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Global Auto Sector Quarterly: Ford Upgrade by S&P, UAW Strike Dominate Q4 Sector Newsflow; Industry Trends Set to Soften in 2024; Jaguar Land Rover, Adient, ZF Among Sector Top Picks

Credit Research: Cedrick Cassin, Justin Spuma, Manuel Coelho Relevant Items: Automotive Issuers Credit Metrics Q3’23 (Excel Download) Automotive Sector Review Part I Automotive Sector Review Part II Ford: Credit Analysis Goodyear: Credit Analysis Adient/American Axle/Dana: Credit Analysis Lithia Motors: Coverage Initiation Sonic Automotive: Coverage Initiation Group 1 Automotive: Coverage Initiation Asbury Automotive: Coverage Initiation Standard Profil – Updated Waterfall Analysis Adler Pelzer: Primary Analysis Benteler: Primary Analysis Schaeffler: Primary Analysis Reorg is launching a quarterly global report focused on the automotive sector, highlighting key data points and news relevant to high-yield and crossover issuers. This report follows up on part I and II of our European Sector Review reports which discussed the turnaround of the European automotive industry after the Covid-19 pandemic, key credit metrics trends for European automotive issuers covered by Reorg and market prices of their debt instruments. This report will discuss the latest industry sales and production forecasts on regional and global levels published by industry forecasters, recap latest earnings releases from all issuers in the sector covered by Reorg, rating actions from the credit rating agencies and market prices of debt instruments. Key Takeaways Automotive markets trends are set to soften in 2024 with modest light[...]