又一次全球出行LVP上调。2026财年同比下降1.9%

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M

Update

August 14, 2026 07:07 PM GMT

Global Auto Suppliers | Global

Morgan Stanley Europe S.E., Madrid Branch+

Javier Martinez de Olcoz Cerdan

Equity Analyst

Another Mobility Global LVP

upgrade. FY26 -1.9% YoY

Morgan Stanley & Co. International plc+

Shaqeal A Kirunda

Equity Analyst

Matias Rodriguez Florez-Estrada

Research Associate

Key Takeaways

Higher 2026 LV production estimates: 91.3mn (from 91.1mn), now at -1.9% YoY

Morgan Stanley & Co. LLC

Andrew S Percoco

Equity Analyst

China continues to decline in 2026: 31.4mn (from 31.6mn), now at -5.2% YoY

North America narrowly up in 2026: 15.1mn (from 15.1mn), now at -1.3% YoY

Europe upgraded in 2026: 17.0mn (from 16.9mn), now at -0.1% YoY

3Q26 LVP revised down: 22.6mn (from 22.7mn), now at -2.2% YoY

Daniela M Haigian

Equity Analyst

Morgan Stanley Asia Limited+

Tim Hsiao

Equity Analyst

An increase in global LV production estimates. MG now expects FY26 production

Shelley Wang, CFA

to reach 91.3mn units (from 91.1mn last month), implying -1.9% YoY. FY27's

Equity Analyst

production forecast was revised slightly down to 91.7mn units (from 91.8mn), +0.4%

YoY. The FY26 increase is mainly driven by an upgrade in Europe (+123k) based on

stronger actualized production results, including backfill orders registered for the

Morgan Stanley India Company Private Limited+

Binay Singh

Equity Analyst

first half of the year. Volvo and Volkswagen, in particular, outperformed in H1. This

was followed by another increase in South Asia (+104k). In Japan/Korea (+77k), Q4-

Morgan Stanley MUFG Securities Co., Ltd.+

2026 was upgraded as domestic production is expected to maintain its momentum

supported by solid domestic demand with fiscal expansion and FHEV exports to

Shinji Kakiuchi

Equity Analyst

Europe and the United States. even though Japan lost production due to the

Hayato Takashima

Kumamoto earthquake. Similar increases registered were in Middle East/Africa

Equity Analyst

(+36k) and South America (+25k). North America also saw an upgrade (+22k), as

resilience continues with vehicle demand in the US facing upside pressure despite

economic headwinds.…