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    Dan Levy

    Managing Director and Senior Equity Research Analyst at Barclays PLC

    Dan Levy is a Managing Director and Senior Equity Research Analyst at Barclays PLC, specializing in the automotive sector with coverage of major companies such as Hertz and other leading firms in the mobility and transport industry. He is recognized for his in-depth industry analysis and market insight, contributing to Barclays’ research platform with well-regarded investment recommendations and detailed company assessments, though specific performance rankings or returns data are not publicly available. Levy has held his current role at Barclays for several years, following earlier positions within the financial services industry, where he developed a robust expertise in automotive equities and related sectors. He is credentialed as a FINRA-registered securities professional, holding relevant Series licenses required for equity research analysis.

    Dan Levy's questions to Gauzy (GAUZ) leadership

    Dan Levy's questions to Gauzy (GAUZ) leadership • Q2 2025

    Question

    Dan Levy of Barclays inquired about the specific timing dynamics that led to the Q2 revenue shortfall, the company's confidence in preventing future delays, the feasibility of the aggressive second-half revenue ramp, and the overall liquidity position.

    Answer

    CEO Eyal Peso explained that revenue shifts from H1 to H2 were primarily due to timing in the aeronautics segment and a brief production halt, not a change in demand. He expressed high confidence in the full-year guidance, supported by a record $43 million backlog and operational readiness for $45-50 million quarters. Regarding liquidity, he highlighted an available $35 million credit line and recent debt financing as sufficient to fund operations until the company reaches cash flow positivity.

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    Dan Levy's questions to Gauzy (GAUZ) leadership • Q2 2025

    Question

    Dan Levy of Barclays questioned the specific timing dynamics that led to the Q2 revenue shortfall, the company's confidence in preventing future delays, the feasibility of the aggressive second-half revenue ramp, and the overall liquidity position.

    Answer

    CEO Eyal Peso attributed the revenue timing shifts to the aeronautics segment and a temporary production halt in June due to regional conflict, emphasizing these were timing issues, not a loss of demand. He expressed confidence in the full-year guidance, supported by a record $43 million backlog. Peso stated Gauzy is operationally prepared for $45-50 million quarters in H2. Regarding liquidity, he highlighted the undrawn $35 million credit line and additional favorable debt financing as sufficient to reach cash flow positivity.

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    Dan Levy's questions to Gauzy (GAUZ) leadership • Q1 2025

    Question

    Dan Levy inquired about the revenue cadence for the second quarter, the visibility on converting the strong order backlog into revenue, the drivers of the significant free cash flow improvement relative to EBITDA, and the timeline for securing the additional $10 million in debt financing.

    Answer

    Eyal Peso, an executive, confirmed expectations for a strong Q2, stating that the March shipment delays were temporary and did not result in any cancellations. He and fellow executive Meir Peleg attributed the improved free cash flow to better working capital management, including extending supplier payment terms and utilizing invoice financing. Eyal Peso also noted the first $10 million of the new debt facility is a 'done deal' and expects the second $10 million to be signed in early Q3.

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    Dan Levy's questions to Gauzy (GAUZ) leadership • Q4 2024

    Question

    Dan Levy from Barclays questioned the certainty of the new backlog, asking about potential variables that could prevent it from materializing. He also sought details on the 2025 cash and liquidity outlook, including free cash flow, CapEx, and plans to address any cash shortfall. Finally, he asked about the key profit drivers for the 2025 positive adjusted EBITDA target.

    Answer

    Executive Eyal Peso asserted that the $409 million backlog is 100% committed and represents a 'must ship' minimum take rate from contracts. Regarding liquidity, executive Meir Peleg mentioned a planned $10 million debt financing, while Eyal Peso highlighted the company's $40.6 million in total liquidity, which should be sufficient to reach cash flow positivity in 2026. For profitability, Eyal Peso pointed to significant operating leverage, with revenue expected to grow much faster than OpEx, leading to a low single-digit positive adjusted EBITDA.

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    Dan Levy's questions to Gauzy (GAUZ) leadership • Q3 2024

    Question

    Dan Levy from Barclays asked for details on free cash flow dynamics, working capital, and the company's liquidity position. He also sought more color on the commercial pipeline beyond currently disclosed bookings to build confidence in future revenue acceleration.

    Answer

    CFO Meir Peleg detailed the Q3 free cash flow, attributing the negative result to interest on a repaid facility, IPO-related expenses, and CapEx. He noted the company expects to add more lending capacity. CEO Eyal Peso added that the company has an undrawn $35 million credit line and that some Q3 CapEx was pulled forward from 2025. Regarding the pipeline, Eyal Peso explained that the reported backlog understates the true order book, as it doesn't include the full value of multi-year committed contracts with partners like Ferrari (8 years) and Ford Trucks (10 years), which represent a much larger, committed revenue stream.

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    Dan Levy's questions to HERTZ GLOBAL HOLDINGS (HTZ) leadership

    Dan Levy's questions to HERTZ GLOBAL HOLDINGS (HTZ) leadership • Q2 2025

    Question

    Dan Levy from Barclays inquired about the future fleet size and the strategy for achieving the Direct Operating Expense (DOE) target with a smaller fleet. He also asked about the plan for equity issuance via the ATM program and the broader strategy to deleverage non-fleet debt.

    Answer

    CEO Gil West explained that the fleet was shrunk strategically to improve asset quality and that the company intends to grow again profitably as it diversifies revenue channels. EVP & CFO Scott Haralson addressed the balance sheet, stating that deleveraging is a long-term plan that will be driven by positive free cash flow and the strategic, opportunistic use of equity, like the ATM program, to reduce non-fleet corporate debt over time.

