Global Autos Daily: The Morning News

Research evidence excerpt

Global Autos Daily: The Morning News

Deutsche Bank

Research

Europe Strategy Date

16 June 2026

Global Autos Daily Market Update

The Morning News

Tim Rokossa

EDAG TP change, Li Auto - Livis Day, China NEV demand, Head of European Equity Research

Europe Blog - Core goods, China Macro - May activity &

RMB Internationalization, FX Blog - Peace beneficiaries, Asia Christoph Laskawi

Research Analyst

Macro Strategy Notes - Asia and the Deal

Nicolai Kempf

INVITES: Ferrari Expert call (7/9), Truck'n'Roll - Truck IAA

Field trip (9/15-16) Edison Yu

EDAG - TP cut to €4 on share dilution after capital increase (Pulvermacher) Bin Wang

EDAG announced €75m of capital measures, comprising a €50m capital increase Research Analyst

and a €25m mandatory convertible loan, both fully subscribed by majority Nikita Papaccio

shareholder ATON Austria Holding GmbH with pre-emptive rights excluded. The Research Analyst

transaction is aimed at reducing leverage, addressing near-term refinancing needs,

Winnie Dong

and strengthening the balance sheet. In addition, it enhances financial flexibility to

support strategic priorities, including the expansion into higher-margin defence

and industrial activities as well as a broader global delivery footprint. While balance Laura Li

sheet supportive, the resulting increase in diluted shares outstanding to 43.75m Research Associate

leads to a technical adjustment of our TP to €4 from €5. We maintain our Hold rating, James Mulholland, CFA

with no change to our underlying operating estimates. (See details here) Research Associate

Wei Huang

Li Auto - Livis Day: Advancing Embodied AI from Cockpit to Autonomous Research Associate

Driving (Wang)

Mira Wiegratz

On June 15, Li Auto held Livis Day, its dedicated software and AI event, to announce

Research Associate