Global Autos Daily: The Morning News

研报英文原文证据摘录

Global Autos Daily: The Morning News

Deutsche Bank

Research

Europe Strategy Date

12 May 2026

Global Autos Daily Market Update

The Morning News

Tim Rokossa

Goodyear reco downgrade, April European Car Head of Research

Registrations, Dauch Corp results, China NEV demand

trends & PV sales, Fed Watcher - End of easing bias, US Christoph Laskawi

Research Analyst

Economic Chartbook - AI & labour market, China Macro -

Inflation monitor, Asset Allocation - Q1 Global Earnings, Nicolai Kempf

Thematic Research - Climate and Sustainability Quarterly Research Analyst

Edison Yu

INVITE: Global Autos, Mobility & Robotics Conf (5/19-20) Research Analyst

Bin Wang

Goodyear Tire & Rubber - Raw materials weigh on outlook; D/G to Hold (Yu) Research Analyst

Goodyear's post-earnings decline (-6%) reflects significant raw material Nikita Papaccio

headwinds in 2H, confirming its high sensitivity to the Middle East conflict. The Research Analyst

company lacks short-term mechanisms to pass on these costs like other suppliers

Winnie Dong

in our coverage beyond replacement-tire price increases and indexed agreements

with OEMs. While oil prices have recently fallen (~10% from underlying spot WTI

$106), offering potential upside to guidance, persistent geopolitical issues (tariffs, Laura Li

inflation, low-cost imports, conflict-driven raw materials) continue to challenge Research Associate

Goodyear despite strong internal execution. Although additional cost savings and James Mulholland, CFA

price/mix benefits are anticipated, a re-rating is unlikely until the Middle East Research Associate

conflict subsides and raw material prices normalize. Downgrade to Hold; PT Wei Huang

reduced to $7 (from $9), based on 5.25x 2026E EBITDA. (See details here) Research Associate

Mira Wiegratz