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    Dan Levy's questions to HERTZ GLOBAL HOLDINGS (HTZ) leadership • Q1 2025

    Question

    Dan Levy asked for the company's line of sight to improved RPD in Q2 to achieve its breakeven EBITDA target, given early-quarter softness. He also asked how Hertz approaches recognizing gains from stronger residual values in its depreciation accounting.

    Answer

    CCO Sandeep Dube acknowledged April's softness but noted he has seen stabilization in rates and demand more recently, with progressive improvement expected into the summer. CFO Scott Haralson explained that depreciation is adjusted based on mark-to-market fleet valuations, albeit with a slight lag, and that gains are also recognized upon the sale of vehicles.

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    Dan Levy's questions to HERTZ GLOBAL HOLDINGS (HTZ) leadership • Q4 2024

    Question

    Dan Levy questioned the specific reasons for the Q4 DPU miss related to losses on sale, the potential impact of competitor fleet actions, and the company's cash flow outlook and liquidity management strategy amid its costly fleet rotation.

    Answer

    CEO Wayne West attributed the DPU miss to the high volume and timing of older vehicle sales. CFO Scott Haralson added that the company misjudged the Q4 drop in Manheim Market Report (MMR) values but sees stabilization now. Regarding liquidity, Haralson noted a strong starting position of $1.8 billion, expects a cash burn in H1 2025 with a low point in Q2, but feels confident in managing all upcoming obligations.

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    Dan Levy's questions to HERTZ GLOBAL HOLDINGS (HTZ) leadership • Q3 2024

    Question

    Dan Levy inquired if liquidity constraints impacted the fleet refresh strategy and asked for details on the systems and resource outlay needed to achieve the low-$30s DOE per day target.

    Answer

    CEO Wayne West and CFO Scott Haralson confirmed that liquidity has not restricted their ability to optimize the fleet. Regarding DOE, Haralson and West explained the improvement is driven by process engineering and a cultural shift towards unit cost management, not large capital investments in IT. They highlighted progress in maintenance, supply chain, and productivity, enabled by new management operating systems.

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    Dan Levy's questions to Adient (ADNT) leadership

    Dan Levy's questions to Adient (ADNT) leadership • Q3 2025

    Question

    Dan Levy of Barclays requested more detail on the path to achieving mid-single-digit EBITDA margins in Europe and asked how the reshoring trend intersects with the theme of vertical integration among automakers.

    Answer

    Mark Oswald, EVP & CFO, outlined a multi-year path for Europe to reach mid-single-digit margins, driven by executing on announced restructuring, stabilizing production, and the roll-on of new, better-margin business. Jerome Dorlak, President, CEO & Director, noted that onshoring is leading to more value chain disaggregation by automakers, which plays to Adient's strength in its core, agile offerings of JIT, trim, and foam, rather than pushing for full vertical integration.

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    Dan Levy's questions to Adient (ADNT) leadership • Q2 2025

    Question

    Dan Levy of Barclays inquired about the feasibility and timeline for rotating sourcing away from China to mitigate tariffs and asked for an update on the European restructuring, including the potential for acceleration.

    Answer

    President and CEO Jerome Dorlack stated that resourcing plans for key Chinese parts are in progress over a 6-9 month window. EVP and CFO Mark Oswald added that while they are exploring accelerating European restructuring, only about a third of the savings are accretive to EBITDA, with the rest needed to offset lower regional volumes.

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    Dan Levy's questions to Adient (ADNT) leadership • Q1 2025

    Question

    Dan Levy of Barclays inquired about Adient's end-market assumptions for China and EMEA, the impact of customer mix on guidance, and the key drivers of the company's 'business performance' improvements in Q1.

    Answer

    EVP and CFO Mark Oswald confirmed that the outlook aligns with S&P forecasts and noted that negative mix in China stems from lower-margin EVs. President and CEO Jerome Dorlack added that Q2 guidance is based on direct customer EDI data. Regarding business performance, Oswald cited lower launch costs, reduced waste, and better net material margin as key drivers. Dorlack emphasized that these operational improvements, including automation, allowed Adient to contain decremental margins to 12% versus the typical 18%, demonstrating the resilience of its operating model against macro headwinds.

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    Dan Levy's questions to Rivian Automotive, Inc. / DE (RIVN) leadership

    Dan Levy's questions to Rivian Automotive, Inc. / DE (RIVN) leadership • Q2 2025

    Question

    Dan Levy asked for details on the cost reduction strategy for the R2 platform, seeking conviction on the 50% cost cut versus R1, and questioned how Rivian would pivot to maintain its 2027 EBITDA breakeven target amid policy headwinds like tariffs and reduced credits.

    Answer

    CEO RJ Scaringe and COO Javier Varela confirmed the R2's bill of materials is contractually about half of R1's, driven by design simplification and part consolidation. Varela stated R2 is 100% sourced. CFO Claire McDonough and Scaringe addressed the EBITDA target, acknowledging headwinds but emphasizing cost efficiencies, the structural profitability of R2, and future growth from software, services, and potential technology licensing beyond the Volkswagen Group partnership.

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    Dan Levy's questions to Rivian Automotive, Inc. / DE (RIVN) leadership • Q1 2025

    Question

    Dan Levy inquired about Rivian's battery strategy, particularly for LFP cells, in the context of new tariffs and asked for clarification on the applicable tariff rates. He also questioned how tariffs and other factors would impact the cost of goods sold (COGS) for the upcoming R2 model.

    Answer

    CEO Robert Scaringe explained that for 2026 and beyond, Rivian is working on its cell sourcing strategy for R1, while R2 will use cells from Korea initially, transitioning to a U.S. facility in Arizona by 2027. CFO Claire McDonough stated the direct tariff impact is expected to be a "couple of thousand dollars" per unit in 2025, which the company is working to offset. COO Javier Varela added that Rivian is building a resilient supply chain with a focus on U.S. and USMCA sourcing, with time to adjust flows for R2.

