摩根士丹利-全球汽车出口：中国持续推进出口-Global Auto Exports：China keeps the export push-20261019

October19,202603:09AMGMT

GlobalAutos

GlobalAutoExports:Chinakeepstheexportpush

Chineseexportskeepsgrowing50%+globally,drivenbyaweaklocalmarketandinanticipationofprotectionismmeasuresin

Europe,andconsistentlygrowinginmostmarkets,this

momentumislikelytopersistAutoPartsexportsfollowthesamepattern,whileTyreExportsremainstableYoY.

•ChinaAutoexportsactivitystaysverystrong.Chinaexportsvolumeswereup+56%YoYinSeptember,asaweaklocalmarketcontinuetopushChineseOEMstowardexports,reflectedinallmarkets,Europe,Australia,Japan,India,LatinAmerica,SouthAfricaandothermarketsoutsidetheUS.Meanwhile,

autoimportsintoChinafellagain,thoughtheyseemtobestabilisingsequentially,nowafractionoftheir2020peak.

•ImportsintoEuropeacceleratinginfrontofnewquotaregulation.As

Chinesebrandspushaheadandtakesharequicklyacrossthecontinent,

whileimportsfromothermajorregionskeeplosingground.Partofthe

ChinaexportaccelerationisexplainedbyajumpinmarketsharelocallyandpartisjustinventorybuildinginanticipationtotheChinahybridimport

quotaandotherpotentialregulationcoming(localcontentbeingdebated),whichaddincentivesforChinaOEMs/APstobuildinventorieslocallyandtoonshoreassemblyplantsinEurope.Meanwhile,GermanvehicleexportstoChinaremainindecline,whileexportstotheUSareedgingup.

•USautoexportsarestillonadownwardtrend.Shipmentscontinuetofall,butthedeclineislevellingoffsequentially.ExportstoChina,whichdroppedsharplyoverthepastfewyears,appeartohavebottomedoutandarerisingfromverydepressedlevelslastyear,thoughtheyremainasmallfractionofhistoricalvolumes.Conversely,USautoimportsaregrowingagainafter

severalquartersofdecline.

•Japanexportstakesastepback.Mostdestinedmarketsshowdivergent

trendsasEuropenowpostnegativegrowth;Similarly,exportstotheUSandUKmodestlyfalls,whileexportstoChinasharplydeterioratesagain.

•EMexportsshowsIndianlead,ROWisdown.AutoexportsarereducingagainforSouthKorea,Brazil,Mexico,TurkeyandThailand.ThisispartiallyoffsetbypositiveevolutioninIndiaandArgentina.

•ChinaTyreexportsstableYoY.Chinatyreexportsremainquitestable,evenaspressureoncommoditiesweighontheircostadvantage.Meanwhile,therestoftheworldcontinuetoimprove,withMexico,Canada,JapanandSouthKoreaexpandingagain,andwiththeUSpostingasharpgain.

•ChinaAutoPartsexportsoutperformsandmaintainlead.WhileChinaAPsimportsaredroppingsharply,SouthKoreaAPsexportsremaininnegative

territory,whileCanadaexportspostanotherpositivereading.

GlobalFoundation

MorganStanleyEuropeS.E.,MadridBranch+

JavierMartinezdeOlcozCerdan

EquityAnalyst

+349141-81289

Javier.Martinez.Olcoz@

MorganStanley&Co.Internationalplc+

ShaqealAKirunda

EquityAnalyst

+44207425-0736

Shaqeal.Kirunda@

MatiasRodriguezFlorez-Estrada

ResearchAssociate

+44207425-1091

Matias.Rodriguez@

MorganStanleyAsiaLimited+

TimHsiao

EquityAnalyst

+8522848-1982

Tim.Hsiao@

ShelleyWang,CFA

EquityAnalyst

+8523963-0047

Shelley.Wang@

MorganStanley&Co.LLC

AndrewSPercoco

EquityAnalyst

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2

GlobalFoundation

Exhibit1:ChinaVehicleExportsgrowingfurther(USD)

3Q253Q26

ChinaAutomobile

exportsglobally

(USD)

20,000,000

18,000,000

16,000,000

ChinaAutomobileexportsglobally(USD)QAverage

Last

14,000,000

12,000,000

10,000,000

8,000,000

6,000,000

4,000,000

2,000,000

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

0

Source:Datastream,MorganStanleyResearch

Exhibit3:ChinaAutoPartsexportsgrowth(YoY,%)

