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    Chris McNally • Evercore ISI

    Chris McNally's questions to Magna International Inc (MGA) leadership

    Chris McNally's questions to Magna International Inc (MGA) leadership • Q2 2025

    Question

    Chris McNally of Evercore ISI questioned the drivers behind the implied second-half margin ramp in the Power & Vision (P&V) segment, given that volumes are expected to be lower, and sought to understand if the full-year margin provides a better base for forecasting 2026 performance.

    Answer

    CEO Seetarama Swamy Kotagiri confirmed that the tariff recovery dynamic significantly impacts the P&V segment's H2 performance. He agreed with the assessment that using the full-year margin as a base for 2026 is a fair approach, which would then be influenced by operational actions, better contracts, and incremental volumes.

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    Chris McNally's questions to Magna International Inc (MGA) leadership • Q4 2024

    Question

    Chris McNally sought confirmation that the 2025 revenue headwind is primarily driven by negative mix from its most profitable programs with Detroit 3 and German 3 customers. He then questioned the drivers behind the Body, Exteriors & Structures segment's record-high margin target for 2026.

    Answer

    CEO Seetarama Kotagiri confirmed that a disproportionate production reduction from D3 and G3 customers is a significant impact, which the company is mitigating through commercial discussions and in-sourcing. CFO Patrick McCann explained the 2026 Body & Exteriors margin expansion is driven almost entirely by a projected $1.3 billion sales increase flowing through at low-20s incrementals, supplemented by continuous operational improvements.

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    Chris McNally's questions to Borgwarner Inc (BWA) leadership

    Chris McNally's questions to Borgwarner Inc (BWA) leadership • Q2 2025

    Question

    Chris McNally of Evercore asked which business segment absorbed the $15 million tariff timing headwind in Q2, noting the reported margins for the ICE divisions were very strong. He also inquired if it's fair to assume foundational business margins could remain flat if revenues stabilize.

    Answer

    CFO Craig Aaron confirmed the majority of the tariff costs were in the combustion business units (DMS and TTT), but strong cost controls offset much of the impact. CEO Joseph Fadool reiterated the focus on leveraging the entire portfolio to drive growth and expand margins across the company, rather than just holding them flat.

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    Chris McNally's questions to Aptiv PLC (APTV) leadership

    Chris McNally's questions to Aptiv PLC (APTV) leadership • Q2 2025

    Question

    Chris McNally from Evercore asked for Aptiv's high-level perspective on the auto industry's position regarding the USMCA review and whether the conservative Q4 guidance assumes a negative SAAR impact from potential tariffs.

    Answer

    CEO Kevin P. Clark responded that Aptiv is well-positioned for any USMCA recalibration, as 99% of its Mexico-to-US product is compliant. He confirmed the conservative guidance reflects an assumption of weaker consumer demand in the back half, potentially driven by tariff-related price increases or other economic pressures, combined with a difficult year-over-year comparison.

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    Chris McNally's questions to Aptiv PLC (APTV) leadership • Q4 2024

    Question

    Chris McNally sought more detail on the conservatism in the Q1 guidance, particularly regarding top customer production schedules, and asked about the potential margin tailwind from the Mexican peso in 2025.

    Answer

    CEO Kevin P. Clark confirmed that their internal production forecasts are haircut more than usual compared to customer schedules, a deliberate move to account for market volatility and potential tariff impacts. CFO Varun Laroyia added that the company does not expect a material tailwind from the peso in 2025, as the currency risk has been managed through hedging strategies.

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    Chris McNally's questions to Aptiv PLC (APTV) leadership • Q3 2024

    Question

    Chris McNally asked about Aptiv's ability to maintain its strong margin execution into 2025, questioning if the current 11.5%-12% margin could be a baseline, and inquired about specific cost-saving actions being taken to counteract market volatility.

    Answer

    CFO Joe Massaro expressed caution about providing a 2025 forecast due to extreme customer production volatility, citing a 35% schedule drop from one large OEM. CEO Kevin P. Clark elaborated on cost actions, including further salaried headcount reductions, manufacturing facility consolidation in China and North America, and sourcing lower-cost Chinese SoCs to improve profitability.

