全球汽车、出行与机器人大会核心要点

Key Takeaways from Global Auto, Tim Rokossa Preparing for the world to change Head of Research While European and US auto markets remain surprisingly resilient in the near term,companies are actively monitoring and bracing for the escalating impacts of theMiddle East conflict, which are currently manifesting as inflationary pressuresacross raw materials, logistics, freight, and energy costs. Although immediatefinancial hits in 2026 appear largely mitigated thus far by existing hedging and Winnie DongResearch Analyst James Mulholland, CFAResearch Associate Volumes – surprisingly resilient but for how long? Across OEM and AutoParts , both Europe and the US have been described assurprisingly resilient in the current environment while China was rather softdomestically with particular strength in exports. Higher oil prices are not yettranslating into softer consumer demand but all companies are preparing foradverse impacts should they start to show later in the year. On the OEM side, ordermomentum in Europe has been described as good across powertrains andAutoParts names have indicated continuously improved call off stability in a YoYcomparison for Q2. In the meantime, IHS has seemingly incorporated worse Nikita PapaccioResearch Analyst Laura LiResearch AssociateMira WiegratzResearch Associate Pricing: tariffs, inflation… how much can the consumer digest? In the US, it is difficult to raise prices to fully offset tariffs. Europe also remainschallengingfrom that standpoint,and China pricing is showing signs ofstabilization. Particularly in the US, OEMs are focusing more on the model yearchangeover and mix strength, which serve as natural boosts for ASP withoutactively passing through inflation and tariff costs to end consumers. At the same 22 May 2026Auto Manufacturing Middle East conflict/cost – energy and logistic cost to hit first The exposure of the operating business of most companies to the region remainssmall and negligible in a group context but the cost impact of the Middle Eastconflict are starting to show. With decent hedging levels on energy and rawmaterials, the headwinds are comparably small in 2026 but increasing in 2027 ashedging levels roll off. Logistic/freight cost and inflation from lower tiers of the Non Autos – new growth AutoParts names are increasingly outspoken about growing ambitions to win nonauto business through levering existing IP into other end markets. These ambitionsrangebetween building Humanoid components business to supplyingcomponents to data centers or providing components for Defence systems. Withthat, securing topline growth and improving capacity utilization is targeted whichshould support earnings improvements as well as a change in narrative on the The China Dynamic (Exports & Localization) Chinese OEMs are aggressively expanding their global footprint, capturing marketshare in regions like ASEAN, South America, and Europe. For suppliers, aligningwith Chinese exporters acts as a significant revenue tailwind, though it forceslegacy automakers to either heavily localize their supply chains or rethink their EV Normalization & Powertrain Pragmatism In the past few quarters, expectations and order books have been reviseddownwardas consumer demand shifts toward hybrids and ICE vehicles.Consequently, we have approached a point where many suppliers are carefullymanaging their EV investments and benefiting from the extended lifecycles of ICEplatforms. As suppliers see an influx of pipeline deliveries for ICE and hybrid models Ongoing Restructuring and Capacity Rationalization With shifting demands and the need for greater efficiency, numerous companiesare undergoing strategic footprint reductions. This involves closing underutilizedplants, feathering out workforce reductions, and leveraging automation/AI on thefactory floor to optimize margins. While ongoing automation may be the normalcourse of operation, we do also hear increasing use of AI and tools to improve Individual Company Takeaways Aptiv (Buy) We hosted meetings withBetsy Frank (VP of Investor Relations) and AileenMcAdams (IR). The focus of the conversation has largely been on Aptiv's non-Autosbusiness which today is about $3bn and path to expanding that. nNon-Autos business: About $3bn today for non-automotive revenue, andwhile the company is learning and making some investments, it's notflowing through in a meaningful way yet vs. its light vehicles business.Despite that, Aptiv cited that it is still the leader in non-autos exposure nAI/Data Center Market:Aptiv's current product portfolio is not comparableto competitors like Amphenol and TE Connectivity in the data center space,lacking certain key products, but are pursuing opportunities in high-voltageconnectors (busbars). Achieving a full data center system would take morethana couple of quarters and would likely require M&A.Aptiv isencouraging its team to focus on Aerospace & Defense (A&D) and battery/ n2Q outlook and 2H dynamics: No me