ChinaAutoParts

Exports(USD)

growth

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

ChinaAutoPartsExports(USD)

3Q253Q26

60%

40%

20%

0%

QAverage

-20%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-40%Last

Source:Datastream,MorganStanleyResearch

Exhibit2:ChinaVehicleExportgrowth(YoY)

ChinaAutomobile

exportsglobally(USD)growth

ChinaAutomobileexportsglobally(USD)QAverage

3Q253Q26

130%

Last

80%

30%

-20%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-70%

Source:Datastream,MorganStanleyResearch

ChinaTyreExports(USD)growth

Exhibit4:ChinaTyreexportsgrowth(YoY,%)

ChinaTyreExports(USD)

QAverage

Last

3Q253Q26

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Autos&SharedMobility

Europe

IndustryViewIn-Line

GlobalFoundation

GlobalVehicleImportsfromChina:keepaccelerating

Chinesevehicleexportskeepsaccelerating,deliveringanotherroundofstrongshipmentstomanymarkets,still"the"mainconcernfortraditionalvolume

OEMsglobally:Chinavehicleexports(units)rose+56%YoYinSeptember,with

growthspreadingacrossmostglobalmarkets,includingEurope,Australia,Japan,India,LatinAmerica(excludingMexico)andSouthAfrica.TheUShasreverseditsdowntrendanditisgrowingagain(mostlyautoparts),thoughvolumesarestill

aroundCOVIDlevels.Turkeyisoneofthefewexceptions,importsfromChinakeepfallinginthatmarket.

Wheretofindmore?MSglobalautoteamtracks:

•Globalautosales:fallingagain(24Sep2026)

•GlobalEVsales:EuropePowersOnasUSFacesToughComps(6Oct2026)

•GlobalLVproduction:AnotherMobilityGlobalLVPupgrade.FY26-1.7%YoY(15Oct2026)

•ChinaOEMsexports:OverseassalesinAugust(28Sep2026)

Exhibit5:ChinaAutoExportsroseagain(USD)

3Q253Q26

ChinaAutomobile

exportsglobally

(USD)

20,000,000

18,000,000

16,000,000

ChinaAutomobileexportsglobally(USD)QAverage

Last

14,000,000

12,000,000

10,000,000

8,000,000

6,000,000

4,000,000

2,000,000

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

0

Source:Datastream,MorganStanleyResearch

Exhibit6:ChinaAutoExportgrowth(YoY)

ChinaAutomobileexportsglobally(USD)QAverage

Last

ChinaAutomobileexportsglobally (USD)growth

3Q253Q26

130%

80%

30%

-20%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-70%

Source:Datastream,MorganStanleyResearch

MorganStanleyResearch3

4

GlobalFoundation

Germany:vehicle

importsfromChina

(EUR)

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

0

Exhibit7:GermanyvehicleimportsfromChina(EUR)

3Q26

3Q25

Germany:vehicleimportsfromChina(EUR)QAverage

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

France:vehicle

importsfromChina

(EUR)

Exhibit9:FrancevehicleimportsfromChina(EUR)

600,000,000

500,000,000

400,000,000

300,000,000

200,000,000

100,000,000

0

3Q26

3Q25

France:vehicleimportsfromChina(EUR)QAverage

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

UK:vehicleimportsfromChina(UKP)

1,600,000,000

1,400,000,000

1,200,000,000

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

0

Exhibit11:UKvehicleimportsfromChina(UKP)

3Q253Q26

UK:vehicleimportsfromChina(UKP)QAverage

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Germany:vehicle

importsfromChina

(EUR)growth

90%

70%

50%

30%

10%

-10%

-30%

Exhibit8:GermanyvehicleimportsfromChinagrowth(YoY,%)

Germany:vehicleimportsfromChina(EUR)QAverage

Last

3Q253Q26

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

France:vehicle

importsfromChina

(EUR)growth

110%

90%

70%

50%

30%

10%

-10%

-30%

-50%

Exhibit10:FrancevehicleimportsfromChinagrowth(YoY,%)

3Q253Q26

France:vehicleimportsfromChina(EUR)QAverage

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Exhibit12:UKvehicleimportsfromChinagrowth(YoY,%)

UK:vehicleimports

fromChina(UKP)

growth

UK:vehicleimportsfromChina(UKP)QAverage

3Q253Q26

Last

110%

90%

70%

50%

30%

10%

-10%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-30%

Source:Datastream,MorganStanleyResearch

MorganStanleyResearch5

GlobalFoundation

Exhibit13:ItalyvehicleimportsfromChina(EUR)

