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    José Asumendi

    Research Analyst at JPMorgan Chase & Co.

    José Asumendi is the Head of European Autos and a Senior Equity Analyst at JPMorgan Securities Plc, specializing in detailed research and investment analysis of the European automotive sector. He covers leading automobile manufacturers such as Mercedes-Benz Group AG and has provided influential insights on industry trends like electric vehicle adoption and battery market development. Asumendi began his analyst career with roles at Baader Bank AG, NatWest Markets, WestLB AG, and ABN AMRO Bank, joining JPMorgan in 2012 and establishing himself as a recognized authority in automotive equity research. While his direct performance metrics show limited available data, he is consistently sought after for his sector expertise and holds significant professional credentials as a senior research analyst.

    José Asumendi's questions to Ferrari (RACE) leadership

    José Asumendi's questions to Ferrari (RACE) leadership • Q2 2025

    Question

    José Asumendi inquired about the expected balance between positive mix/price and negative cost impacts in the second half of the year, and also asked for commentary on the medium-term capital expenditure outlook.

    Answer

    CFO Antonio Picca Piccon projected that for the full year, mix and price would be a positive driver, while industrial costs and R&D would be a smaller negative than initially expected. SG&A will remain a headwind due to launch events. CEO Benedetto Vigna affirmed that CapEx is proceeding exactly as planned according to the strategy laid out three years ago, with further details to be shared at the Capital Markets Day.

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    José Asumendi's questions to Stellantis (STLA) leadership

    José Asumendi's questions to Stellantis (STLA) leadership • Q2 2025

    Question

    José Asumendi of JPMorgan Chase & Co. inquired about Stellantis's strategy to improve profitability in the U.S. market, specifically asking for levers beyond volume growth, such as capacity adjustments or restructuring.

    Answer

    CEO Antonio Filosa detailed a four-pronged approach to enhance U.S. profitability. He highlighted the launch of margin-accretive products like the V8 Ram, leveraging new regulations for a better ICE/EV sales mix, capitalizing on healthier inventory for improved net pricing on new models, and implementing comprehensive production cost reduction programs.

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    José Asumendi's questions to Stellantis (STLA) leadership • Q2 2025

    Question

    Requested commentary on the company's liquidity position to provide comfort to investors and asked for an update on the full-year cash flow outlook, specifically whether H2 would be positive enough to offset the H1 outflow.

    Answer

    The CFO affirmed the company's strong liquidity, which remains within their target of 25-30% of revenues, supported by a 'Fortress balance sheet' and recent successful debt issuance. He stated the goal is to generate positive industrial free cash flow in H2 but deferred providing specific guidance until the July 29th call.

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    José Asumendi's questions to Stellantis (STLA) leadership • Q2 2025

    Question

    José Asumendi requested commentary on Stellantis's liquidity position, including how management assesses it and its refinancing needs. He also asked if the previous expectation for positive second-half cash flow was still intact or if new headwinds had emerged.

    Answer

    CFO Doug Ostermann reassured that Stellantis maintains a 'Fortress balance sheet' and aims for liquidity of 25-30% of trailing twelve months' revenue, a range it remains within despite the H1 cash outflow. He confirmed the company has already issued new debt to cover 2025 maturities. However, he deferred providing an updated outlook on H2 industrial free cash flow until the company reestablishes guidance on the July 29th call.

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    José Asumendi's questions to Stellantis (STLA) leadership • Q2 2025

    Question

    José Asumendi sought reassurance on the company's liquidity position, asking how management thinks about its cash levels, net cash, and refinancing needs. He also asked for an update on the full-year cash generation outlook, referencing previous comments that H2 would be positive but not offset the H1 outflow.

    Answer

    CFO Doug Ostermann reiterated the company's target of maintaining liquidity of 25-30% of trailing twelve months' revenue, confirming they remain within this range and have a 'Fortress balance sheet.' He noted that Stellantis had already issued new debt in H1 to cover 2025 maturities. Ostermann stated that a full update on the industrial free cash flow outlook and re-established guidance would be provided on the July 29th call.

