Korea Autos "A look ahead to Q226 results" Cho

研报英文原文证据摘录

Korea Autos "A look ahead to Q226 results" Cho

Global Research

7 July 2026ab

Korea Autos Equities

KoreaA look ahead to Q226 results

Automobiles

Yoon Cho

We revisit our forecasts and expectations heading into Q226 for Hyundai Motor, Kia, Analyst

and Mobis, expected to report on 23-24 July. Given diverging sales trends we saw in yoon.cho@ubs.com

April-June, we believe the market has already begun to price in a weak Q2 for Hyundai +82-2-3702 8805

Motor and better performance at Kia. While we anticipate Hyundai Motor to miss and Brandon Suh

Kia to beat sell-side consensus, this shouldn't be too surprising. We also expect modest Analyst

miss at Mobis due to semis cost burden and production loss at Hyundai. The automotive brandon.suh@ubs.com

industry globally remains challenged given subdued demand, intensifying competition, +82-2-3702 8813

and cost inflation, and on this backdrop, Kia appears to be one of few standouts this

quarter with its healthy sales growth (+5% YoY), as the brand is undergoing product

launches and looks well prepared to capture growing demand in both hybrid and mass

market EVs. Latest struggles at Hyundai seem partially temporary (e.g., fires at suppliers,

model changeovers), but we also note potential structural challenges that need to be

overcome such as a decline in domestic demand for Genesis and European market share

loss. On the robotics side, we expect limited new announcements at company earnings

briefs similar to Q1, with most decisions apparently being made at a higher "Group"

level.

Expectation for individual companies Q226E

Hyundai Motor: We forecast Won3.0trn OP (-17% YoY, 6.2% margin), 5%

below Bloomberg consensus of Won3.2trn. Q2 wholesales saw a sharp decline of

7.1% YoY, with Korea -16% (Genesis sales -33%), Europe -11%, North America