Pole Position "UBS European & US Autos Daily" Hummel

Research evidence excerpt

Pole Position "UBS European & US Autos Daily" Hummel

Renault: worldwide car sales +3% in April (-2% ytd)

Renault released its monthly sales details yesterday morning, before market hours .

Renault's global registrations (ex-China and NA) increased by +3% in April,

underperforming its comparable markets which grew +6%. In Europe, Renault group

delivered -1% y/y, below the market at +6%, volumes in Brazil/Argentina increased by

+4% y/y (vs market +13%).

By brand, Dacia (-5% in April) underperformed the Renault brand (+6%). We do not

have the details by model but we think the Renault brand was mostly driven by the BEV

portfolio, as in previous months.

Our view: The April sales data remains a bit soft, especially in the context of Renault

indicating an improving order backlog at the time of its Q1 sales end of April. Therefore,

we would expect an improvement in registrations in May/June.

As in previous months, the sales growth dynamic should weigh on profitability margin

expansion: Europe underperformed international, Dacia underperformed the Renault

brand and most of the growth is driven by BEV. The main positive contributor should be

LCVs, which are growing strongly.

Earnings/share price impact: Neutral

Schaeffler and Spire Global partner to build sovereign

European space infrastructure

Schaeffler is partnering with Spire Global to enter the space sector, focusing on satellite

components, platforms and sensing technologies. The deal combines Schaeffler’s

manufacturing scale with Spire’s satellite expertise, with the aim of building a Europe-

based space hardware business and supporting demand for defence and infrastructure

applications.

Our view: we view this announcement as strategically logical but financially early-stage

for Schaeffler.