NorthAmericaCorporateResearch19August2019Takeawaysfromthe2019J.P.MorganAutomotiveConferenceChinaExpectationsNowReflectReality;IndustryPreparedinEventofUSDownturn(ButNoneSeenImminent)Autos&AutoPartsRyanBrinkmanAC(1-212)622-6581ryan.j.brinkman@jpmorgan.comBloombergJPMABRINKMANRajatGuptaAC(1-212)622-6382rajat.gupta@jpmorgan.comBloombergJPMAGUPTARDanielJWon(1-212)622-3221daniel.j.won@jpmorgan.comUSAutosCreditResearchJonathanRau,CFAAC(1-212)834-5237jonathan.d.rau@jpmorgan.comAviSteiner,CFAAC(1-212)270-5512avi.a.steiner@jpmorgan.comJ.P.MorganSecuritiesLLCSeepage34foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.www.jpmorganmarkets.comThisnotediscussescommentsfrommanyofthefirmswhoseseniormanagementspresentedonDay1andDay2oftherecent2019J.P.MorganAutomotiveConferenceinNewYork,includingautomakersGeneralMotors(GM),FordMotorCompany(F),andTesla(TSLA).WealsoheardfromautopartssuppliersAdient(ADNT),AmericanAxle(AXL),Aptiv(APTV),CooperTire&Rubber(CTB),Dana(DAN),Gentex(GNTX),Gentherm(THRM),MagnaInternational(MGA),Tenneco(TEN),andVisteon(VC),aswellasautodealersAutoNation(AN),AsburyAutomotiveGroup(ABG),andPenskeAutomotiveGroup(PAG),andfromKARAuctionServices(KAR).ThisnotealsocontainstakeawaysfromourannualdinnerwithIHSAutomotiveandcommentsfromJ.P.Morgan’screditresearchanalysts’hostingofGMFinancialandaratingsagencypanelfeaturinganalystsfromMoody’s,S&P,andFitchRatings.Wealsoheardfromanumberofothersattheconference,including:ChaseAutoFinance;CooperStandard;ExperianAutomotive;NXPSemiconductors;ShilohIndustries;SuperiorIndustries;Iochpe-MaxionandVeoneer.Finally,theconferencefeaturedpresentationsfrom11privately-heldhighgrowthhightechnologycompaniesthatparticipatedinourthirdannual“PrivateCompanyForumattheJ.P.MorganAut...
