May Tyres Tracker: OE sequentially weaker

Research evidence excerpt

May Tyres Tracker: OE sequentially weaker

Global Idea

June 23, 2026 07:29 PM GMT

Morgan Stanley Europe S.E., Madrid Branch+MGlobal Tyres Javier Martinez de Olcoz Cerdan

Equity Analyst

May Tyres Tracker: OE Javier.Martinez.Olcoz@morganstanley.comMorgan Stanley & Co. International plc+ +34 9141-81289

Shaqeal A Kirunda

Equity Analystsequentially weaker Shaqeal.Kirunda@morganstanley.com +44 20 7425-0736

Matias Rodriguez Florez-Estrada

Research Associate

Matias.Rodriguez@morganstanley.com +44 20 7425-1091

Key Takeaways Morgan Stanley MUFG Securities Co., Ltd.+

Shinji Kakiuchi

Passenger Car RT: Global +1%, North America -2%, China +8%, Europe -1% Equity Analyst

Shinji.Kakiuchi@morganstanleymufg.com +81 3 6836-5416

Passenger Car OE: Global -8%, North America -6%, China -7%, Europe -12%

Morgan Stanley Asia Limited+

Truck RT: Global +3%, North America -14%, South Am. +40%, Europe +10% Tim Hsiao

Truck OE: Global -6%, North America -12%, South Am. -16%, Europe -3% Tim.Hsiao@morganstanley.com +852 2848-1982

Global Passenger Car RT demand increased +1% YoY (YTD: +1%). Europe was Autos & Shared Mobility

Europe

slightly down this month (-1%), still negative YTD (-1%). After a weak start to the Industry View In-Line

year linked to lower import flows, the market continues to move closer to stability

on a cumulative basis. The continued decrease in North America (-2% YoY, YTD: -6%) Exhibit 1 : Global passenger car tyres: -8%

reflects the reduction of the surplus stock of Asian tyres built up last year, coupled YoY in OE, +1% YoY in RT

with adverse weather conditions early in the year. Conversely, China kept increasing 20%

15%

volumes in May (+8% YoY, YTD: +11%), supported by a favorable macroeconomic 10%

environment and the replacement effect of new vehicles delivered in recent years.