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3、page 36.U.S.Autos&Mobility2025 Global Autos ConferenceRecap-Healthy SAAR,reduced EVpressures.good for OEMs,Q forsuppliersKey takes:1.OEMs+ve opty in 26,healthy SAAR+easing EVpressure;2.Suppliers face no growth,can margins be theoffset?;3.Three key themes as highlighted in best charts/slides-airpocke

4、t on launches,new car mkt skewing to higherincome=healthy mkt,ICE residuals strong=+ve pricingComing out of the 2025 Barclays Global Autos/Mobility Conference last week,we believe theindustry was framed by several key themes,which in short implies a constructive environmentfor OEMs,while suppliers f

5、ace a test on margins.Specifically,we heard:US new car market remains healthy:For all the concerns on the health of the new carmarket,the updates at our conference indicated an ongoing healthy environment,withsteady pricing,and an emphasis on upper income consumers.Easing EV pressures:Investors broa

6、dly understand the impact of loosening EV regs,thoughwe havent seen the full effects play out yet.And it remains to be seen what magnitude ofbenefit the OEMs can achieve.However,we believe this remains one of the largest themes inthe US auto industry.Another year of growth pressures for suppliers,wi