Global Autos Daily: The Morning News

Research evidence excerpt

Global Autos Daily: The Morning News

Deutsche Bank

Research

Europe Strategy Date

9 July 2026

Global Autos Daily Market Update

The Morning News

Tim Rokossa

BorgWarner Q2 preview, China OEM May overseas sales, Head of European Equity Research

China PV sales chartbook, Xiaomi update, Germany Blog -

Corporates & the reform package, US Economic Chartbook - Christoph Laskawi

Research Analyst

Midterm elections, China Macro - Inflation monitor & RMB,

Thematic Research - Geopoliticals Survey UK Nicolai Kempf

INVITES: Ferrari Expert call (Today), Truck'n'Roll - Truck IAA Edison Yu

Field trip (9/15-16) Research Analyst

Bin Wang

BorgWarner - 2Q26 Preview (Yu) Research Analyst

We expect 1Q results to be relatively above expectations. Since the last update, Nikita Papaccio

production has remained relatively steady globally, though some weakness is Research Analyst

observed in China. While the lower production in China could present some limited

Winnie Dong

top-line weakness, it will provide a mix benefit, especially with its Turbos and

Thermal Technologies segment. Overall, we incrementally raise our estimates to

reflect the better production environment in North America, Europe and Japan/ Laura Li

Korea. We still anticipate the Battery segment and PowerDrive Systems segment to Research Associate

lose money, though we still anticipate PDS to break even by the end of this year. We James Mulholland, CFA

now forecast results of $3.61bn and EBIT $389m, a 10.8% margin, up from $3.56bn Research Associate

and $382m, respectively (10.8% margin). This compares to consensus of $3.56bn Wei Huang

and $376m, respectively, a 10.6% margin. (See details here) Research Associate

Mira Wiegratz

Monthly Overseas Sales Monitor: May - Changan, SAIC, Leapmotor, GWM, Research Associate