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    Chris McNally's questions to Mobileye Global Inc (MBLY) leadership

    Chris McNally's questions to Mobileye Global Inc (MBLY) leadership • Q2 2025

    Question

    Chris McNally asked about the shifting momentum from Mobileye's Supervision product to its Chauffeur system, questioning if this was driven by OEMs' concerns over pricing power for L2+ features and whether recent slowdowns represent a temporary implementation delay.

    Answer

    CEO Amnon Shashua attributed the dynamic to a lack of competitive pressure in Europe and the US, but noted encouraging Tesla FSD take-rates. He emphasized that OEMs are in a broad planning phase across the entire product portfolio. EVP of Business Development Nimrod Nehushtan added that demos of Mobileye's Gen 2 Supervision system are generating significant OEM excitement and that some OEMs are considering moving directly to Chauffeur for 2028 models.

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    Chris McNally's questions to Mobileye Global Inc (MBLY) leadership • Q4 2024

    Question

    Chris McNally of Evercore ISI asked about the potential reasons Mobileye might lose design win opportunities, categorizing the risks as OEM timing/indecision, OEM inaction, or losing to an in-house solution.

    Answer

    CEO Amnon Shashua stated that the primary risks are OEM indecision or inaction, often linked to shifting powertrain strategies, rather than competition from in-house development for advanced products in the West. EVP Nimrod Nehushtan added that while they are aware of in-house attempts, the key factors for current opportunities are OEM readiness and vehicle lineup considerations. He also noted that the sales model for future SuperVision launches (standard vs. optional) is still under discussion with partners.

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    Chris McNally's questions to Aurora Innovation Inc (AUR) leadership

    Chris McNally's questions to Aurora Innovation Inc (AUR) leadership • Q1 2025

    Question

    Chris McNally questioned the next steps for Aurora's hybrid AI approach, its relation to ODD expansion, and the strategy for scaling with customers like Uber Freight, asking about the ideal customer mix.

    Answer

    CEO Chris Urmson clarified that their AI approach already incorporates advanced concepts and that ODD expansion into night and weather is more about validation than fundamental redevelopment. CFO David Maday explained the customer scaling strategy is mixed; while it's simpler to start with large carriers who think in large volumes, the Uber Freight partnership is key for accessing the fragmented middle market of smaller fleets.

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    Chris McNally's questions to Autoliv Inc (ALV) leadership

    Chris McNally's questions to Autoliv Inc (ALV) leadership • Q1 2025

    Question

    Chris McNally asked if customer call-offs in early April reflected the anticipated production shutdowns in Mexico and Canada due to tariffs, expressing surprise that order levels appeared stable.

    Answer

    CEO Mikael Bratt stated that, based on the visibility from customer call-offs, the order book is holding up well moving into the second quarter. He declined to speculate on specific customer plans but reiterated that the total global order perspective for Autoliv remains healthy.

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    Chris McNally's questions to Autoliv Inc (ALV) leadership • Q1 2025

    Question

    Chris McNally inquired if recent customer call-offs align with Q2 projections, particularly given the market expectation of imminent production shutdowns in Mexico and Canada due to tariffs, and sought to reconcile the strong call-offs with this expectation.

    Answer

    CEO Mikael Bratt stated that customer call-offs are 'holding up well' for the visible horizon into Q2. He declined to speculate on specific customer plans but confirmed that from a global perspective, Autoliv's order book remains healthy. He acknowledged the live nature of the situation and avoided giving specific details on Canadian or Mexican facilities.

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    Chris McNally's questions to Autoliv Inc (ALV) leadership • Q4 2024

    Question

    Chris McNally from Evercore ISI requested a regional ranking from strongest to weakest organic growth to understand the drivers of the 2% organic growth forecast for 2025. He also questioned whether the anticipated weakness in North America and Europe was due to unfavorable OEM mix or broader secular growth challenges.

    Answer

    CEO Mikael Bratt identified Asia, particularly China and India, as the region with the strongest growth opportunities, while Europe and North America face more challenging conditions due to weaker LVP growth. He clarified that the weakness in North America and Europe is primarily related to the overall economic situation and LVP production levels, driven by consumer uncertainty and affordability, rather than a specific negative OEM mix.

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