Italy:vehicleimports

fromChina(EUR)3Q253Q26

Italy:vehicleimportsfromChina(EUR)

QAverage

600,000,000

Last

500,000,000

400,000,000

300,000,000

200,000,000

100,000,000

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

0

Source:Datastream,MorganStanleyResearch

Exhibit15:SpainvehicleimportsfromChina(EUR)

3Q253Q26

Spain:vehicleimportsfromChina(EUR)

QAverage

Last

Spain:vehicle

importsfromChina

(EUR)

700,000,000

600,000,000

500,000,000

400,000,000

300,000,000

200,000,000

100,000,000

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

0

Source:Datastream,MorganStanleyResearch

US:allvehicle(ex

railway)andparts

importsfromChina

(USD)

1,700,000,000

1,500,000,000

1,300,000,000

1,100,000,000

900,000,000

700,000,000

500,000,000

300,000,000

Exhibit17:USallvehicleandpartsimportsfromChina(USD)

US:allvehicle(exrailway)andpartsimportsfromChina(USD)

QAverage

Last

3Q253Q26

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Italy:vehicleimports

fromChina(EUR)

growth

110%

90%

70%

50%

30%

10%

-10%

-30%

Exhibit14:ItalyvehicleimportsfromChinagrowth(YoY,%)

Italy:vehicleimportsfromChina(EUR)QAverage

Last

3Q253Q26

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Spain:vehicle

importsfromChina

(EUR)growth

Exhibit16:SpainvehicleimportsfromChinagrowth(YoY,%)

110%

90%

70%

50%

30%

10%

-10%

-30%

-50%

Spain:vehicleimportsfromChina(EUR)

QAverage

3Q253Q26

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

US:allvehicle(ex

railway)andparts

importsfromChina

(USD)growth

50%

30%

10%

-10%

-30%

-50%

Exhibit18:USallvehicleandpartsimportsfromChinagrowth(YoY,%)

US:allvehicle(exrailway)andpartsimportsfromChina(USD)

QAverageLast

3Q253Q26

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

6

GlobalFoundation

Exhibit19:JapanvehicleimportsfromChina(JPY)

Japan:vehicle

importsfromChina

(Yen)

110,000,000,000

90,000,000,000

70,000,000,000

50,000,000,000

30,000,000,000

10,000,000,000

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

3Q253Q26

Japan:vehicleimportsfromChina(Yen)QAverage

Last

Source:Datastream,MorganStanleyResearch

Australia:vehicle

importsfromChina

(USD)

2,500,000,000

2,000,000,000

1,500,000,000

1,000,000,000

500,000,000

0

Exhibit21:AustraliavehicleimportsfromChina(USD)

3Q253Q26

Australia:vehicleimportsfromChina(USD)QAverage

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Exhibit23:IndiavehicleimportsfromChina(USD)

India:vehicle

importsfromChina

(USD)

40,000,000,000

30,000,000,000

20,000,000,000

10,000,000,000

0

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

3Q253Q26

India:vehicleimportsfromChina(USD)

QAverageLast

Source:Datastream,MorganStanleyResearch

Japan:vehicle

importsfromChina

(Yen)growth

50%

30%

10%

-10%

-30%

-50%

Exhibit20:JapanvehicleimportsfromChinagrowth(YoY,%)

Japan:vehicleimportsfromChina(Yen)QAverage

Last

3Q253Q26

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Exhibit22:AustraliavehicleimportsfromChinagrowth(YoY,%)

Australia:vehicle

importsfromChina

(USD)growth

Australia:vehicleimportsfromChina(USD)QAverage

3Q253Q26

Last

150%

100%

50%

0%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-50%

Source:Datastream,MorganStanleyResearch

India:vehicle

importsfromChina

(USD)growth

Exhibit24:IndiavehicleimportsfromChinagrowth(YoY,%)

130%

110%

90%

70%

50%

30%

10%

-10%

-30%

-50%

India:vehicleimportsfromChina(USD)

QAverage

3Q253Q26

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

MorganStanleyResearch7

GlobalFoundation

Mexico:vehicle

importsfromChina

(USD)

2,500,000,000

2,000,000,000

1,500,000,000

1,000,000,000

500,000,000

0

Exhibit25:MexicovehicleimportsfromChina(USD)

3Q253Q26

Mexico:vehicleimportsfromChina(USD)

