Global Autos Daily Market Update

Europe Strategy Date 27 July 2026 Global Autos Daily Market Update

The Morning News Tim Rokossa US urge veterans to become truck drivers, VW Q2 results, Head of European Equity Research Global Automotive - Unpacking earnings, Mobileye & Christoph Laskawi Visteon Q2 reviews, UK economic notes - BoE Preview, Fed Research Analyst Notes - July FOMC survey, US Economic Perspectives - Money supply & inflation, dbDataInsights - Unexpected Nicolai Kempf Research Analyst signals, Investor Positioning and Flows Edison Yu Research Analyst INVITES: Truck'n'Roll - Truck IAA Field trip (9/15-16) Bin Wang US administration urges veterans to become truck drivers (Kempf) Research Analyst The Trump administration urges soldiers to become truck drivers when they leave Nikita Papaccio the military to help replace tens of thousands of immigrant’s truck drivers who lost Research Analyst their licenses, according to media articles. A new campaign launched last Friday Winnie Dong will promote programs for commercial drivers’ licenses including paying for their Research Analyst training. The transportation Department began enforcing existing English language requirements for trucks drivers last summer and since then about 26k Laura Li Research Associate drivers have been pulled off the road for failing to demonstrate English proficiency and another 30k licence were cancelled because there were issued illegally. The James Mulholland, CFA Transportation Department said that truck drivers currently make an average of Research Associate $70k a year, as the truck market has tightened up and rates have increased. We note Wei Huang that a truck drivers’ shortage has been persistent in the US for years and welcome Research Associate such programs to ease this bottleneck. Mira Wiegratz Research Associate VW Q2 review: VW brand leads the way - Audi needs to follow (Rokossa) VW reported Q2 figures that missed earnings expectations, primarily due to the continued weak performance of Audi, but beat on FCF expectations. We anticipate Audi's performance to improve, especially in Q4, largely driven by their seasonality but also cost savings and increasing model momentum with S-models. Nevertheless, this implies that the FY guidance remains substantially back-end weighted. That said, the company emphasized its significant efforts to achieve the FY margin range in Q3 as well, aiming to de-risk the guidance. Regarding the guidance, all KPIs were reiterated with the Q2 results, except for the revenue outlook, which was cut to flat to slightly down due to a subdued Chinese market. We were positively surprised that the company presented its measures towards its 2030 ambitions of an 8-10% margin during the conference call. Although most of these measures were already public, we were impressed by their breadth,

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addressing overhead costs, capacity reduction, model and component limitations, and growth opportunities in regions like North America, as well as new use cases in Defence. (See details here)

Global Automotive - Unpacking earnings results Q2-26: Week ending 7/26 (Rokossa) The EU reporting season began in mid-July with releases from Volvo Group and Volvo Cars, followed by several other companies this week. Following BMW's profit warning in mid-June, we anticipated further commentary on China's impact from other OEMs. Indeed, both Volvo Cars and VW subsequently adjusted their outlooks, citing China among other contributing factors. Consequently, we expect additional guidance adjustments from the remaining EU OEMs as they publish their H1 results in the coming week. (See details here)

Mobileye - The Show Must Go On (Yu) While the earnings were strong and management raised the full-year outlook, these positive developments were overshadowed by the CEO/Founder…