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    Tom Narayan • RBC Capital Markets

    Tom Narayan's questions to Dana Inc (DAN) leadership

    Tom Narayan's questions to Dana Inc (DAN) leadership • Q2 2025

    Question

    Tom Narayan of RBC Capital Markets asked if the downward revision to the Off-Highway segment's guidance could risk the timing of the deal closing with Allison and sought a breakdown of the Q2 cost savings.

    Answer

    Senior VP & CFO Timothy Kraus and Chairman & CEO Bruce McDonald affirmed the deal's timing is not at risk, noting the Off-Highway team has successfully maintained margins despite lower revenue. Kraus clarified that the Q2 cost savings not attributed to the LV and CV segments were primarily from corporate overhead, including engineering, which is then reallocated to the business units.

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    Tom Narayan's questions to Magna International Inc (MGA) leadership

    Tom Narayan's questions to Magna International Inc (MGA) leadership • Q2 2025

    Question

    Tom Narayan of RBC Capital Markets asked about the potential net impact on Magna if tariff deals favored North American OEMs over European and Asian ones. He also questioned the confidence level in second-half commercial recoveries and whether macro uncertainty remains a hindrance to portfolio decisions.

    Answer

    CEO Seetarama Swamy Kotagiri explained that while shifts could impact European sales, Magna's broad footprint positions it well to handle rebalancing and benefit from increased localization in the U.S. He expressed high confidence in commercial recoveries, which are based on historical cadence and ongoing discussions. CFO Patrick McCann added these are specific, program-related items, not just placeholders. Swamy concluded that macroeconomic uncertainty still prevails, adding complexity to portfolio decisions.

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    Tom Narayan's questions to Ferrari NV (RACE) leadership

    Tom Narayan's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    Tom Narayan asked about the percentage of owners who view their Ferrari as an investment asset, sought details on the 'supply chain challenges' mentioned in the 2025 guidance, and inquired about the current operational status of the new e-building.

    Answer

    CEO Benedetto Vigna stated the e-building is now fully operational, producing Purosangue and hybrid cars, with lines for batteries, engines, and axles running. He explained that 'supply chain challenges' refer to issues at some suppliers affected by lower demand from large OEMs, which Ferrari is managing via second-sourcing. CFO Antonio Piccon added that while it's hard to quantify 'investor-owners,' collectors likely have this view, but range car buyers should expect normal depreciation.

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    Tom Narayan's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    Tom Narayan sought clarification on the Q2 Daytona shipment number, asked for more detail on the commentary about US residual values, and questioned how the neutral H2 mix outlook aligns with the full-year guidance.

    Answer

    CFO Antonio Picca Piccon clarified that Daytona shipments were 60 units in Q2, with approximately 40 expected for Q3. CEO Benedetto Vigna reiterated that while some US models face 'a little bit' of residual value pressure, the company has implemented commercial actions like extended battery warranties and does not view it as a major concern. The CFO did not provide more granular detail on the guidance reconciliation.

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    Tom Narayan's questions to Ferrari NV (RACE) leadership • Q1 2025

    Question

    Tom Narayan asked about the feasibility of the 2030 target for 40% EV models given the timeline and requested data on Purosangue's residual values and customer demographics.

    Answer

    CEO Benedetto Vigna clarified the 40-40-20 target refers to the product portfolio offering, not sales volume, to preserve client choice. On the Purosangue, he noted new clients are around 10%, it is often driven by female partners, and its residual value is very strong, with some pre-owned models trading above the original sticker price.

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    Tom Narayan's questions to Aptiv PLC (APTV) leadership

    Tom Narayan's questions to Aptiv PLC (APTV) leadership • Q2 2025

    Question

    Tom Narayan from RBC Capital Markets asked if bookings with Chinese domestic OEMs were primarily driven by their export strategies and inquired about the current trend of ADAS insourcing versus outsourcing by OEMs.

