** Exane BNP Paribas says European carmakers have held market share well against Chinese imports, but warns that continued resilience needs stronger tech and more government support
** It expects 2026 as a year of earnings growth, coming from improved EU demand from subsidies, cost savings and new product offerings after years of investments
** The broker sees upcoming "automotive package" from EU as a possible positive catalyst, potentially relaxing emission rules for 2030, 2035 and requiring more EU-made content
** However, it estimates imports from China in the sector to rise around 25% in 2026
** It raises Ferrari RACE.MI to "outperform" from "neutral" expecting Ferrari to boost earnings in 2026 mainly through higher prices and a favourable product mix, as resale prices have stabilised
** It cuts Stellantis STLAM.MI to "underperform" from "neutral", expecting recovery to come slower than consensus forecasts
Company | PT | % Change | Old Rating | New Rating |
|---|---|---|---|---|
Ferrari NV RACE.MI | 399.0 | -4% | Neutral | Outperform |
Porsche AG P911_p.DE | 47.0 | +9% | Neutral | Neutral |
Renault RENA.PA | 46.0 | +2% | Outperform | Outperform |
Stellantis STLAM.MI | 7.8 | -11% | Neutral | Underperform |
Volkswagen VOWG.DE | 153.0 | +13% | Outperform | Outperform |
Volkswagen VOWG_p.DE | 143.0 | +14% | Outperform | Outperform |
Volvo Car AB VOLCARb.ST | 24.0 | +50% | Underperform | Underperform |
(Reporting by Mirko Miorelli)
((Mirko.miorelli@thomsonreuters.com))