Market Performance - Taiwan's new vehicle market remained stable at 35,073 units in January 2026, slightly up from 35,064 units in January 2025, despite having more working days this January due to the Lunar New Year holidays [1] - Compared to December 2025, when vehicle sales increased by 14% to 47,303 units, January's sales saw a significant decline of almost 26% [1] Vehicle Sales Breakdown - Sales of imported vehicles fell by 12% year-on-year to 14,561 units in January, attributed to shipment delays after a surge in deliveries at the end of the previous year [3] - In contrast, sales of domestically produced vehicles rose by 11% to 20,512 units, driven by popular models like the Honda HRV [3] - Sales of battery electric vehicles (BEVs) dropped sharply by 50% to 1,107 units, primarily due to the absence of Tesla deliveries, with Toyota's bZ4X leading the segment [3] Brand Performance - Toyota, the market leader, reported a 9% decline in sales to 11,614 units, while its luxury division Lexus saw a 12% drop to 3,173 units [4] - Honda experienced a significant increase of 90% in sales to 2,583 units, while Ford's sales surged by 115% to 1,761 units [4] - Other brands like Hyundai and CMC also saw positive growth, with Hyundai up by 33% to 1,645 units and CMC up by 6% to 2,216 units, whereas Mercedes-Benz faced a 49% decline [4] Market Forecast - GlobalData projects that the Taiwanese light vehicle market will grow by nearly 10% to 429,000 units in 2026, following a 10% decline to 390,000 units in 2025, driven by ongoing government incentives [5] - The market is expected to grow more moderately in 2027, with a forecasted increase of 3.1% to 443,000 units [5]

Summary of Key Points from the Conference Call Industry Overview - The automotive sector is undergoing significant transformation with advancements in electrification, automation, and informatization, potentially leading to a revolution in transportation similar to the introduction of the moving assembly line by Ford over a century ago [2][10] Autonomous Driving and Robotaxi Trends - The shift from rule-based systems to end-to-end (E2E) architectures and variable large architectures (VLA) is evident, with many companies pursuing hybrid designs that combine safety mechanisms with AI models [3] - Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) penetration is expected to rise significantly, with L2+ systems projected to reach approximately 34% penetration by 2035, up from 12% in 2025 [5] - The global robotaxi market is anticipated to grow to USD 67.3 billion by 2030, with China being the most scalable market due to supportive policies and deployment momentum [6] Key Players and Strategies - Major automakers are adopting diverse strategies for autonomous driving: - **Toyota** is pursuing a multi-pathway strategy, combining in-house development with partnerships [10] - **Honda** is focusing on developing its own E2E system while collaborating with Helm.ai [10] - **Nissan** is leveraging Wayve's E2E technology [10] - In China, companies like **Pony.ai**, **WeRide**, and **Apollo Go** are leading the robotaxi deployment, with significant partnerships enhancing their capabilities [45] Investment Implications - Japanese automakers are expected to launch software-defined vehicles (SDVs) starting with Toyota's RAV4 in 2025, followed by Honda's 0 Series and Sony Honda Mobility's AFEELA in 2026 [10] - The transition to SDVs presents both opportunities and risks for traditional auto parts suppliers, as automakers increasingly assert control over software layers, potentially eroding supplier revenues [11] - The Japanese government has set a target for 30% SDV penetration by 2030-2035, which may accelerate strategic initiatives across the sector [12] Market Ratings - **Outperform Ratings**: Toyota, Suzuki, BYD, Xiaomi, Li Auto, Grab, BMW, Ferrari, Renault, Aston Martin, Hesai, Tuopu - **Market-Perform Ratings**: Honda, Denso, XPeng, NIO, Volkswagen, Mercedes, Stellantis, Volvo Cars, Continental - **Underperform Ratings**: Nissan, Mazda, Subaru, Black Sesame, Daimler Truck [12][15][17][26] Additional Insights - The integration of advanced technologies in the automotive sector is leading to a shift in competitive dynamics, with traditional OEMs partnering with tech companies to enhance their offerings [14] - The development of autonomous driving capabilities is closely linked to the operational design domain (ODD), which defines the conditions under which autonomous vehicles can operate [41][42] - The future of tyre technology is also evolving, with tyres expected to function as sensors that communicate data to vehicles, enhancing predictive maintenance and driving performance [18]

