拉丁美洲汽车零部件：平均热力图：BZ卡车销量同比增长27%，FABUS数据改善；标普2026年轻型车产量上调

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

14 August 2026

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LatAm Auto Parts

Aug. Heat Map: BZ Truck Sales +27% YoY & Improving

FABUS Figures; S&P 2026 LV Production Up

Our take on the sector data: Positive. We see LatAm Auto Parts trading at 4.0x 2027e

EV/EBITDA.

Latin American Capital Goods

Main positives:

(55-11) 4950-6712

ANFIR Truck Jul.: Truck trailer registrations +27% yoy / +32% MoM at 7.9k,

highest monthly level since 2024. Dump trailer (17% of total) +32% yoy. Bulk

trailer (18% of total) +45% yoy.

Jonathan S. Koutras

S&P Global LV Production Estimate Aug.: 2026 estimate at 91.3mn units,

+0.2% vs July with 2026FY production standing now at -1.9% yoy. 2027 FY

production estimate is now seen at 91.7mn units (-0.1% vs prior) and +0.4%

yoy. Check JPM’s full report here.

ANFAVEA Data for Jul.:

Sales: Total at 280k units (+15% yoy), LVs at 266k (+15% yoy), Trucks at

11.7k units (+10% yoy), Buses at 2.2k (-6% yoy).

Production: Total at 254k units (+6% yoy), LVs at 240k units (+7% yoy),

Trucks at 12.1k units (flat yoy), Buses at 2.1k units (-26% yoy).

xEVs Penetration: xEVs represented 23.5% of LV sales, +12.5pp yoy,

totaling 62k units. In LTM terms, xEVs represented 16.1% of LV sales,

+7.4pp yoy, at 454k units.

Central Bank Auto Loans Jun: LTM domestic auto loans +16% yoy at R

$246bn, +R$3.6bn MoM. Average rate for new credit at 26.4% per year, -1.2pp

yoy / +0.1pp MoM. NPLs (15-90 days) were at 7.1%, +0.4pp yoy / -0.1pp

MoM.

Aluminum Prices Jul.: Down 8% MoM, although +22% yoy. July average of

US$3,135/ton.

FABUS Data for Jul.: Good for the sector, but POMO losing share:

Production: July Bus production +4.8% yoy to 2.5k units, with POMO

units +3.7% yoy at 1.0k units, the 1st positive yoy growth for a month since

Dec-25. LTM POMO market share at 33.9%, -2.7pp yoy / flat MoM.

Exports: July Bus exports -27% yoy to 315 units, with POMO units -44%

…