Road & Spak: Can RAM pricing disrupt F/GM pickups?

Research evidence excerpt

Road & Spak: Can RAM pricing disrupt F/GM pickups?

Global Research

12 July 2026ab

Road & Spak Equities

AmericasCan RAM pricing disrupt F/GM pickups?

Automobiles

Joseph Spak, CFA

RAM inventories reached 113 days in June 2026 (F F-Series at 71, GM Silverado/Sierra at Analyst

66), and that was with incentives already at $6.8k/unit. Still, the high inventory needs to joseph.spak@ubs.com

be cleared so it shouldn’t be too surprising to see RAM raising incentives further in July. +1-212-713 3089

In an Automotive News article on the subject, it was stated that Stellantis was offering Robert Saltzman

up to $20k off high level RAM trims, with one dealer stating this “fixes a big issue… Now Analyst

you bring a vehicle that’s $90,000 to a little bit more of an affordable price range, which robert.saltzman@ubs.com

is going to incentivize a lot of people to jump into these higher trim vehicles.” Our +1-212-713 2992

checks of national incentives show that in early July, RAM added incentives for 15% Alejandro Nuno

below MSRP for Limited, Longhorn, Rebel and Tungsten trims, 12% below MSRP for Associate Analyst

Laramie, Big Horn, Lone Star, and 8% below for Express, Tradesman and Warlock. alejandro.nuno@ubs.com

Additional incentives can be added on top such as no monthly payments for 90 days +1-212-713 3886

when financed through Stellantis Financial Services. Gabriel Gonzales, CFA

Associate Analyst

The question we are getting from investors is: can this derail the pickup story at GM gabriel.gonzales@ubs.com

+1-212-713 4866and F? While clearly these actions are worth monitoring, we are not overly concerned

just yet. Some thoughts:

The programs mentioned above are currently meant to end 8/4/26, so only 1

month. We need to monitor the success of the program to help move the metal.