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    Dan Levy's questions to Rivian Automotive, Inc. / DE (RIVN) leadership • Q4 2024

    Question

    Dan Levy asked for clarification on the policy assumptions (tariffs, credits) embedded in the 2025 guidance and inquired about the cost of goods sold (COGS) trajectory for the R1 platform, seeking to understand the line of sight for R2's cost targets.

    Answer

    CFO Claire McDonough stated that while the policy environment is fluid, the guidance incorporates hundreds of millions of dollars in negative impact to EBITDA from potential policy shifts. CEO RJ Scaringe and COO Javier Varela detailed the cost reduction strategy, noting R1's Gen 2 update drove substantial savings and that R2's bill of materials is projected to be half of R1's. Varela added that operational efficiencies in automation, logistics, and employee engagement are key drivers.

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    Dan Levy's questions to Rivian Automotive, Inc. / DE (RIVN) leadership • Q3 2024

    Question

    Dan Levy requested a cleaner view of Q3 COGS per unit, excluding inefficiencies, and asked about the drivers and cadence of cost improvements into 2025, as well as an update on the Volkswagen collaboration.

    Answer

    CEO RJ Scaringe highlighted a projected 20% material cost reduction from Q1 to Q4 2024 despite Q3 noise. COO Javier Varela discussed implementing lean manufacturing principles. CFO Claire McDonough added that 2025 will benefit from a full year of Gen 2 production, though a plant shutdown is planned in 2H 2025 for R2 preparations. Regarding the VW JV, RJ Scaringe mentioned a successful drivable demonstrator has been built using Rivian's technology.

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    Dan Levy's questions to DANA (DAN) leadership

    Dan Levy's questions to DANA (DAN) leadership • Q2 2025

    Question

    Dan Levy of Barclays asked for a bridge to understand the free cash flow improvement from 2025 to the 2026 target for the remaining company and inquired if a potential richer OEM product mix from easing emission standards could provide an upside.

    Answer

    Senior VP & CFO Timothy Kraus explained that bridging 2025 to 2026 free cash flow is complex but highlighted key drivers: higher EBITDA, significantly lower one-time costs, and continued working capital efficiencies. Both Kraus and Chairman & CEO Bruce McDonald acknowledged that a richer truck mix from OEMs would be beneficial for Dana, noting that volume uplift on key programs like the Ford Super Duty is already factored into their backlog.

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    Dan Levy's questions to DANA (DAN) leadership • Q1 2025

    Question

    Dan Levy from Barclays requested details on the noncore asset sales expected to generate cash proceeds in Q2 and the second half of the year. He also asked if potential EV program delays from OEMs could unlock further cost-saving opportunities for Dana.

    Answer

    SVP and CFO Timothy Kraus provided an example of a noncore asset sale, citing the divestiture of a 48% stake in an Indian joint venture for over $40 million. Chairman and CEO R. McDonald clarified that current cost savings are driven by Dana's own strategic shift in EV investment, not OEM actions. He noted that future OEM program delays could favorably impact capital spending in 2026-2027 but would not be a significant factor in 2025.

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    Dan Levy's questions to DANA (DAN) leadership • Q4 2024

    Question

    Dan Levy from Barclays asked about the composition of the light vehicle backlog, specifically regarding ICE program extensions, and inquired about the company's historical approach to passing on steel and aluminum tariffs to customers.

    Answer

    CFO Timothy Kraus clarified that Dana's backlog only includes truly incremental business, not volume increases on existing programs. Regarding tariffs, CEO R. McDonald noted the company is more indexed now than in 2018. Kraus reiterated that Dana has formally notified customers of its intention to pass through 100% of any new tariff costs, not just the portion covered by existing agreements.

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    Dan Levy's questions to DANA (DAN) leadership • Q3 2024

    Question

    Dan Levy asked about the remaining runway for efficiency and cost-saving actions and at what point the lower EV demand environment would lead to a materially reduced outlook for CapEx and R&D.

    Answer

    James Kamsickas, Chairman & CEO, stated that Dana's system-driven approach provides continuous opportunities for incremental improvements in material cost, conversion cost, and pricing. Timothy Kraus, SVP & CFO, added that the flexing of spending is already happening, as evidenced by the materially lower CapEx outlook for the year. He confirmed that period costs like engineering are also being flexed to align with delayed customer program timelines.

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    Dan Levy's questions to MAGNA INTERNATIONAL (MGA) leadership

    Dan Levy's questions to MAGNA INTERNATIONAL (MGA) leadership • Q2 2025

    Question

    Dan Levy from Barclays asked for details on the visibility of drivers for the second-half margin step-up, whether the H2 margin serves as a good baseline for 2026, the reasons for the significant implied margin ramp in the Seating segment, and if the Seating business continues to meet Magna's return on invested capital (ROIC) targets.

    Answer

    CEO Seetarama Swamy Kotagiri stated there is good visibility on H2 drivers, including launch cadence, tariff recoveries, and operational excellence initiatives, and affirmed confidence in the 2026 outlook if volumes hold. CFO Patrick McCann specified that the Seating segment's H1 margin was negatively impacted by tariffs (60 bps) and warranty costs (110 bps), explaining the expected H2 recovery. Swamy added that Seating has historically been a good business from an ROIC perspective and clears the bar for returns.

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    Dan Levy's questions to MAGNA INTERNATIONAL (MGA) leadership • Q1 2025

    Question

    Dan Levy of Barclays asked about changes in advanced program launch activity, the drivers of outperformance in the Complete Vehicle segment, and which specific product areas are not USMCA compliant.

