US Auto Suppliers: 2Q26 Conference Circuit and Pre-Quiet Period Catch-up Takeaways (ADNT, APTV, BWA, DAN, GNTX, GT, GTX, LEA, MGA, THRM)

Research evidence excerpt

US Auto Suppliers: 2Q26 Conference Circuit and Pre-Quiet Period Catch-up Takeaways (ADNT, APTV, BWA, DAN, GNTX, GT, GTX, LEA, MGA, THRM)

J P M O R G A N North America Equity Research

02 July 2026

US Auto Suppliers

2Q26 Conference Circuit and Pre-Quiet Period Catch-

up Takeaways (ADNT, APTV, BWA, DAN, GNTX, GT,

GTX, LEA, MGA, THRM)

We reviewed conference circuit commentary and hosted pre-quiet period catch-up Autos & Auto Parts

ACcalls with our coverage companies through June. Key themes were: 1) Production Rajat Gupta

schedules across the group are broadly stable to modestly improving, with only (1-212) 622-6382

localized softness (China domestic), and suppliers view IHS/S&P downward rajat.gupta@jpmorgan.com

revisions as a back-half/2027 macro call not yet visible in customer schedules; Yash Beswala

2) China is consistently framed as a share-gain opportunity with local OEM (1-212) 622-0028

champions that offsets real pricing/margin pressure, which companies manage yash.beswala@jpmchase.com

through cost-out, part rationalization, and premium OEM mix; 3) Suppliers are Jash Patwa

positioning on both sides of the Chinese-OEM export-and-localize-into-Europe (1-212) 622-5472

jash.patwa@jpmchase.com

trade, building capacity to follow Chinese customers, while managing localization J.P. Morgan Securities LLC

headwinds like IP protection and payment terms; 4) A common push into higher-

margin, capital-light non-auto and data-center adjacencies that leverage existing

auto IP is underway, spanning power/thermal, battery cooling plates, and medical;

5) Commodities, oil, and DRAM/memory are a shared earnings swing factor with

lagged recoveries; oil's recent pullback is a potential tailwind, while DRAM supply

availability is emerging as a bigger concern than price; 6) Self-help/