Auto Sales: Strong End to '24, Smooth Drive in '25? Domestic light vehicle sales for the month of December came in at a better than expected 16.8mm per the Bureau of Economic Analysis (BEA), a healthy outperformance versus the 16.5mm Bloomberg compiled median consensus estimate. December's SAAR showed mid-single digit y/y growth (+6%) and a sequential increase from the strong November print (see Table 1Decmbr 204Auto Salesumry Dashbord). The December auto sales print caps off 2024 at an average 15.8mm domes ...

J P M O R G A N Europe Equity Research 06 January 2025 Automotive sector Looking back at 2024 and forward to 2025 : key topics to start the year The decline in FCF across EU OEMs from >€35bn to ~€5bn between FY23 and FY24 suggests the whole sector is going through an unprecedented crisis. However we need to bear in mind, the FCF decline can be largely attributed to BMW's brake recall and STLA's inventory situation in NA. Both elements will be reversed in FY25 leading the sector to generate >€20bn in FY25. T ...

Summary of the Conference Call Industry Overview - The conference call primarily focused on the **China Autos** industry, particularly the performance of **New Energy Vehicles (NEVs)** and **Internal Combustion Engine Vehicles (ICEVs)** in the market [2][5][11]. Key Points and Arguments 1. **Wholesale and Retail Performance**: - In the first eleven months of 2024, wholesale vehicle volume increased to **24,432K units**, a **5% year-over-year (YoY)** growth from **23,220K units** in 2023 [11][12]. - NEV wholesale volume surged to **10,764K units**, marking a **37% YoY** increase, while ICEV wholesale volume dropped to **13,669K units**, reflecting an **11% YoY** decline [11][12]. - Retail sales also saw a **5% YoY** increase, reaching **20,253K units**, with NEVs accounting for **9,601K units** (up **41% YoY**) and ICEVs at **10,652K units** (down **15% YoY**) [11][12]. 2. **Export Trends**: - Exports rose to **4,515K units**, a **23% YoY** increase, with NEV exports at **1,099K units** (up **9% YoY**) and ICEV exports at **3,416K units** (up **29% YoY**) [11][12]. 3. **NEV Market Penetration**: - NEV penetration in wholesale reached **48%** in November 2024, indicating a strong market shift towards electric vehicles [13]. 4. **Retail Pricing Dynamics**: - Retail discounts and price cuts remained significant but stabilized in November, with steep discounts observed across various vehicle categories [15]. 5. **Battery Cell Pricing**: - Battery cell prices have stabilized in recent months, which could impact the cost structure of NEVs moving forward [17]. 6. **Channel Inventory Levels**: - Dealer inventory levels remained below seasonal averages in November, suggesting a tighter supply situation in the market [19]. Additional Important Insights - The performance of plug-in hybrids (including extended range electric vehicles) outperformed battery electric vehicles, indicating a consumer preference shift within the NEV segment [11][12]. - The data suggests a robust growth trajectory for NEVs, driven by both domestic demand and export opportunities, while ICEVs face declining sales trends [11][12][13]. This summary encapsulates the critical insights from the conference call, highlighting the evolving landscape of the China Autos industry, particularly in the context of NEVs and market dynamics.

shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 19 Dec 2024 05:35:44 ET │ 10 pages Weekly Battery Updates (up to 15 Dec) 更多一手调研纪要和研报数据加V： Dec-24E NEV+ESS Battery Forecasts: We estimate full sector NEV+ESS battery production at 116.6GWh in Dec-24E (-1% MoM) and 1,082GWh in FY24E (+39% YoY); Dec/FY24E ESS domestic shipments at 20.9GWh (-0.2% MoM) and 198.2GWh (+108% YoY); Dec/FY24E domestic NEV-PV battery installation at 62.4GWh (+6% MoM) and 480.7GWh (+36% YoY), factoring Dec-24E NEV-PV re ...

North America Equity Research 16 December 2024 J P M O R G A N Autos Valuation Comp Sheet Priced as of December 13, 2024 Autos & Auto Parts Ryan Brinkman AC (1-212) 622-6581 ryan.j.brinkman@jpmorgan.com Rajat Gupta AC (1-212) 622-6382 rajat.gupta@jpmorgan.com Jash Patwa AC (1-212) 622-5472 jash.patwa@jpmchase.com J.P. Morgan Securities LLC nml Table Of Contents In this note, we include the latest comp sheet and valuation metrics for global automotive OEMs (page 3), auto parts suppliers (page 5), auto auctio ...