    Answer

    CEO Seetarama Kotagiri stated that overall launch planning is unchanged, though sourcing discussions are more deliberate. He and CFO Patrick McCann attributed the Complete Vehicle outperformance to contractual commercial recoveries and cost restructuring. Regarding USMCA compliance, Kotagiri noted that non-compliant parts are spread across all business segments rather than being concentrated in one area.

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    Dan Levy's questions to MAGNA INTERNATIONAL (MGA) leadership • Q4 2024

    Question

    Dan Levy questioned the nearly $1 billion year-over-year sales decline projected for the Power & Vision segment from 2024 to 2025. He also asked for details on the drivers of the free cash flow improvement into 2026, specifically regarding working capital and capital expenditures.

    Answer

    CEO Seetarama Kotagiri attributed the Power & Vision sales decline to a significant FX headwind of approximately $460-500 million, softness in the China ADAS market, and normal course price-downs. Regarding free cash flow, he highlighted that CapEx is normalizing after a peak investment cycle in battery enclosures and that engineering spend is also decreasing. CFO Patrick McCann added that working capital saw a pull-ahead benefit in Q4 2024, but cash outflows for restructuring will be a headwind in 2025-2026.

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    Dan Levy's questions to MAGNA INTERNATIONAL (MGA) leadership • Q2 2024

    Question

    Dan Levy from Barclays questioned the production schedule assumptions for the Detroit 3 embedded in the 2024 outlook and asked about the competitive threat posed by globalizing Chinese automakers and their supplier ecosystems.

    Answer

    CFO Patrick McCann stated that for H2 2024, Magna assumes flattish D3 production year-over-year, which is against a strike-impacted 2023, with declines from H1 driven by Stellantis. CEO Seetarama Kotagiri addressed the China threat, positioning Magna's Steyr facility as a potential asset for Chinese OEMs localizing in Europe and highlighting Magna's value proposition in providing local regulatory and homologation expertise.

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    Dan Levy's questions to BORGWARNER (BWA) leadership

    Dan Levy's questions to BORGWARNER (BWA) leadership • Q2 2025

    Question

    Dan Levy from Barclays Corporate & Investment Bank questioned the strong EBIT performance in Q2 despite a year-over-year sales decline. He also asked about the path for the two foundational (combustion) segments to return to positive organic growth.

    Answer

    CFO Craig Aaron attributed the strong Q2 performance to excellent conversion on higher-than-expected revenue, continued cost controls, productivity gains, and a 20% reduction in the cost of poor quality. CEO Joseph Fadool stated the goal for foundational businesses is to outperform the C&H (combustion and hybrid) market, noting strong RFQ activity for hybrids and combustion extensions gives him confidence in future outgrowth.

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    Dan Levy's questions to BORGWARNER (BWA) leadership • Q1 2025

    Question

    Dan Levy asked about the performance of past acquisitions like AKASOL and Central, and sought an update on the margin progression and path to breakeven for the PowerDrive Systems and Battery Systems segments.

    Answer

    CEO Joseph Fadool declined to comment on specific past deals but reiterated that the portfolio is continuously reviewed against market outlook and ROIC targets. Executive Craig Aaron provided segment performance details: PowerDrive Systems grew 30% with a strong conversion of 15%, while the Battery Systems business declined 15% (due to cell prices) with a decrement of 26%, prompting the North American restructuring actions.

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    Dan Levy's questions to BORGWARNER (BWA) leadership • Q4 2024

    Question

    Dan Levy asked about the reasons for the soft 2024 performance in the PowerDrive segment and the drivers for its turnaround, and also questioned why 2025 margin benefits aren't higher given restructuring savings.

    Answer

    Former CEO Fred Lissalde attributed the 2024 PowerDrive sales decline to its foundational portfolio, while the e-mobility side was flat. CEO Joseph Fadool stated that new product launches will drive growth in 2025. He explained the 2025 EBIT guide maintains a strong 10.1% margin on flat sales, reflecting the full benefit of restructuring and continued cost controls.

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    Dan Levy's questions to BORGWARNER (BWA) leadership • Q3 2024

    Question

    Dan Levy asked for a detailed breakdown of the Q3 margin outperformance beyond the cited $24 million benefit and inquired about the growth drivers, profile, and margin trajectory for the newly segmented battery business.

    Answer

    Executive Craig Aaron confirmed the $24 million recovery was a one-time item and attributed the remaining margin strength to broad operational performance and cost controls, noting the PDS restructuring should yield $20-30 million in savings for the full year. Executive Frederic Lissalde added that the battery business saw a strong 36% incremental margin and is expected to continue converting growth in the mid-teens as it scales.

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    Dan Levy's questions to Aptiv (APTV) leadership

    Dan Levy's questions to Aptiv (APTV) leadership • Q2 2025

    Question

    Dan Levy of Barclays questioned the key drivers for the implied acceleration in growth over market in the second half and asked for an update on the capital allocation framework after the planned EDS spin-off.

    Answer

    CEO Kevin P. Clark attributed the second-half growth acceleration to numerous program launches within the ASUX and EDS segments. He clarified the EDS spin remains on track for the end of 2026 and stated that future capital allocation priorities include M&A in the Engineered Components and ASUX segments, with a focus on assets outside the automotive market.

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    Dan Levy's questions to Aptiv (APTV) leadership • Q1 2025

    Question

    Dan Levy inquired about real-time trends in advanced content bidding, asking if there have been delays due to macro uncertainty. He also asked for an update on the planned spin-off of the Electrical Distribution Systems (EDS) business and whether current market dynamics have caused any reconsideration of the plan.

