BUZZ-Exane expects 2026 earnings growth for European OEMs, flags Chinese imports

Reuters12-11

BUZZ-Exane expects 2026 earnings growth for European OEMs, flags Chinese imports

** 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))

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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBUZZ-Exane expects 2026 earnings growth for European OEMs, flags Chinese imports\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-12-11 18:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-Exane expects 2026 earnings growth for European OEMs, flags Chinese imports</title></head><body><p>** Exane <a href=\"https://laohu8.com/S/BNPQF\">BNP Paribas</a> says European carmakers have held market share well against Chinese imports, but warns that continued resilience needs stronger tech and more government support</p><p>** 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</p><p>** 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</p><p><span>** However, it estimates imports from China in the sector to rise around 25% in 2026</span></p><p>** It raises Ferrari <span>RACE.MI</span> 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</p><p>** It cuts Stellantis <span>STLAM.MI</span> to \"underperform\" from \"neutral\", <span>expecting </span>recovery to come slower than consensus forecasts</p><table><thead><tr><th><p>Company</p></th><th><p>PT</p></th><th><p>% Change</p></th><th><p>Old Rating</p></th><th><p>New Rating</p></th></tr></thead><tbody><tr><td><p>Ferrari NV <span>RACE.MI</span></p></td><td><p>399.0</p></td><td><p>-4%</p></td><td><p>Neutral</p></td><td><p>Outperform</p></td></tr><tr><td><p>Porsche AG <span>P911_p.DE</span> </p></td><td><p>47.0</p></td><td><p>+9%</p></td><td><p>Neutral</p></td><td><p>Neutral</p></td></tr><tr><td><p>Renault <span>RENA.PA</span> </p></td><td><p>46.0</p></td><td><p>+2%</p></td><td><p>Outperform</p></td><td><p>Outperform</p></td></tr><tr><td><p>Stellantis <span>STLAM.MI</span> </p></td><td><p>7.8</p></td><td><p>-11%</p></td><td><p>Neutral</p></td><td><p>Underperform</p></td></tr><tr><td><p>Volkswagen <span>VOWG.DE</span></p></td><td><p>153.0</p></td><td><p>+13%</p></td><td><p>Outperform</p></td><td><p>Outperform</p></td></tr><tr><td><p>Volkswagen <span>VOWG_p.DE</span></p></td><td><p>143.0</p></td><td><p>+14%</p></td><td><p>Outperform</p></td><td><p>Outperform</p></td></tr><tr><td><p>Volvo Car AB <span>VOLCARb.ST</span> </p></td><td><p>24.0</p></td><td><p>+50%</p></td><td><p>Underperform</p></td><td><p>Underperform</p></td></tr></tbody></table><p> (Reporting by Mirko Miorelli)</p><p> ((Mirko.miorelli@thomsonreuters.com))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20251211:nL6N3XH0JQ:1","article_id":"2590563592","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2590563592","pubTimestamp":1765448765,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and 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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 forecastsCompanyPT% ChangeOld RatingNew RatingFerrari NV RACE.MI399.0-4%NeutralOutperformPorsche AG P911_p.DE 47.0+9%NeutralNeutralRenault RENA.PA 46.0+2%OutperformOutperformStellantis STLAM.MI 7.8-11%NeutralUnderperformVolkswagen VOWG.DE153.0+13%OutperformOutperformVolkswagen VOWG_p.DE143.0+14%OutperformOutperformVolvo Car AB VOLCARb.ST 24.0+50%UnderperformUnderperform (Reporting by Mirko Miorelli) ((Mirko.miorelli@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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