Japan Autos, Auto Parts and Auto-tech Sector: Implications from overseas companies‘ results

研报英文原文证据摘录

Japan Autos, Auto Parts and Auto-tech Sector: Implications from overseas companies‘ results

Global Research

31 July 2026ab

Japan Autos, Auto Parts and Auto-tech Equities

JapanSector

Automobiles

Implications from overseas companies’ results

Kohei Takahashi

Analyst

kohei.takahashi@ubs.com

Price/Mix: North America improves, Europe and China deteriorate +81-3-5208 6172

In Ford’s Q2 (April–June) results announced on 28 July local time, EBIT exceeded the Mao Eguchi

consensus by 18%, driven mainly by price/mix for large SUVs and pickup trucks, and Associate Analyst

Ford also raised its 2026 guidance by $1bn (+11% at the midpoint). Stellantis’s Q2 mao.eguchi@ubs.com

results fell short of expectations on a consolidated basis due to stiffer price competition +81-3-5208 6242

in Europe, but in North America, price/mix were broadly neutral while inventory

reductions continued. Strong demand for large vehicles in the US is likely to have a major

positive impact on Toyota and Nissan among Japanese OEMs. Mercedes-Benz's Q2

results announced on the same day exceeded expectations, partly because market

expectations had already fallen following BMW's Q2warning, but Q2 price/mix

deteriorated yoy, mainly due to China. Price/mix in Europe and China faces a risk of

further deterioration following the sharp increase in vehicle exports from China during

May and June.

Technology: Strong data centre demand, Covered List expansion, solid-state

batteries

In the results at Bloom Energy, which develops fuel-cell systems, and Ford, management

mentioned the continued expansion of the backup power and battery markets for data

centres. The US FCC added foreign-made humanoid robots and power inverters to its

Covered List, citing security concerns and requiring FCC approval. In solid-state battery