    Answer

    CEO Kevin P. Clark responded that while bidding activity remains robust, the timeline for converting bids into firm customer awards has lengthened, a trend similar to the previous year. Regarding the EDS spin-off, Clark stated that the plan is unchanged by macro uncertainty, as the separation is seen as the best way to accelerate the business's growth, standardization, and automation efforts.

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    Dan Levy's questions to Aptiv (APTV) leadership • Q4 2024

    Question

    Dan Levy asked for color on the expected performance in China relative to the market and inquired about the progress and nature of cost-saving actions previously discussed.

    Answer

    CEO Kevin P. Clark explained that while they expect local Chinese OEMs to continue gaining significant share, the net effect for Aptiv is a closing of the growth gap, with the company projected to reach market parity in 2026. On costs, he highlighted ongoing overhead reduction, accelerated manufacturing footprint rotation, and material cost savings driven by enhanced supply chain visibility and value engineering, noting these require significant effort and OEM collaboration.

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    Dan Levy's questions to Aptiv (APTV) leadership • Q3 2024

    Question

    Dan Levy asked about the drivers behind the strong margin performance in the ASUX segment, if it represents a new baseline, and inquired about the process for recovering investments from programs with lower-than-expected volumes.

    Answer

    CFO Joe Massaro attributed the ASUX margin strength to ongoing operational initiatives aimed at restoring historical profitability, not a one-time event, and confirmed it's on track for low-teen margins. CEO Kevin P. Clark explained that for underperforming programs, they negotiate to recoup investments and secure replacement business to be made whole.

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    Dan Levy's questions to FORD MOTOR (F) leadership

    Dan Levy's questions to FORD MOTOR (F) leadership • Q2 2025

    Question

    Dan Levy questioned Ford's confidence in improving recall costs, given that higher quality standards might uncover more legacy issues. He also asked about the sustainability of recent market share gains and the breakdown of the $1 billion tariff offset between market share and pricing.

    Answer

    COO Kumar Galhotra acknowledged that Field Service Action (FSA) costs have a long improvement arc but highlighted that warranty coverage costs (60% of total) are improving and that newer model years show substantially lower FSA costs. President Andrew Frick expressed confidence in sustaining market share in H2 2025, projecting flat full-year net pricing, supported by a fresh product portfolio in strong market segments.

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    Dan Levy's questions to FORD MOTOR (F) leadership • Q1 2025

    Question

    Dan Levy inquired about the outlook for production volume and inventory strategy amid tariff dynamics, and asked about the company's software-defined vehicle strategy, referencing reports on its FNV architecture.

    Answer

    President of Ford Blue and Model e, Andrew Frick, stated that inventory levels provide flexibility and they anticipate a lower industry SAAR in the second half. CEO James Farley clarified that Ford's software strategy is unchanged; they merged two electrical architectures into one, FNV3, which improves capital efficiency and lowers future product costs.

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    Dan Levy's questions to FORD MOTOR (F) leadership • Q4 2024

    Question

    Dan Levy asked about the drivers behind the Q1 2025 breakeven guidance, the confidence in a recovery in subsequent quarters, and how Ford's EV strategy might be adjusted based on potential changes in U.S. environmental policy.

    Answer

    CFO Sherry House attributed the Q1 forecast to lower wholesales, the non-recurrence of a prior stock build, and adverse foreign exchange. CEO Jim Farley added that a nearly 20% quarter-over-quarter wholesale reduction is due to major product launches and that inventory levels will be lean. On EV strategy, Farley expressed confidence, stating that affordability becomes more critical if regulations change, making their 'skunkworks' platform even more important for developing profitable, high-volume EVs.

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    Dan Levy's questions to FORD MOTOR (F) leadership • Q3 2024

    Question

    Dan Levy asked about Ford's progress in closing its previously identified $7 billion cost gap versus competitors and sought details on the 'skunkworks' EV's bill of materials that are enabling structurally lower costs.

    Answer

    CFO John Lawler stated the cost gap has not closed because competitors have also reduced costs, noting progress in materials was offset by setbacks in warranty. CEO Jim Farley explained the skunkworks EV's cost advantage comes from radical simplification, earlier supplier engagement, a competitive LFP battery, and new manufacturing strategies like unit casting.

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    Dan Levy's questions to AVIS BUDGET GROUP (CAR) leadership

    Dan Levy's questions to AVIS BUDGET GROUP (CAR) leadership • Q2 2025

    Question

    Dan Levy of Barclays requested details on the puts and takes for the second-half guidance, focusing on the interplay between fleet costs (DPU) and pricing (RPD). He also asked for clarity on the revenue model for the autonomous vehicle strategy with Waymo.

    Answer

    CEO Brian Choi attributed second-half headwinds to two main issues: auto tariff uncertainty delaying new vehicle deliveries and slowing fleet rotation, and a massive vehicle recall impacting 4% of the Americas fleet during the peak summer season. On the AV revenue model, Choi stated that while financial details are confidential, it is a multi-year partnership with fully aligned incentives for profitability, designed to be more integrated than a simple fee-for-service arrangement.

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    Dan Levy's questions to AVIS BUDGET GROUP (CAR) leadership • Q2 2025

    Question

    Dan Levy from Barclays requested details on the puts and takes for the implied second-half guidance, particularly the interplay between DPU and RPD, and asked for clarification on the revenue model for the AV partnership with Waymo.

    Answer

    CEO Brian Choi explained that second-half performance is being impacted by two major headwinds: auto tariff uncertainty delaying new vehicle deliveries and a massive vehicle recall affecting 4% of the Americas fleet. These issues are constraining fleet rotation and the ability to sell older cars, negatively impacting DPU. Regarding the AV strategy, Choi stated that while financial details are confidential, it is a multi-year agreement with fully aligned incentives, structured as a true partnership built to scale to more cities, with the potential for the asset ownership model to evolve over time.

