Auto Semis & SIA Monthly: Inside The Circuit May 2026

Research evidence excerpt

Auto Semis & SIA Monthly: Inside The Circuit May 2026

TD SECURITIES (USA) LLC INDUSTRY UPDATE

May 26, 2026

■Automobiles & Components: Automobiles Auto Semis & SIA Monthly: Inside The Circuit

■Semiconductors

May 2026

Joshua Buchalter, CFA THE TD COWEN INSIGHT

646 562 1303

May LVP SAAR estimates for '26-'28 come down sharply again, most dramatically for '27

joshua.buchalter@tdsecurities.com

SAAR on disruptive effects of the Iran War. 1Q auto-semis reporting was light on commentary

Itay Michaeli regarding auto volume impacts, but some strain from rising input costs was cited. Auto

646 562 1412 semis companies reported better than feared results this quarter, leaning into content stories

itay.michaeli@tdsecurities.com

overpowering production dynamics.

Sam Reiff, CFA

312 577 2217 3rd Party Commentary: '26-'28 IHS production ests dropped again M/M as prolonged demand

sam.reiff@tdsecurities.com impacts stemming from the Iran War become increasingly visible, from a product shortage

Lannie Trieu, CFA and pricing (affordability) standpoint. Downside revisions were much larger in magnitude

415 646 7217 versus last month and spread across all geographies, and China downside is also attributable

lannie.trieu@tdsecurities.com to a weak domestic market (in contrast, ADI reported strong April China sales). For xEVs, April

data analyzed by our colleague Itay Michaeli points to sustained momentum in Chinese export

Ethan Potasnick

sales, though global xEV LVP is expected to come in lighter in aggregate vs last month. The646 562 1425

ethan.potasnick@tdsecurities.com broad-based semis group printed mixed auto results in 1Q, though numbers were better than

feared with semis companies leaning into their content stories overpowering 3rd party SAAR

Sean O'Loughlin, CFA

estimates.