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    José Asumendi's questions to Stellantis (STLA) leadership • Q2 2025

    Question

    José Asumendi asked for commentary on the company's liquidity position, including how management thinks about its adequacy in terms of cash levels and refinancing needs. He also sought an update on the full-year cash generation outlook, referencing previous comments that positive cash flow in H2 would not fully offset the H1 outflow.

    Answer

    CFO Doug Ostermann reassured that Stellantis maintains a strong balance sheet, aiming for liquidity of 25% to 30% of trailing twelve months' revenue, a range it remains within despite the H1 cash burn. He noted that the company has already issued new debt in both U.S. and European markets to cover 2025 maturities. He confirmed that a full update on the industrial free cash flow outlook and re-established guidance would be provided on the July 29th call.

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    José Asumendi's questions to DAIMLER (MBGYY) leadership

    José Asumendi's questions to DAIMLER (MBGYY) leadership • Q1 2025

    Question

    Jose Asumendi of JPMorgan Chase & Co. asked for details on discussions with U.S. authorities regarding tariffs and inquired about the profit contribution from the BBAC joint venture in China, including the status of planned capacity adjustments.

    Answer

    CEO Ola Kallenius stated that discussions with the U.S. administration are ongoing and constructive but declined to share specifics, emphasizing Mercedes-Benz's significant and long-standing presence in the U.S. CFO Harald Wilhelm added that the BBAC joint venture's contribution was at a slightly lower level, but efficiency measures and capacity adjustments are actively being implemented to protect profitability, with effects already visible in Q1 results.

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    José Asumendi's questions to DAIMLER (MBGYY) leadership • Q1 2025

    Question

    Jose Asumendi from JPMorgan Chase & Co. inquired about the specifics of Mercedes-Benz's discussions with U.S. authorities regarding tariffs and the potential for mitigation. He also asked for details on the BBAC joint venture's profit contribution in China and the timing of planned capacity adjustments.

    Answer

    CEO Ola Kallenius stated that while constructive discussions with U.S. officials are ongoing, he could not disclose details, emphasizing Mercedes-Benz's long-standing investment in the U.S. CFO Harald Wilhelm explained that the BBAC result was at a lower level and that efficiency measures are actively being implemented, with the effects reflected in the Q1 numbers.

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    José Asumendi's questions to DAIMLER (MBGYY) leadership • Q2 2024

    Question

    Jose Asumendi from JPMorgan Chase & Co. questioned the company's strategy for meeting European CO2 emission targets in 2025 if BEV demand remains sluggish. He also asked for the company's assumptions regarding deliveries and powertrain mix in China for the second half of the year.

    Answer

    CEO Ola Kallenius stated that Mercedes-Benz will need to and will take a step up in its xEV share in Europe for 2025, with pooling solutions being a potential backup. He highlighted that the BEV ramp-up will accelerate significantly with the launch of the MMA platform in 2025 and the MBEA platform (electric C-Class/GLC) in 2026. CFO Harald Wilhelm added that for China in H2, the company maintains a cautious view with sales expected to be roughly at H1 levels and no significant change in the powertrain mix anticipated before the new product launches.

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    José Asumendi's questions to DAIMLER (MBGYY) leadership • Q1 2024

    Question

    José Asumendi of JPMorgan Chase & Co. asked for a quantification of missed deliveries in Q1 due to supply bottlenecks and for specific examples of how these issues are easing. He also inquired about the company's BEV market share in China and its strategy for the regional powertrain mix going forward.

    Answer

    Executive Harald Wilhelm identified product availability, particularly for the E-Class, as the primary volume constraint in Q1. Regarding China's EV share, he stated the company follows customer demand rather than pushing products excessively, maintaining a stable global xEV share guidance of 19-21%. He emphasized that future EV growth will be driven by upcoming models in key segments, such as the MMA platform in 2025 and the electric C-Class and GLC in 2026.

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