Summary of the Conference Call Industry Overview - **Industry Focus**: Autos and Auto Parts in Japan [2][12] - **Key Trends**: - Slowdown in auto demand and rise of Chinese OEM Battery Electric Vehicles (BEVs) [2][12] - Increasing US incentives for electric vehicles [2][12] - Stricter environmental regulations in Europe and the US [2][12] - Risks associated with US import tariffs [2][12] Autos Industry Insights - **Demand Trends**: - Flattish demand in the US Replacement (REP) market for tires [2][12] - Recovery delays in Japanese Original Equipment Manufacturer (J-OEM) production [2][12] - Growth potential for Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) [2][12] - **Business Opportunities**: - Potential growth in motorcycle and non-auto segments [2][12] Tires Industry Insights - **Market Dynamics**: - Demand remains flat in the US REP market [2][12] - Rising prices of natural rubber impacting costs [2][12] - Strengthening alliances within the industry [2][12] Regulatory Environment - **Environmental Regulations**: - Europe has set a CO2 emissions target of 93.6g/km by 2025, with fines for non-compliance [23][44] - The US is moving towards 100% Zero Emission Vehicles (ZEV) by 2035, with regulations being implemented in multiple states [23][44] Financial Advisory Activities - **Advisory Roles**: - Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. is acting as a financial advisor for Toyota Boshoku Corporation regarding a capital investment from AUNDE Achter & Ebels GmbH [6][7] - The firm is also advising Mitsubishi Electric Corporation on establishing a joint venture with Aisin Corporation [7][8] Earnings and Cost Trends - **Cost Increase Factors**: - Anticipated increases in incentives, labor costs, and supplier costs for fiscal years 2025 and 2026 [31][34] - Investments in BEV and battery technology, as well as software and environmental measures, are expected to drive costs higher [31][34] Currency Sensitivity - **Forex Impact**: - Significant sensitivity to currency fluctuations, particularly the JPY/USD exchange rate, which can impact operating profit [40][44] Company-Specific Insights - **Toyota**: - Contribution from the value chain has risen to 40% [44] - Next-generation BEV launch may be delayed from 2026 to 2027 [44] - **Honda**: - Solid market conditions, but uncertainties regarding North American BEV expansion [47][44] - **Nissan**: - Weak sales of core models, particularly the Rogue, indicating potential need for model consolidation [50][58] Conclusion - The autos industry is facing a complex landscape characterized by regulatory pressures, shifting consumer preferences towards electric vehicles, and rising costs. Companies must navigate these challenges while seeking growth opportunities in emerging segments and strengthening alliances.

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： Daniel Roeska +1 917 344 8577 daniel.roeska@bernsteinsg.com shuinu9870 更多一手调研纪要和研报数据加V： First Published: 26 Nov 2024 13:27 UTC Completion Date: 26 Nov 2024 13:27 UTC Global Autos Global Autos: Tariffs on Mexican and Canadian imports to the US? Keep calm and carry on! shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： Stephen Reitman +44 20 7762 5535 stephen.reitman@bernsteinsg.com ...

Jefferies ASIA-PACIFIC | Autos & Auto Parts Equity Research November 19, 2024 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

M Update Autos & Shared Mobility | North America November 18, 2024 04:42 PM GMT Autos & Shared Mobility North America Industry View In-Line Thoughts on Potential US EV Tax Credit Removal: ICE > EV (But It May Not Be That Easy) Potential US EV tax credit cuts may shrink the EV pie short term (significant majority of current US EV sales benefit from consumer credits, per MSe), extend the 'ICE is Nice' trade medium term, and solidify Tesla's relative cost dominance longer term. Numerous media sources have repo ...

15 November 2024 | 11:54PM HKT China Software: Desay SV/ Venustech/ iSoftstone: Automotive software outperform, while limited visibility on security IT spending In this report, we review 3Q earnings and preview 4Q of China Software names Desay SV/ Venustech/ iSoftstone. Overall, we see solid spending on automotive software for AD/ ADAS spec upgrade, while weak security spending amid the challenging macro. Desay SV 3Q OP beat on larger business scale (rev +27% YoY), and we expect 4Q24 strong growth at 38% Yo ...