High Grade Automotive: 2Q26 Earnings Rewind – Week of July 27

研报英文原文证据摘录

High Grade Automotive: 2Q26 Earnings Rewind – Week of July 27

J P M O R G A N North America Credit Research

31 July 2026

High Grade Automotive

2Q26 Earnings Rewind – Week of July 27

• We are past the halfway point of High Grade Automotive 2Q26 earnings. North America Corporate Credit -

~70% of High Grade Automotive credits have reported 2Q26 results to-date, Autos & Auto Parts and

including all of the Detroit 3 (F, GM, STLA). Results and 2026 guidance Manufacturing (IG)

updates in general have been mostly positive for the Automotive sector, Evan Piascik AC

primarily concentrated to the domestic OEMs (F and GM in particular) on the (1-212) 834-4432

back of a supportive North American pricing environment, while competitive evan.piascik@jpmchase.com

struggles in China continue to weigh on non-domestic OEMs. Next week Max Berman

represents the final week of High Grade Automotive 2Q26 earnings with (1-212) 834-2380

max.berman@jpmorgan.com

APTV, BWA, CMI, DTRGR, HNDA, and TOYOTA expected to report results. J.P. Morgan Securities LLC

• The wider-trading High Grade Automotive OEMs reported this week.

Ford reported a much-needed positive second quarter, benefitting from higher

pricing/mix, and raised FY26 guidance as well, solidifying its path to ratings

stabilization in the coming quarters (we expect a rating action in 1H27 after

2027 guidance is released) in the absence of a broader automotive industry

shock or lapse in cost execution. Stellantis reported a decent quarter as well and

reaffirmed guidance, but the quarter was weighed down by raw material and

warranty costs. The turnaround is progressing, albeit slowly, particularly for

North American margins. We remain watchful of the company’s dealer

inventory position, which could lead to greater discounting (and margin