    Answer

    CEO Kevin P. Clark clarified that wins with Chinese OEMs are broad-based, covering both domestic and export programs. He also noted a reversal of the ADAS insourcing trend, stating that cost pressures are pushing OEMs away from expensive internal development and towards flexible, open-architected full-system solutions like those Aptiv provides.

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    Tom Narayan's questions to Aptiv PLC (APTV) leadership • Q3 2024

    Question

    Tom Narayan asked for the revised full-year growth over market expectation, the impact of the Mexican peso's depreciation on margins, and whether a stronger EV mix in a weaker European market would be a net positive for Aptiv.

    Answer

    CFO Joe Massaro confirmed the outlook implies 2% revenue growth in a market down 4% and noted that FX impact, including the peso, was not material in the quarter. CEO Kevin P. Clark agreed that a higher EV mix in Europe is a net content opportunity, but emphasized that the actual benefit depends on specific customer and platform mix.

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    Tom Narayan's questions to Ford Motor Co (F) leadership

    Tom Narayan's questions to Ford Motor Co (F) leadership • Q2 2025

    Question

    Tom Narayan asked about the potential impact on Ford Model e's EBIT if the loss of a consumer tax credit leads to lower EV sales, questioning if it could be a net positive. He also inquired about how Ford is managing headwinds in the European commercial vehicle market.

    Answer

    CFO Sherry House suggested that a pullback in U.S. EV production could lead to a financial uplift, as capacity would likely be reallocated to more profitable ICE products or European EVs with better margins. CEO James Farley attributed Ford Pro's strength in Europe to its new product lineup (Transit, Ranger) and significant cost advantages from its manufacturing footprint and its production partnership with Volkswagen.

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    Tom Narayan's questions to Autoliv Inc (ALV) leadership

    Tom Narayan's questions to Autoliv Inc (ALV) leadership • Q2 2025

    Question

    Tom Narayan from RBC Capital Markets inquired about the progression of Autoliv's performance with domestic Chinese OEMs, asking if the outperformance seen in June would continue, and questioned the reasons for large swings in specific product volumes, such as knee airbags.

    Answer

    CEO Mikael Bratt confirmed that the company is on track to close its performance gap in China and expects to outperform the market by year-end. CFO Fredrik Westin explained that the product volume volatility is a result of mix effects within product categories, where varying sales prices can create apparent disconnects from overall sales trends.

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    Tom Narayan's questions to Rivian Automotive Inc (RIVN) leadership

    Tom Narayan's questions to Rivian Automotive Inc (RIVN) leadership • Q3 2024

    Question

    Tom Narayan asked for a quantification of the cost improvement in the Q3-to-Q4 gross profit bridge and questioned the R2's competitiveness at a $45,000 price point against lower-priced EVs.

    Answer

    CFO Claire McDonough did not quantify the bridge but reiterated drivers like higher ASPs, lower depreciation, and reduced LCNRV charges. CEO RJ Scaringe defended the R2's positioning, clarifying the $45,000 starting price variant will still have over 300 miles of range and will be competitive through its unique form factor, brand, and performance attributes in a market segment with few compelling options.

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    Tom Narayan's questions to Mercedes-Benz Group AG (MBGYY) leadership

    Tom Narayan's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q2 2024

    Question

    Tom Narayan from RBC Capital Markets expressed concern about U.S. dealer inventory levels, asking for Mercedes-Benz's current position and whether there's a risk of significant price reductions. He also asked for an update on the company's thinking and timeline regarding the potential monetization of its Daimler Truck stake.

    Answer

    CFO Harald Wilhelm stated that U.S. dealer inventory is watched very carefully. He acknowledged a recent short-term spike due to a service supplier issue in July but indicated it should resolve and does not justify commercial action. He reiterated a positive sales outlook for the U.S. in H2. Regarding the Daimler Truck stake, Wilhelm noted there are another six months on the soft lockup, giving them time to reflect. He confirmed no decision has been made on whether to sell the stake or how, stating they are not in a hurry.

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