Comment: Key investor discussion topics in autos, trucks, tyres - June 2026

Research evidence excerpt

Comment: Key investor discussion topics in autos, trucks, tyres - June 2026

8 July 2026

Comment: Key investor discussion topics in autos, trucks, tyres -

June 2026

Harry Martin, CFA +44 20 7676 8965 harry.martin@bernsteinsg.com

Autos/OEMs/Suppliers

The major sentiment driver in the month was the BMW warning on the same day as Volvo Cars’ downbeat pre-close, with the ICE market in

China coming under meaningful pressure in Q2.

Aston Martin Financing Outlook: Stock continues to be weak and the bonds are now trading at a 22% YTM. This drove numerous

conversations about Aston Martin’s long-term funding and refinancing pathway. Clearly there is skepticism out there that Lawrence Stroll will

continue funding the business ad infinitum.

Aumovio: Interest picking up given the autonomous trucking contract with Aurora and discount to supplier peers, as well as the upcoming

capital allocation announcement. We remain skeptical that this business can hit its mid-term targets.

Truck Companies

Chinese Competition & Electrification: Some recent discussions have been more structural in nature, focused on whether electrification

could lower barriers to entry and increase competitive pressure from Chinese truck manufacturers. Key areas of debate included BEV

adoption, battery-swapping models, servicing economics and the long-term durability of incumbent profit pools. We view IAA Hanover in

September as a potential catalyst here given potentially meaningful product launches from Sany and others.

North American Cycle Expectations: We debated whether current truck valuations already reflect a strong North American recovery, and

also published an updated sector view. Discussions centred on replacement demand, backlog trends, pricing assumptions, tariff mitigation