MATT: WE HAVE A NEW FED CHAIR. 30 MINUTES UNTIL THE START OF THE TRADE. I MATT MILLER.DANI BURGER IS OFF RIGHT NOW. "BLOOMBERG OPEN INTEREST" STARTS RIGHT. ♪ COMING UP, HE IS THE CHOSEN ONE.PRESIDENT TRUMP TAPS KEVIN WARSH TO LEAD THE FED, CHOICE VIEWED AS MORE HAWKISH THAN OTHER CONTENDERS. A BUSY WEEK FOR EARNINGS SEASON WRAPS UP WITH A BULLISH FORECAST FROM APPLE AND STRONG RESULTS FROM BIG OIL. METALS MANIA.GOLD AND SILVER SUFFERED THEIR BIGGEST SLIDE IN YEARS AS WILD SWINGS ROCK THE COMMODITIES MARKET. ...

Core Viewpoint - The resurgence of international stocks, particularly in Europe, is enhancing the appeal of the ALPS O'Shares International Developed Quality Dividend ETF (OEFA) as a viable investment option for equity income investors, especially given the growth in dividend payouts from European companies [1]. Group 1: ETF Performance and Structure - The OEFA ETF has increased by 3% this year, continuing the bullish trend from the previous year [1]. - OEFA offers a trailing 12-month yield of 1.95%, indicating potential for future payout growth, aligning with its structure as a quality dividend growth fund [1]. - The ETF provides comparable geographic exposure to traditional MSCI EAFE-tracking ETFs, with a significant allocation to Europe, which is crucial for dividend growth [1]. Group 2: European Dividend Growth - Major European companies raised their dividends by an average of 6.2% last year, with financial services and utilities sectors showing the highest returns [1]. - OEFA allocates over 14% of its portfolio to financial services and utilities, sectors that are pivotal for dividend growth [1]. - The ETF has a nearly 15% weight in French stocks, highlighting France as a strong destination for dividend growth within the Eurozone [1]. Group 3: Exclusion of Dividend Offenders - OEFA benefits from excluding "dividend offenders," such as certain German automobile manufacturers that have reduced their dividends due to profit declines from market slowdowns and high costs [1]. - Notable examples include Volkswagen, which cut its dividend from EUR 9.06 in 2024 to EUR 6.36 in 2025, and BMW, which reduced its dividend from EUR 6.00 in 2024 to EUR 4.30 in 2025 while engaging in a share buyback program [1].

Core Viewpoint - Diginex Limited has appointed Lubomila Jordanova as the new CEO, marking a significant step in the company's growth and European expansion strategy [1][2][9]. Leadership Transition - Lubomila Jordanova, previously the Founder and CEO of Plan A.earth GmbH, brings extensive experience in carbon accounting and sustainability technology [2][3]. - Mark Blick has stepped down as CEO but will continue to support Diginex as a Strategic Advisor during the transition [5][10]. Company Growth and Achievements - Under Mark Blick's leadership, Diginex experienced a 293% increase in revenue and established key partnerships with major organizations like HSBC and Coca-Cola [6][9]. - The company is positioned in a rapidly growing global sustainability software market projected to reach $80–100 billion by 2030 [6]. Strategic Focus - The leadership change reflects Diginex's aim to become a top sustainability technology firm globally, enhancing its integrated sustainability and RegTech platform [7][8]. - The acquisition of Plan A is expected to strengthen Diginex's capabilities in delivering comprehensive solutions for sustainability reporting and emissions reduction [7][8]. Future Direction - Jordanova aims to transform Diginex into a leading Sustainability RegTech powerhouse, focusing on compliance as a strategic driver of growth and enterprise value [10]. - The company plans to leverage its portfolio strengths to address complex regulatory requirements and enhance sustainability data transparency [10].

