 units, primarily driven by strong demand for gasoline-powered vehicles [1][11] - However, there is a significant divergence between Ford's traditional business and its electric vehicle (EV) ambitions, as EV sales sharply declined following the expiration of federal tax incentives [2][12] Sales Performance - Year-to-date, Ford's U.S. deliveries have increased by 6.6% to 1.83 million vehicles [1] - In October, Ford's EV sales fell nearly 25% year over year to 4,709 units, with the Mustang Mach-E and F-150 Lightning also experiencing declines [4][11] - The company sold 74,309 EVs year to date, reflecting a modest increase of 0.5% from the previous year [3] Impact of Federal Incentives - The expiration of the $7,500 federal EV tax credit at the end of September led to a significant drop in EV sales, highlighting the dependency on such incentives [3][5] - Leasing accounted for 71% of financed EV purchases in September but dropped to 60% in October, coinciding with a rise in average transaction prices from $60,167 to $65,021 [5] Gasoline Vehicle Sales - While EV sales declined, Ford's gasoline vehicle sales rose, with truck sales increasing by 4.9% in October to 105,771 units [7][11] - Notable gains were seen in models such as the Bronco (up 14.4%), Ranger (up 48%), and gas-powered Mustang (up 43%) [8] Hybrid and Luxury Vehicle Sales - Hybrid sales softened by 4% to 17,498 units in October, but were up nearly 20% year to date [9] - Ford's luxury brand Lincoln faced challenges, with overall sales down 13.4% to 8,100 units, despite a 37.6% increase in Navigator deliveries [9] Future Outlook - Ford's ability to balance its profitable legacy business with its emerging EV segment will be crucial, especially in a challenging environment without federal incentives [12][13] - The company must focus on recalibrating production, managing costs, and reigniting demand to sustain growth in the EV market [13]

Domestic News - The National Health Commission and five other departments have launched a one-year special campaign to rectify illegal "ambulance" vehicles, focusing on both registered and unregistered vehicles providing emergency medical services [2] - Guangdong Province will implement a consumption season activity from November 2025 to March 2026, offering one-time subsidies for personal consumers purchasing new energy vehicles and compliant fuel vehicles [3] - Jiangsu Province has approved the construction plan for an innovation center focused on power and control systems for new energy commercial vehicles, led by Xuzhou Xugong Automobile Manufacturing Co., Ltd. [4] - China's robot industry revenue increased by 29.5% year-on-year in the first three quarters, with industrial robot production reaching 595,000 units and service robot production reaching 13.5 million sets [5] International News - Toyota is recalling 99,178 vehicles in Canada due to software issues affecting rearview camera displays, with free software updates provided to affected customers [6] - Hyundai plans to establish a clean mobility hub in Malaysia, with government support for hydrogen production projects [7] - Tesla has completed the design review of its AI 5 chip, with future AI chips AI6, AI7, and AI8 in the pipeline [8][9] Corporate News - Zhu Huarong has resigned as chairman of Changan Ford, with Zhao Fei taking over the position [10] - WM Motor announced an upcoming new car launch event, indicating positive developments despite ongoing challenges in after-sales service [11] - The autonomous delivery service "Luo Bo Kuaipao" reported over 250,000 weekly orders, all of which are fully autonomous, with total global orders exceeding 17 million [12] - Huitian Aerospace Technology has successfully produced its first "land aircraft carrier" flying vehicle, marking a milestone in the mass production of flying cars [13] - Hesai Technology and Guanghetong have launched a collaborative solution for robot lidar, focusing on key functionalities for intelligent robots [14] - Weinan Battery Asset Co., Ltd. has completed a C-round financing of 670 million yuan, with funds allocated for battery asset operations and technology development [15]

Core Viewpoint - Hyundai and Kia experienced a decline in sales for certain electric vehicle (EV) models in October, following a surge in demand during September [1] Group 1 - Hyundai and Kia reported a drop in sales for specific EV models in October [1] - The sales decline in October comes after a significant increase in demand for these models in September [1]

Core Insights - Sales of all-electric vehicles (EVs) experienced a significant decline in October following the expiration of federal incentives of up to $7,500, leading to a pullback in consumer purchases [1][2] Group 1: Sales Performance - Ford reported a 25% year-over-year decline in all-electric vehicle sales for October, with specific drops of 12% for the Mustang Mach-E and 17% for the F-150 Lightning [2] - Kia and Hyundai's top EV models saw sales declines ranging from 52% to 71% compared to the previous year, indicating a sharp downturn in demand [2] - Hyundai's Ioniq 5 and Ioniq 9 EVs experienced drastic month-to-month sales drops of 80% and 71% respectively from September to October [3] Group 2: Market Outlook - Despite the current disruption in the EV market due to the expiration of federal tax credits, Hyundai Motor North America expressed confidence that the market will reset and demand will return [3]

Core Insights - Ford's U.S. market sales in October 2025 increased by 1.6% year-on-year, reaching 175,584 units, driven primarily by rising demand for pickup trucks despite a significant decline in electric vehicle (EV) sales [1] - The cancellation of the $7,500 federal tax credit for EVs by the Trump administration has led to a notable drop in EV sales, with Ford's EV models experiencing a nearly 25% year-on-year decrease in October, totaling 4,709 units [1] - Traditional fuel-powered pickups, particularly the Ranger and Maverick models, have supported growth, with Ford's pickup sales rising nearly 5% year-on-year to 105,771 units [1] - In response to the slowing EV market, Ford, General Motors, and Stellantis have shifted their focus back to more profitable fuel models, scaling back aggressive EV expansion plans [1] Industry Context - The U.S. EV market is expected to face short-term pressures due to the withdrawal of subsidies, high battery raw material costs, and consumer concerns regarding range and charging convenience [2] - A "hybrid + fuel" strategy may become the mainstream transitional path for automakers in the coming quarters [2] Stock Performance - As of the report, Ford's stock fell over 1.6%, trading at $12.9 [3]

Core Insights - Ford reported a 1.6% increase in U.S. sales for October, driven by higher demand for pickup trucks, which compensated for a decline in electric vehicle sales [1] Sales Performance - U.S. sales increased by 1.6% in October [1] - The rise in sales was primarily attributed to increased demand for pickup trucks [1] - Electric vehicle volumes experienced a decline during the same period [1]

getting some October sales from the automakers. Let's get to Ford and Phil. Morning, Phil. >> Good morning, Carl.For the month of October, and remember, this is the first month without the government $7,500 electric vehicle incentive. So, we'll talk about EVs in a bit, but overall, Ford sales up 1.6%. ICE vehicles, internal combustion engine vehicles, those sales were up 3.4% compared with October of last year.Here's the big falloff. EV sales down 24.8%. 8%.That is not a surprise. That will not move markets ...