Automotive Industry: Weekly Automotive Pit Stop: Production revised higher as demand remains resilient

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Automotive Industry: Weekly Automotive Pit Stop: Production revised higher as demand remains resilient

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Automotive Industry

Weekly Automotive Pit Stop: Production

revised higher as demand remains resilient

Industry Overview

S&P raises production in July for first time since Feb. 17 July 2026

According to the July S&P production revision, global production was increased by ~441k Equity

units for 2026 to 91.1mm units, although total units remain ~1.5mm lower since January, Global

led by China (-1.1mm) and Middle East/Africa (-404k), while North America has been Autos/Car Manufacturers

revised upwards by ~100k units. S&P’s 2026 global light vehicle sales forecast was Alexander Perry

lowered by another ~264k units to 89.2mm, reflecting a 1.1mm-unit reduction in China Research Analyst

that more than offset upgrades across all other regions. We think the upward production BofAS+1 646 855 1365

revision reflects resilient demand and stronger-than-expected output across several aperry3@bofa.com

markets, particularly Europe (+144k), South Asia (+181k), and Japan/Korea (+167k), as Jack Joyce, CFA

Research Analyst

the industry adjusts to ongoing Middle East uncertainty. China remains the key area of BofAS

weakness, with soft domestic demand partially offset by stronger exports. We continue +1 646 556 2798

jack.joyce@bofa.com

to see relative upside in North America, where resilient demand and stronger 1H

production drove a 66k-unit upward revision in July. We think S&P revisions now better

align with recent supplier commentary on better than expected North America

production offsetting softness in China.

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