Meanwhile, the dollar's weakness helping stocks overseas. ETFs tracking France, Germany, Japan, all hitting records today, while the Brazil ETF was at nearly four-year highs. For more on investing abroad, Oakmark's David Herrow joins us now.He's the co-CIO of international equities and manages the Oakmark International ETF ETF. David, great to have you with us. >> Thank you for the invite today.Happy to be here. Um this is certainly the the dollar weakness is certainly a tailwind to international investing ...

Group 1 - India is considering reducing car import duties under a proposed trade deal with the European Union, with tariffs on select European vehicles potentially dropping to 40% from current rates as high as 110% [1][2] - A specific group of cars priced above €15,000 (approximately Rs1.63 million) would see immediate tariff relief, with duties eventually decreasing to 10% [1][3] - The proposed changes aim to enhance bilateral trade and support Indian exporters facing high US tariffs, particularly in textiles and jewellery [2] Group 2 - The Indian car market is the third-largest globally, with current import duties ranging from 70% to 110%, and European brands hold less than 4% of the 4.4 million-unit passenger car market [2][4] - Annual car sales in India are projected to reach six million by 2030, prompting companies like Renault and Volkswagen Group to prepare new investment plans [4] - The government may allow around 200,000 petrol and diesel cars annually to enter at the reduced 40% tariff rate, while battery electric vehicles (BEVs) will not benefit from lower tariffs for five years [3]

In this articleRNO-FRBMW-DEVOW3-DEIndia's Prime Minister Narendra Modi (C) poses for a photograph with European Commission President Ursula von der Leyen (R) and European Council President Antonio Costa before their meeting at the Hyderabad House in New Delhi on January 27, 2026.Sajjad Hussain | Afp | Getty ImagesA landmark trade deal between the European Union and India has been lauded as a major breakthrough for Europe's biggest carmakers, although analysts have flagged competition concerns in one of the ...

Summary of Conference Call on China Autos & Shared Mobility Industry Overview - The focus is on the Chinese automotive industry, particularly the impact of the anti-involution campaign on auto dealers and manufacturers [1][2][6]. Key Companies Discussed - **Zhongsheng Group Holdings (0881.HK)** - Price Target: Reduced from HK$21.00 to HK$18.00 [1][17]. - **China Yongda Automobiles Services (3669.HK)** - Price Target: Reduced from HK$2.30 to HK$1.90 [1][17]. - **China MeiDong Auto Holdings Ltd (1268.HK)** - Price Target: Reduced from HK$2.10 to HK$1.70 [1][17]. Core Insights and Arguments - **Anti-Involution Campaign Effectiveness** - The campaign aims to curb excessive price discounts and improve dealer margins by enforcing pricing guidelines [2][9]. - Initial market expectations for the effectiveness of these guidelines are low due to industry fragmentation [2][9]. - BMW's recent MSRP cuts (10-20%) are seen as a positive sign for improving dealer margins [10][11]. - **Dealer New Car Losses** - There is a debate on whether overall new car losses will widen in 2026, despite expected declines in luxury ICE sales [3]. - Factors such as the ramp-up of EV stores and dealer closures may help narrow losses [3]. - **Earnings Recovery** - Earnings estimates for Zhongsheng, Yongda, and Meidong have been cut by 9-13% due to lower new car margins [4][17]. - Despite lower commission income, a recovery in dealer earnings is anticipated in 2026, supported by a growing after-sales business [4]. - **Impact of Memory Shortage** - A potential memory shortage could lead to vehicle production cuts, benefiting dealers by improving new car margins [14][15]. Financial Highlights - **Zhongsheng Group Holdings Financials** - Revenue projections for 2025E: Rmb 155,108 million, 2026E: Rmb 150,103 million, 2027E: Rmb 148,876 million [16]. - Net profit projections for 2025E: Rmb 2,160 million, 2026E: Rmb 3,419 million, 2027E: Rmb 4,874 million [19]. - EPS projections for 2025E: Rmb 0.88, 2026E: Rmb 1.40, 2027E: Rmb 1.99 [19]. Other Important Insights - **Market Sentiment** - The consensus rating distribution shows 79% overweight, indicating a generally positive outlook despite challenges [29]. - **Investment Drivers** - Growth in car collision repair services and expansion into EV brands are expected to drive future growth [26]. - The new car business is projected to bottom out in 2026, supported by capacity cuts and model upcycles [26]. - **Risks** - Risks include intensified competition from NEVs and potential declines in new car margins due to widening discounts [31][35]. This summary encapsulates the key points discussed in the conference call regarding the Chinese automotive industry and the specific companies involved, highlighting the challenges and potential recovery paths for auto dealers.

