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    Dan Levy • Barclays

    Dan Levy's questions to Adient PLC (ADNT) leadership

    Dan Levy's questions to Adient PLC (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 PLC (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 PLC (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 (RIVN) leadership

    Dan Levy's questions to Rivian Automotive Inc (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 (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 (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 (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 Inc (DAN) leadership

    Dan Levy's questions to Dana Inc (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 Inc (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 Inc (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 Inc (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 Inc (MGA) leadership

    Dan Levy's questions to Magna International Inc (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 Inc (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 Inc (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 Inc (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 Inc (BWA) leadership

    Dan Levy's questions to Borgwarner Inc (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 Inc (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 Inc (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 Inc (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 PLC (APTV) leadership

    Dan Levy's questions to Aptiv PLC (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 PLC (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 PLC (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 PLC (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 Co (F) leadership

    Dan Levy's questions to Ford Motor Co (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 Co (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 Co (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 Co (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 Inc (CAR) leadership

    Dan Levy's questions to Avis Budget Group Inc (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 Inc (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 Inc (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 Inc (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 Corp (LEA) leadership

    Dan Levy's questions to Lear Corp (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 Corp (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 Corp (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 Inc (MBLY) leadership

    Dan Levy's questions to Mobileye Global Inc (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 Inc (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 Inc (TSLA) leadership

    Dan Levy's questions to Tesla Inc (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 Inc (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 Autoliv Inc (ALV) leadership

    Dan Levy's questions to Autoliv Inc (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 Inc (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 Inc (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 PLC (PSNY) leadership

    Dan Levy's questions to Polestar Automotive Holding UK PLC (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 PLC (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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