
Auto, Auto Parts and Auto Retailers
Analysts: Michael Ward, CFA
Worldwide Vehicle Production Update
Our Call
Worldwide vehicle production increased an estimated 3.4% in the second quarter of 2013 led by gains in North and South America as well as better than expected totals in Europe and continued growth in China. Ford outperformed the overall industry benefitting from the regional strength in the Americas and increased capacity in China. Second quarter industry production suggests good financial performance for the auto sector during the upcoming earnings season.
• General Motors’ (GM, Buy, $36.18) global production increased an estimated 3% in the second quarter to 2.45 million units led by double-digit gains in South America and in China. Mix in North America was positive for the first time since the fourth quarter of 2010 and the start-up of the first N.A. pickup truck plant was better than expected.
• Ford’s (F, Buy, $16.60) global production increased an estimated 16% in the second quarter led by double-digit gains in North America, South America and in China. Favorable inventory levels in Europe and higher registrations in the UK led to higher production in Europe despite ongoing industry sluggishness.
• The Figure below looks at preliminary vehicle production for the key regions worldwide. Early data suggests a 3.4% increase in second quarter industry production led by higher build rates in North and South America, better-than-expected totals in Europe and growth in China.
More Stories
SEPA and Bidgely Release Report on the Power of AI for Transportation Electrification
ISG to Assess Automotive and Mobility Providers Worldwide
Industry receives a shot in the arm thanks to phenomenal Wrightbus growth