US Autos: June '26 Deliveries

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US Autos: June '26 Deliveries

RBC Capital Markets, LLC

Tom Narayan (Analyst)

(212) 428-2364,

tom.narayan@rbccm.com

Thomas Ito, CFA (Senior

Associate)

(212) 301-1402,

thomas.ito@rbccm.com

July 1, 2026

US Autos: June '26 DeliveriesRESEARCH Our view: June '26 SAAR came in above our expectations. Inventory levels increased slightly m/m and

incentives were flattish y/y. Honda CR-V sales rose significantly y/y, likely benefitting from constrained

RAV4 inventory. Despite this, Toyota performed well on the back of strong Camry demand. We do

wonder if there is a pivot towards car demand with higher gas prices. Ford as expected was impacted by

fire impacts. Stellantis disappointed as the Jeep Cherokee ramp continues to trail expectations. Stellantis

inventory days also moved sharply higher m/m. The encouraging SAAR figure gives us confidence that

underlying US demand remains resilient and there is potential upside to total US LV sales. Near term,

we see minimal impact to US auto sales as a result of the Iran conflict. That said, to the extent thatEQUITY prolonged elevated oil prices result in lower consumer confidence, higher inflation, or a recession, we

could see an adverse impact to US auto sales.

June US SAAR came in at 16.7M, above our 16.4M expectation (see report) and channel checks. Industry

incentives were flattish y/y with GM down 10% and Ford up 6%. Stellantis' June deliveries were up 9.7%

y/y, (with a ~2.4% y/y increase in incentives), though we think some of this is coming from easy comps.

Jeep Cherokee recorded 3,020 deliveries during the month (flattish from 3,016 deliveries in May '26),

though the >$40K price point could be limiting demand (too close to Grand Cherokee pricing). Regarding