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    Dan Levy's questions to AVIS BUDGET GROUP (CAR) leadership • Q1 2025

    Question

    Dan Levy sought to understand the key drivers behind the first quarter's per-unit fleet costs (DPU) and the assumptions for residual values in the forward guidance. He also asked about the operational playbook for the summer peak season, particularly regarding fleet flexibility.

    Answer

    CFO Izilda Martins clarified that the primary driver for the improved DPU was the faster-than-expected execution of the fleet rotation strategy, not just strong residual values, and that forward guidance does not assume excessive residual value improvement. CEO Joseph Ferraro added that the key to the summer playbook is flexibility; the company is positioned to quickly scale its fleet up or down to match demand, allowing it to capitalize on strong rental demand or a favorable used car market.

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    Dan Levy's questions to AVIS BUDGET GROUP (CAR) leadership • Q4 2024

    Question

    Dan Levy from Barclays sought to understand the primary rationale for the fleet rotation—whether it was cost normalization or a competitive reaction. He also asked for expectations on the 'vehicle programs' line in the cash flow statement for 2025.

    Answer

    CEO Joseph Ferraro emphasized the decision was driven by the opportunity to secure favorable costs on 2025 models, which enables the company to achieve its $1B+ EBITDA target and gain operational benefits, rather than being a purely competitive reaction. CFO Izilda Martins clarified that the 'vehicle programs' line is discretionary and then provided key guidance that the company expects to generate no less than $500 million in free cash flow by year-end 2025.

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    Dan Levy's questions to AVIS BUDGET GROUP (CAR) leadership • Q3 2024

    Question

    Dan Levy inquired about potentially aggressive pricing from inventory-heavy automakers and the competitive landscape regarding fleet discipline and tightness.

    Answer

    CEO Joseph Ferraro stated that he expects the overall volume of cars sold to the rental industry to be stable year-over-year, with OEMs maintaining discipline. He believes the entire industry is incentivized to rationalize fleets due to the more favorable economics of model year 2025 vehicles, and expressed confidence in Avis's ability to compete effectively through its strong brand portfolio and partnerships.

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    Dan Levy's questions to LEAR (LEA) leadership

    Dan Levy's questions to LEAR (LEA) leadership • Q2 2025

    Question

    Dan Levy from Barclays asked about the drivers behind the expected margin deceleration in the second half of 2025, questioning the impact of weaker volume and net performance. He also inquired if the second-half exit rate is still a valid baseline for 2026 projections. Additionally, he sought details on new Seating awards with Ford, asking if they were for components or just-in-time (JIT) assembly and how the modularity strategy is affected by reshoring trends.

    Answer

    CFO Jason Cardew explained that the second-half margin profile is impacted by the pull-forward of approximately 40 basis points of commercial settlements into the first half, making the full-year margin a better launching point for 2026 models. CEO Ray Scott clarified the Ford award is for next-generation F-150 and F-250 structures, with the JIT business still being quoted. He highlighted that Lear's automation and modularity strategy, supported by a new facility in Michigan, positions them well to capitalize on onshoring trends.

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    Dan Levy's questions to LEAR (LEA) leadership • Q1 2025

    Question

    Dan Levy from Barclays asked for a breakdown of the original 2025 outlook's assumptions, including regional production and non-tariff factors. He also questioned how tariff pressures and Lear's strategic actions are impacting its competitive position and ability to win new business, especially in E-Systems.

    Answer

    CFO Jason Cardew noted the original guidance assumed a 2% decline in Lear-weighted production and that FX would now be a tailwind. He reiterated that while the production outlook is uncertain, the company is on track with its internal cost-saving initiatives. CEO Raymond Scott highlighted that operational excellence and innovation in automation are key differentiators, allowing Lear to win business like the historic E-Systems awards while still earning returns above its cost of capital.

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    Dan Levy's questions to LEAR (LEA) leadership • Q4 2024

    Question

    Dan Levy of Barclays questioned Lear's approach to commercial recoveries for canceled or delayed programs and asked about the competitive landscape and long-term margin targets for the E-Systems business, especially in light of potential industry consolidation.

    Answer

    CEO Raymond Scott confirmed Lear is successfully negotiating commercial recoveries for lost volume and is more conservative in deploying capital for uncertain programs. On E-Systems, Scott acknowledged that industry consolidation is likely, and Lear remains open to value-creating opportunities. CFO Jason Cardew reaffirmed that the 8% long-term operating margin target for E-Systems remains appropriate, driven by restructuring, automation, and operational improvements.

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    Dan Levy's questions to Mobileye Global (MBLY) leadership

    Dan Levy's questions to Mobileye Global (MBLY) leadership • Q2 2025

    Question

    Dan Levy requested more color on the near-term strength in IQ shipments, particularly the trend in China, and asked about the resource allocation for the DRIVE (Robotaxi) program and its potential impact on future operating expenses.

    Answer

    CCO Dan Galves noted that Q2 IQ volume grew 13% year-over-year after adjusting for inventory, outperforming the market. He highlighted that China volumes were stronger than expected at 1.5 million units in the first half. CEO Amnon Shashua stated that the necessary OpEx growth to support DRIVE and Chauffeur has already occurred, and he expects operating expenses to be "more or less flattish" in the coming year.

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    Dan Levy's questions to Mobileye Global (MBLY) leadership • Q4 2024

    Question

    Dan Levy of Barclays asked about the factors behind the 2025 EyeQ shipment guidance, particularly the role of new launches, and requested an update on Mobileye's business and resource allocation in China.