Summary of Conference Call Notes on European Automotive Industry Industry Overview - The focus is on the European automotive industry, particularly in the context of competition from Chinese suppliers and the implications of local content rules [1][14][16]. Key Points and Arguments Competitive Pressure from Chinese Suppliers - Chinese suppliers are increasingly shifting their competitive pressure onshore in Europe, becoming the marginal price setters in various component categories [1][2]. - The expectation is that Chinese auto parts suppliers will capture a US$240 billion opportunity and secure a 10% overseas market share by 2030, with a compound annual growth rate (CAGR) of 12% from 2025 to 2030 [2][15]. Local Content Rules - Minimum local content policies may provide short-term relief for European suppliers but do not address the structural cost disadvantages of 15-35% that Europe faces compared to other regions [3][16]. - Local content requirements could buy time for restructuring but are unlikely to reset competitiveness, as Chinese suppliers are already establishing manufacturing footprints in Europe [3][16][64]. Earnings and Margin Outlook - Near-term earnings for European suppliers are insulated due to programs awarded several years ago, but longer-term margins are at risk as Chinese pricing pressure will gradually emerge [4][19]. - The structural risk remains unchanged, with Chinese suppliers progressing rapidly in establishing local manufacturing capabilities [64]. Pricing Power Dynamics - Pricing power among European suppliers is expected to weaken over time, with significant dispersion based on product complexity and localization intensity [5][20][65]. - Autoliv is noted for having the most protected pricing power due to high regulatory barriers, while Valeo faces increasing pressure in advanced driver-assistance systems (ADAS) and thermal management [24][67]. Structural Cost Disadvantages - Europe faces a 15-35% structural cost disadvantage across key auto component categories, driven by higher material, energy, and labor costs, as well as stricter regulations [7][22]. - The value capture per vehicle in the EU is projected to erode by 20-25% by 2030 due to electrification and competitive pressures [11][33]. Adaptation Strategies - European suppliers are adapting by collaborating with Chinese OEMs and establishing R&D facilities in China to tailor products for local markets [17][64]. - The introduction of binding local content rules could provide upside risks for European suppliers, but the overall competitive landscape remains challenging [21][63]. Geopolitical Pressures - Geopolitical dynamics, including requests from US OEMs to eliminate China-origin components, add complexity to the supply chain landscape [62]. Other Important Insights - The transition from exports to offshore plants by Chinese suppliers is expected to continue, with key locations being Mexico, Eastern Europe, and Southeast Asia [42][59]. - The competitive impact of Chinese suppliers extends beyond awarded volumes to influence the broader margin structure of incumbent Tier-1 suppliers in Europe [27][64]. This summary encapsulates the critical insights from the conference call regarding the European automotive industry's current state and future outlook amidst rising competition from Chinese suppliers and evolving regulatory frameworks.