Automobile Industry equity research

Explore the most viewed and latest equity research and media content for companies within the Automobile Industry sector. Stocks in this sector sell goods such as cars, vans, trucks, associated vehicle parts, and tyres. 

Automobile Industry equity research

Explore the most viewed and latest equity research and media content for companies within the Automobile Industry sector. Stocks in this sector sell goods such as cars, vans, trucks, associated vehicle parts, and tyres. 

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Fiat Chrysler Automobiles

Hyundai mentioned as the next partner

FCA’s CEO Sergio Marchionne, who intends to retire later this year, continues to mention possible partners, thereby driving the share price to new highs. While the fundamentals are under pressure, in particular for the Fiat and Chrysler brands in both Europe and North America, the Agnelli family seems to be fed up with this operating performance. Earlier last year, GM had been mentioned as a partner but, since the latter had already had a negative experience with the Italian car producer about a decade ago, this idea was rejected. VW had also occasionally been mentioned. The subsequent candidate (in summer 2017) was Chinese Great Wall, but this potential partner was only interested in Chrysler’s brands such as Dodge and Jeep. The new name on the table is Korean Hyundai, itself currently suffering from a lack of demand. The 2017 US numbers showed sales down by 11.5% (Hyundai) and 8.9% (Kia), respectively while their growth rates were positive in Europe through to November (+3.6% and +8.6%, respectively). We do not see any advantage in technology terms for a merged FCA/Hyundai group, except that the Korean company is very active in China where FCA lacks critical mass. Otherwise, both companies produce somewhat ‘me-too’ products and they are after the same clients. FCA is not investing enough to launch a sufficient number of new cars. On a per-vehicle basis, it has spent less than €700 in the past two years which is similar to the PSA figure but below that of Renault which spent €740 per vehicle during the last two years. All these numbers are, however, lower than VW’s €1,150 and a far cry from both Daimler’s and BMW’s good €1,700.

  • 04 Jan 18
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