汇丰HSBC：全球汽车行业研究：“其他”成本之谜-251124（英文版）(25页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank plc View HSBC Global Investment Research at:https:/ We try to unravel the“industrial/other costs”m

2、ystery,which we think is linked to quality,supplier compensation and cost cuts We expect risks for Stellantis from its recall/warranty issues and for Porsche due to 718 BEV launch delay Supplier compensation doesnt appear to be an issue for MBG/BMW in 2026;VW to continue to benefit from cost cuts Un

3、predictability has become more of a feature of auto results.In Q3 we have seem huge unexplained positive element(cEUR0.9bn)for BMW and better-than-expected EBIT for Mercedes supported by“industrial performance”.In contrast,Stellantis flagged higher costs associated with changes to strategic plans an

4、d review of warranties.Much as the companies have tried to explain the drivers of these other/industrial contributions,what is unclear is the repeatability or the sustainability of these elements.What we have seen is that there are three main drivers:quality,supplier compensation and cost cuts.Unpic

5、king each of these offers a useful insight into what might happen in the coming quarters.Quality mounting issues at Stellantis,BMW recovering.US NHTSA data shows Stellantis incurs a relatively high number of recalls vs peers.The number of vehicles impacted in the US is down YoY for H2,but excluding

6、software fixes,it looks to be up c26%YoY.We cant be definitive,but we wonder if this is linked to lower spending on R&D historically.In addition,STLAM seems to be under-provisioning for warranties vs peers.This points to higher costs for the future.BMW,in contrast,appears to have recovered from the