    Answer

    CEO Amnon Shashua emphasized the 2025 guidance is conservative and below customer indications. EVP Nimrod Nehushtan and Executive Daniel Galves detailed the China business, noting EyeQ volumes with domestic OEMs are growing towards 2 million units annually, supported by their export strategies. The forecast conservatively assumes a decline in volumes from global OEMs in China and a slight deterioration from the H2 2024 run-rate for domestic OEMs to account for low visibility.

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    Dan Levy's questions to Tesla (TSLA) leadership

    Dan Levy's questions to Tesla (TSLA) leadership • Q2 2025

    Question

    Dan Levy asked about the primary gating factors and expected timeline for allowing personally-owned vehicles to join the robotaxi network, and inquired about how Tesla plans to fund the scaling of the robotaxi business.

    Answer

    CEO Elon Musk stated that while safety is the top priority, he is confident that owners will be able to add their cars to the Tesla fleet sometime next year. CFO Vaibhav Taneja added that a vehicle validation process would be required. For funding, Musk explained that the business could be debt-financed once it generates clear cash flow, with Taneja confirming the company's balance sheet would be used in the interim.

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    Dan Levy's questions to Tesla (TSLA) leadership • Q4 2024

    Question

    Dan Levy of Barclays asked for Tesla's view on U.S. EV policy and how the company balances its desire to increase vehicle volume for FSD monetization with its willingness to potentially sell cars at zero margin.

    Answer

    CEO Elon Musk stated that the transition to sustainable transport is 'inevitable' regardless of policy, as the core problem of EV range has been solved. Regarding volume, Musk and CFO Vaibhav Taneja clarified that the current production constraint is battery supply, not vehicle demand. The immediate focus is on increasing total gigawatt-hours of battery production to support output.

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    Dan Levy's questions to General Motors (GM) leadership

    Dan Levy's questions to General Motors (GM) leadership • Q2 2025

    Question

    Dan Levy from Barclays questioned the negative pricing impact in North America despite strong retail data and asked how GM's EV strategy will adapt to the loss of tax credits and profitability pressures, particularly for affordable models.

    Answer

    EVP & CFO Paul Jacobson attributed the negative pricing to tougher year-over-year fleet comparisons but reiterated confidence in the full-year pricing outlook. Chairman & CEO Mary Barra stated that GM remains focused on improving EV profitability through battery tech (LMR, LFP), lighter architectures, and leveraging its strategic portfolio. She believes a market for EVs will persist and grow, and GM is positioned to offer consumer choice while driving toward strong margins.

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    Dan Levy's questions to General Motors (GM) leadership • Q1 2025

    Question

    Dan Levy of Barclays questioned the outlook for a 16 million SAAR and asked how GM plans to manage the volume of its imported vehicles, particularly affordable models from Korea. He also asked why the CapEx outlook remains unchanged despite policy pressures to increase U.S. assembly and what the timing and cost of such moves would be.

    Answer

    EVP and CFO Paul Jacobson explained the SAAR forecast reverts to their original business plan, viewing the recent strength as a pull-forward. Chair and CEO Mary Barra addressed the import question by highlighting GM's existing excess capacity in U.S. plants, which allows for faster and lower-cost production adjustments compared to greenfield projects. Jacobson added that while priorities may shift, they will manage capital responsibly within the stated $10-11 billion range, optimizing for the best returns and product cycles.

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    Dan Levy's questions to General Motors (GM) leadership • Q4 2024

    Question

    Dan Levy asked for details on the 2025 guidance, specifically the underlying volume, SAAR, and market share assumptions, and questioned the sustainability of the strong Q4 share performance. He also inquired about how a potential change in administration and EV policy could impact GM's resource allocation strategy.

    Answer

    EVP and CFO Paul Jacobson stated that GM expects the 2025 SAAR to be similar to 2024 and noted the company's market share is at its highest since 2018, excluding the pandemic. Chair and CEO Mary Barra added that regarding policy shifts, GM will remain agile, allocating capital to both ICE and EV portfolios based on consumer demand, as it has done in the past.

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    Dan Levy's questions to General Motors (GM) leadership • Q3 2024

    Question

    Dan Levy of Barclays asked for more color on GM's resilient pricing, which was a $900 million positive contributor, and questioned the drivers behind the significant increase in the full-year free cash flow guidance.

    Answer

    EVP and CFO Paul Jacobson attributed strong pricing to a desirable product portfolio, disciplined incentive spending, and lapping prior price increases. He explained the higher free cash flow guidance resulted from earnings outperformance driven by non-cash expenses, such as warranty accruals, which don't impact current year cash outlays.

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    Dan Levy's questions to AUTOLIV (ALV) leadership

    Dan Levy's questions to AUTOLIV (ALV) leadership • Q2 2025

    Question

    Dan Levy of Barclays asked about current pricing dynamics and the impact of tariff negotiations. He also inquired about the extent to which growth over market in the Americas is driven by EVs and the potential impact of an EV slowdown.

    Answer

    CEO Mikael Bratt explained that pricing dynamics remain consistent, with ongoing tariff negotiations alongside the historical 2-4% annual price downs on running programs. He clarified that the EV component in the Americas is 'very minor' and does not significantly impact the company's position, noting that general market uncertainty is delaying new model launches for both ICE and EV.

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    Dan Levy's questions to AUTOLIV (ALV) leadership • Q1 2025

    Question

    Dan Levy asked about Autoliv's exposure in Europe and Asia to vehicles that are ultimately exported to North America. He also asked for specifics on what components are not USMCA compliant and the split between OEM-directed parts versus Autoliv's own sourcing.

