Global Auto Suppliers: Another S&P LVP downgrade. FY26 -2.4% YoY

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Global Auto Suppliers: Another S&P LVP downgrade. FY26 -2.4% YoY

Update

May 18, 2026 05:33 AM GMT

Morgan Stanley Europe S.E., Madrid Branch+MGlobal Auto Suppliers | Global Javier Martinez de Olcoz Cerdan

Equity Analyst

Another S&P LVP downgrade. Javier.Martinez.Olcoz@morganstanley.comMorgan Stanley & Co. International plc+ +34 9141-81289

Shaqeal A Kirunda

Equity AnalystFY26 -2.4% YoY Shaqeal.Kirunda@morganstanley.com +44 20 7425-0736

Matias Rodriguez Florez-Estrada

Research Associate

Matias.Rodriguez@morganstanley.com +44 20 7425-1091

Key Takeaways Morgan Stanley & Co. LLC

Andrew S Percoco

Lower 2026 LV production estimates: 90.9mn (from 91.4mn), now -2.4% YoY Equity Analyst

Andrew.Percoco@morganstanley.com +1 212 296-4322

China keeps falling in 2026: 32.1mn (from 32.3mn), -2.9% YoY Daniela M Haigian

N. America falling again in 2026: 14.9mn (from 15.0mn), still at -2.1% YoY EquityDaniela.Haigian@morganstanley.comAnalyst +1 212 761-6071

Europe still decreasing: 16.7mn (from 16.7mn), now -2.1% YoY Morgan Stanley Asia Limited+

Tim Hsiao

2Q26 LVP downgrade: 22.4mn (from 22.5mn), now -2.1% YoY Equity Analyst

Tim.Hsiao@morganstanley.com +852 2848-1982

A decrease in global LV production estimates. S&P now expects FY26 production Shelley Wang, CFA

to reach 90.9mn units (from 91.4mn last month), implying -2.4% YoY. FY27's Equity Analyst

Shelley.Wang@morganstanley.com +852 3963-0047

production forecast revised down to 91.6mn units (from 92.8mn), +0.8% YoY. The

Morgan Stanley India Company Private Limited+

FY26 decrease is mainly driven by another reduction in China (-197k) as softness of

Binay Singh

its auto market in April its largely driven by demand pull-forward effects, fading Equity Analyst