High Grade Automotive: Weekly Road Trip

Research evidence excerpt

High Grade Automotive: Weekly Road Trip

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

17 July 2026

High Grade Automotive

Weekly Road Trip

North America Corporate Credit -

Autos & Auto Parts and

Manufacturing (IG)

Evan Piascik AC

(1-212) 834-4432

evan.piascik@jpmchase.com

Welcome to this week's edition of the Weekly Road Trip. The JULI Automotive index

Max Berman

tightened 3bp YTD to 99bp while JULI widened 2bp YTD to 92bp.

(1-212) 834-2380

Topical This Week: max.berman@jpmorgan.com

J.P. Morgan Securities LLC

• Stellantis reported its 2Q26 shipments data on Monday, including 1.6 million

units on a consolidated basis, up 10% y/y. North America was the primary

driver for growth, up 38% y/y to 445k units in the quarter, driven by new

products/powertrain offerings (Ram 1500 HEMI V8, Ram 1500 TRX SRT,

refreshed Jeep Grand Wagoneer, Jeep Grand Cherokee, Chrysler Pacifica, new

Jeep Cherokee, Dodge Charger), along with preparations for the planned

summer production shutdown (likely contributing to the recent increases in

U.S. dealer inventory metrics as highlighted in our June Auto Sales note).

Shipments increased 5% y/y in Enlarged Europe to 762k units, with growth

across STLA- and Leapmotor-branded vehicles primarily driven by BEV

deliveries. We remain encouraged by STLA’s recent performance, albeit

versus favorable comps (a difficult 2025), as it executes its operational

turnaround.

• Mobility Global (formerly S&P Global Mobility) raised its 2026-2028

production forecasts globally, with an easing in the Middle East conflict

leading to lower oil prices below Mobility Global’s expectations amid a

resilient demand environment. By region, the largest positive revisions to the

2026 forecast were for South Asia (+181k to 10.58 million), Japan/Korea