    Answer

    CFO Fredrik Westin noted that exports are typically in the premium vehicle segment where Autoliv is well-represented but did not have a specific number and offered to follow up. CEO Mikael Bratt declined to break down the non-compliant components, stating it was too detailed and fluid. He reiterated that non-compliance is mostly due to a lack of available supply in the region, and OEM-directed parts require customer collaboration to find alternatives.

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    Dan Levy's questions to AUTOLIV (ALV) leadership • Q1 2025

    Question

    Dan Levy asked for the company's exposure in Europe and Asia to vehicles that are exported to North America and requested specifics on what makes certain products non-USMCA compliant, particularly the split between OEM-directed content and Autoliv's own sourcing.

    Answer

    CFO Fredrik Westin stated he did not have the specific export exposure number available but noted it typically involves premium vehicles where Autoliv may be overweighted. CEO Mikael Bratt declined to provide a detailed breakdown of non-USMCA compliant content, citing the fluidity of the situation, but reiterated that non-compliance is generally due to the unavailability of certain materials or components within the region.

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    Dan Levy's questions to Polestar Automotive Holding UK (PSNY) leadership

    Dan Levy's questions to Polestar Automotive Holding UK (PSNY) leadership • Q1 2025

    Question

    Dan Levy asked for the Q1 model mix between the Polestar 2, 3, and 4, and inquired about the potential to further shift sales towards more profitable models. He also questioned if there were any developments on how Polestar plans to navigate the potential 2027 U.S. ban on China-connected cars.

    Answer

    CEO Michael Lohscheller provided the Q1 sales mix: Polestar 4 at 49%, Polestar 2 at 31%, and Polestar 3 at 19%. He emphasized that this successful shift to higher-margin SUVs is a key driver of improved profitability. Regarding the 2027 U.S. regulations, he confirmed that Polestar is actively working on solutions to ensure full compliance and maintain its growth trajectory in the U.S. market.

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    Dan Levy's questions to Polestar Automotive Holding UK (PSNY) leadership • Q1 2024

    Question

    Dan Levy of Barclays PLC requested a conceptual bridge for the volume trajectory required to reach cash flow breakeven, given the gap between H1 2024 performance and the previous 155,000-unit target for 2025. He also asked about the costs associated with market expansion and the resource allocation for future products like the Polestar 5.

    Answer

    CEO Thomas Ingenlath emphasized that the primary goal is profitability, not chasing specific volume targets, and pointed to Q4 2024 as the key indicator of 2025's potential with all three models selling. CFO Per Ansgar added that growth drivers include cost-efficient entry into new importer markets and expanding the sales network. Thomas Ingenlath noted that OpEx is planned to remain flat despite expansion. Per Ansgar explained that investment levels will decrease post-Polestar 4 launch, with the focus shifting to Polestar 5 and future models developed collaboratively to limit capital needs.

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    Dan Levy's questions to AMERICAN AXLE & MANUFACTURING HOLDINGS (AXL) leadership

    Dan Levy's questions to AMERICAN AXLE & MANUFACTURING HOLDINGS (AXL) leadership • Q1 2025

    Question

    Dan Levy inquired about the capital expenditure considerations related to potential manufacturing footprint changes driven by tariffs, and whether AAM could expect reimbursement from customers for such investments.

    Answer

    Chairman and CEO David Dauch stated that it is too early to quantify potential CapEx changes without clarity on customers' final production plans. He reiterated AAM's disciplined approach of targeting CapEx at approximately 5% of sales, noting this does not account for major footprint moves. He emphasized that any significant new investments would be a 'partnership' with customers, implying a shared financial responsibility.

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    Dan Levy's questions to AMERICAN AXLE & MANUFACTURING HOLDINGS (AXL) leadership • Q3 2024

    Question

    Dan Levy asked for a breakdown of the $28 million positive performance in the Q3 EBITDA bridge, beyond the warranty benefit, and inquired about remaining inflation recovery opportunities. He also questioned how an extended ICE production cycle might affect AAM's R&D and CapEx spending.

    Answer

    CFO Chris May attributed the performance to operational improvements and cost controls, particularly in the metal forming unit, and noted that inflation recovery negotiations are mostly complete for the year. Regarding an extended ICE cycle, May explained it would allow AAM to leverage existing capacity, minimizing CapEx, and would also permit R&D spending to moderate as development shifts to a more balanced powertrain portfolio.

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    Dan Levy's questions to VISTEON (VC) leadership

    Dan Levy's questions to VISTEON (VC) leadership • Q1 2025

    Question

    Dan Levy asked about any observed impacts on production schedules, such as volume pull-forwards ahead of tariffs, and whether Visteon's supply chain is experiencing cost increases.

    Answer

    CEO Sachin Lawande reported that customer orders were "remarkably stable" throughout Q1 with no meaningful pull-ahead of volume, and the Q2 order book also appears stable. He confirmed that Visteon has not seen any meaningful supplier-driven cost increases, noting the company has diversified its supply base since the chip crisis, putting it in a much stronger position to handle disruptions.

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    Dan Levy's questions to VISTEON (VC) leadership • Q4 2024

    Question

    Dan Levy of Barclays PLC inquired about Visteon's revenue outlook, focusing on the growth potential with Asian OEMs and the specific dynamics behind customer mix headwinds and the projected turnaround in China.

    Answer

    President and CEO Sachin Lawande explained that Asian OEMs outside of China are a significant 'white space' opportunity, with their revenue share expected to nearly double by 2027. He clarified that the negative customer mix in 2025 is driven by S&P Global's production forecasts for key customers like Ford and GM. Regarding China, Lawande stated that sales are expected to hit a low point in 2025 before recovering in 2026, thanks to new launches with both domestic and international OEMs, which will moderate the recent underperformance.

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