Global Auto Monitor: 2Q Checkpoint: Global Divergence

First-page research excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

July 31, 2026 05:16 PM GMT

Autos & Shared Mobility | North America

Morgan Stanley & Co. LLC

Andrew S Percoco

Equity Analyst

Global Auto Monitor: 2Q

Checkpoint: Global Divergence

Daniela M Haigian

Equity Analyst

Morgan Stanley Europe S.E., Madrid Branch+

Javier Martinez de Olcoz Cerdan

Halfway through 2Q auto earnings, results point to widening

divergence across companies and regions. We compile key

takeaways from earnings so far and our global team's views on

how investors should position into 2H26.

What Others Are Reading - Our Most Read Reports

[NORTH AMERICA] Tesla Inc: The Road to ROI: Patience Required (23 Jul

Equity Analyst

Morgan Stanley MUFG Securities Co., Ltd.+

Shinji Kakiuchi

Equity Analyst

Binay Singh

Equity Analyst

secure leadership in autonomy & robotics. However, these investments push

Morgan Stanley Asia Limited+

FCF further into negative territory, increasing focus on tangible Robotaxi &

Tim Hsiao

[NORTH AMERICA] Carvana Co: Near-Term Reset for Long-Term Flywheel:

Reit. OW, PT to $90 (30 Jul 2026) We come away from the print trimming est.

Young Suk Shin

Equity Analyst

guidance range as recon improvement flows through in 2H. PT to $90, implying

Morgan Stanley & Co. International plc+

Pricing and mix remain supportive, driving upside to estimates. We expect

continued strength into 2027, but are closely watching demand and inventory

trends in the truck market as Ford expands capacity. We remain bullish Ford

ESS and expect additional customer announcements this year.

[NORTH AMERICA] Rivian Automotive: R2 Excitement Builds; Ramp Remains

Equity Analyst

Morgan Stanley Asia Limited+

Shelley Wang, CFA

Equity Analyst

Joey Xu, CFA

Equity Analyst

RIVN must execute on autonomy, production ramp, and cost reductions to drive

Morgan Stanley MUFG Securities Co., Ltd.+

to $14, but maintain our UW as the company enters high-risk production ramp

Shaqeal A Kirunda

the Risk (31 Jul 2026) We expect the R2 to generate significant demand, but

the business to sustainable profitability. We raise our 2026 est. and price target

Morgan Stanley & Co. International plc, Seoul Branch+

…