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JPM sees globalization of automotive industry continuing in 2024



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** Looking into next year J.P.Morgan sees globalization of the automotive industry to continue with new players from China and North America taking market share

** JPM forecasts global car production rising by 1.8% y/y in 2024 and expects that pricing power will see some small deterioration yoy driven by a competitive battery electric vehicles (BEV) environment

** Chrysler-parent Stellantis STLAM.MI is the brokerage's preferred play, JPM says, pointing to its "excellence in industrial execution and ability to protect earnings and cash"

** It cuts Volkswagen VOWG_p.DE to "neutral" from "overweight", saying the transformation of the group is taking longer than expected and seeing 2024 as another transition year

** Still, it keeps its "overweight" rating on Porsche PSHG_p.DE, as the company will mark the turnaround of VW Group

** JPM upgrades BMW BMWG.DE to "overweight" as it offers the highest yoy premium growth rate; while it sticks to its "overweight" rating on Mercedes Benz MBGn.DE

** "Renault RENA.PA continues to be our top restructuring investment case in the sector, which we expect to continue to reap the benefits in 2024/2025", it adds, keeping its "overweight" rating on the stock

** JPM sees suppliers to benefit from rising production rates, price recoveries offsetting inflation costs and restructuring actions including asset disposals

** It upgrades Gestamp GEST.MC and Michelin MICP.PA to "neutral" from "underweight",saying that a higher level of activities across the latter's plants will drive earnings momentum, while it cuts Nokian TYRES.HE to "neutral" from "overweight"

** The broker's top truck OEM remains Daimler Truck DTGGe.DE, which should benefit from relatively strong pricing power in 2024 and see a volume rebound in Latam





Reporting by Paolo Laudani

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