QAverageLast

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Brazil:vehicle

importsfromChina

(USD)

2,100,000,000

1,800,000,000

1,500,000,000

1,200,000,000

900,000,000

600,000,000

300,000,000

0

Exhibit27:BrazilvehicleimportsfromChina(USD)

3Q253Q26

Brazil:vehicleimportsfromChina(USD)

QAverage

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Exhibit29:ArgentinavehicleimportsfromChina(USD)

3Q253Q26

Argentina:vehicleimportsfromChina

(USD)QAverage

Last

350,000,000

Argentina:vehicle

importsfromChina

(USD)

250%

200%

150%

100%

50%

0%

-50%

-100%

300,000,000

250,000,000

200,000,000

150,000,000

100,000,000

50,000,000

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

0

Source:Datastream,MorganStanleyResearch

Exhibit26:MexicovehicleimportsfromChinagrowth(YoY,%)

Mexico:vehicle

importsfromChina

(USD)growth

Mexico:vehicleimportsfromChina(USD)QAverage

3Q253Q26

Last

110%

90%

70%

50%

30%

10%

-10%

-30%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-50%

Source:Datastream,MorganStanleyResearch

Exhibit28:BrazilvehicleimportsfromChinagrowth(YoY,%)

Brazil:vehicle

importsfromChina

(USD)growth

Brazil:vehicleimportsfromChina(USD)QAverage

3Q253Q26

Last

200%

150%

100%

50%

0%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-50%

Source:Datastream,MorganStanleyResearch

Argentina:vehicle

importsfromChina

(USD)growth

Exhibit30:ArgentinavehicleimportsfromChinagrowth(YoY,%)

Argentina:vehicleimportsfromChina(USD)QAverage

3Q253Q26

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

8

GlobalFoundation

Russia:vehicle

importsfromChina

(USD)

2,000,000,000

Exhibit31:RussiavehicleimportsfromChina(USD)

1,500,000,000

1,000,000,000

500,000,000

0

300%

250%

200%

150%

100%

50%

0%

-50%

-100%

3Q253Q26

Russia:vehicleimportsfromChina(USD)QAverage

Last

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Exhibit33:TurkeyvehicleimportsfromChina(USD)

3Q253Q26

Turkey:vehicleimportsfromChina(USD)QAverage

Last

Turkey:vehicle

importsfromChina

(USD)

400,000,000

350,000,000

300,000,000

250,000,000

200,000,000

150,000,000

100,000,000

50,000,000

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

0

Source:Datastream,MorganStanleyResearch

Exhibit35:SouthAfricavehicleimportsfromChina(SAR)

3Q253Q26

SouthAfrica:vehicleimportsfromChina(SAR)QAverage

Last

SouthAfrica:vehicle

importsfromChina

(SAR)

5,000,000,000

4,000,000,000

3,000,000,000

2,000,000,000

1,000,000,000

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

0

Source:Datastream,MorganStanleyResearch

Russia:vehicle

importsfromChina

(USD)growth

Exhibit32:RussiavehicleimportsfromChinagrowth(YoY,%)

Russia:vehicleimportsfromChina(USD)

QAverageLast

3

Q253Q26

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

Source:Datastream,MorganStanleyResearch

Exhibit34:TurkeyvehicleimportsfromChinagrowth(YoY,%)

Turkey:vehicle

importsfromChina

(USD)growth

Turkey:vehicleimportsfromChina(USD)QAverage

3Q253Q26

Last

80%

60%

40%

20%

0%

-20%

-40%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-60%

Source:Datastream,MorganStanleyResearch

Exhibit36:SouthAfricavehicleimportsfromChinagrowth(YoY,%)

SouthAfrica:vehicle

importsfromChina

(SAR)growth

SouthAfrica:vehicleimportsfromChina(SAR)QAverage

3Q253Q26

110%

Last

90%

70%

50%

30%

10%

-10%

-30%

2Q07

1Q08

3Q08

2Q09

1Q10

3Q10

2Q11

1Q12

3Q12

2Q13

1Q14

3Q14

2Q15

1Q16

3Q16

2Q17

1Q18

3Q18

2Q19

1Q20

3Q20

2Q21

1Q22

3Q22

2Q23

1Q24

3Q24

2Q25

1Q26

3Q26

-50%

Source:Datastream,MorganStanleyResearch

MorganStanleyResearch9

GlobalFoundation

Chinagainingsharegloballyfast

Exhibit37:GlobalAutoexportsinonetable(YoYgrowthin%)

