2Q26 EPS Halftime Report: investor feedback, what we‘ve learned so far

研报英文原文证据摘录

2Q26 EPS Halftime Report: investor feedback, what we‘ve learned so far

Equity Research

3 August 2026

U.S. Autos & Mobility

2Q26 EPS Halftime Report:

investor feedback, what we've

U.S. Autos & Mobilitylearned so far

NEUTRAL

Key takes: 1. OEMs over suppliers – strength of US SAAR vs U.S. Autos & Mobility

Dan Levygrowth outlook remains muted; 2. Commodities – more

comfortable with rightsized OEM guides, though q’s on some +1dan.levy@barclays.com212 526 3212

suppliers’ 4Q weighted guides; 3. China dynamics remain key BCI, US

macro q (i.e. exports vs weak domestic); 4. '27 increasingly in Josh Cho

+1 212 526 7156

focus joshua.cho@barclays.com

BCI, US

Broad feedback Joshua Young

• Beat/raise by F/GM and favorable ’27 commentary from GM on ’27 has reinforced preference +1 212 526 3280

jryoung@barclays.com

for OEMs over suppliers, with investors preferring strength of US SAAR vs suppliers, where

growth outlook still remains muted. Broadly reinforces GM as a preferred name in autos.

• From an industry volume / cycle standpoint, benefits of US cycle most appreciated. EU

remains steady, though some questions on risks from China disruption. Conversely, China

dynamics remain largest macro question (can exports offset weak domestic volumes?)

• While investors are broadly comfortable with rightsized commodity assumptions in OEM

guides, some suppliers have highlighted 4Q weighted guides amid timing of commodity

headwinds and timing of recoveries. This has yielded some questions of execution –

questions most notably for ALV, MGA, and expectation for APTV. Commodities are likely to

remain a headwind for OEMs into ’27, although anticipated headwinds have dissipated vs

expectations a couple months ago, as spot prices for a number of commodities have softened

vs peak levels.