Last

available

China3Q26month

ChinaAutomobileexportsglobally(USD)ChinaAutoExports(vol)

62%

56%

55%

50%

ChinaAutoImports(USD)

UK:vehicleimportsfromChina(UKP)

Germany:vehicleimportsfromChina(EUR)

France:vehicleimportsfromChina(EUR)

Italy:vehicleimportsfromChina(EUR)

Spain:vehicleimportsfromChina(EUR)

India:vehicleimportsfromChina(USD)

Mexico:vehicleimportsfromChina(USD)

Brazil:vehicleimportsfromChina(USD)

Argentina:vehicleimportsfromChina(USD)

US:allvehicle(exrailway)andpartsimportsfromChina

Japan:vehicleimportsfromChina(Yen)

Australia:vehicleimportsfromChina(USD)

Russia:vehicleimportsfromChina(USD)

Turkey:vehicleimportsfromChina(USD)

SouthAfrica:vehicleimportsfromChina(SAR)

US

-29%

58%

30%

84%

30%

71%

119%

-11%

74%

48%

-3%

40%

81%

n.a.

-17%

68%

-38%

42%

30%

103%

30%

71%

119%

-11%

120%

42%

8%

33%

12%

n.a.

-10%

47%

US:automotiveexports(USDmn)-3%-4%

-1%

3%

4%

-22%

-11%

11%

3%

3%

US:allvehicle(exrailway)andpartsexportstoChina(U

US:automotiveimports(USDmn)

USAutoandAutoPartsimports(USDmn)

US:auto&partsimportsfromEurope(USDmn)

US:auto&partsimportsfromMexico(USDmn)

Japan

Japan:passengercarexports(vol)3%-2%

4%

0%

0%

-51%

-8%

-1%

-8%

-60%

Japan:passengercarexportstoEurope(vol)

Japan:passengercarexportstoUK(vol)

Japan:passengercarexportstoUS(vol)

Japan:passengercarexportstoChina(vol)

AutoParts

ChinaAutoPartsExports(USD)15%24%

-31%

n.a.

5%

-35%

n.a.

7%

ChinaAutoPartsImports(USD)

USAutoPartsexports(USDmn)Canada:AutoPartsexports(CAD)

Lastavailable

Europe3Q26month

32%

56%

1%

156%

57%

NewCarimports

ICE

BEV

Hybrid

-4%

74%

53%

-35%

152%

38%

-4%

FromUS

FromChina

FromJapan

FromS.Korea

-30%

105%

35%

-7%

Germany:vehiclesexports(vol)-7%-7%

-35%

1%

NA

-33%

1%

NA

Germany:vehiclesexportstoChina(USD)

Germany:vehiclesexportstoUS(USD)

Germany:vehicleimports(EUR)

E.M.exChina

S.Korea:passengercarexports(USD)-9%-6%

-5%

-22%

9%

-7%

-24%

9%

S.Korea:autopartsexports(USD)Brazil:carsexports(vol)

Brazil:vehiclesimports(USDmn)

Mexicoautomotiveexports(vol000)-7%-12%

12%

-4%

17%

2%

Mexicoautomotiveimports(vol)

Argentinaautomotiveexports(vol)

Turkeycarsexports(vol)-23%-16%

-32%

-17%

-2%

12%

-45%

-36%

-22%

-5%

12%

-45%

Turkeycarimports(vol)

Thailand:carsexports(vol)

Thailand:carsexports(USDmn)

India:carsexports(USD)

Indonesia:vehiclesimports(USDmn)

Tyres

ChinaTyreExports(USD)-4%1%

Japan:tyreexports(vol)

S.Korea:Tyreexports(USD)S.Korea:Tyreimports(vol)UStyresexports(USDmn)UStyresimports(USDmn)

Canada:Tyreimports(CADmn)

Canada:Tyreexports(CADmn)

Mexico:Tyreimports(USD)

Mexico:Tyreexports(USD)

7%

8%

-6%

26%

-11%

-2%

13%

21%

15%

7%

6%

-6%

36%

-8%

-4%

9%

20%

16%

Source:Datastream,MorganStanleyResearch.Note:thequarterlyYoYgrowthcalculationisbasedonavailablemonthlydataatthedateoftherelease.

Exhibit38:Chinamarket:ChinaOEMsgainingsharefast

MarketShare(%)

80%

70%

60%

50%

40%

30%

20%

10%

0%

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

J