Stellantis Q2 2025 TU Earnings Report

Stellantis EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.42
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Stellantis Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $36.58 billion
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Stellantis Announcement Details

• Quarter: Q2 2025 TU
• Date: 7/29/2025
• Time: Before Market Opens
• Conference Call Date: N/A
• Conference Call Time: N/A

Stellantis (NYSE:STLA) engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems worldwide. It provides luxury and premium vehicles; sport utility vehicles; American and European brand vehicles; and parts and services, as well as retail and dealer financing, leasing, and rental services. The company offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS, Dodge, Fiat, Jeep, Maserati, Ram, Opel, Lancia, Vauxhall, Peugeot, and Comau brand names through distributors and dealers. Stellantis N.V. was founded in 1899 and is based in Hoofddorp, the Netherlands.

Stellantis Q2 2025 TU Earnings Call Transcript

Key Takeaways

• Negative Sentiment: For H1 2025, Stellantis reported €74.3 billion in net revenue but recorded a €2.3 billion net loss and €3 billion in industrial free cash flow outflow, missing consensus profitability and cash targets.
• Negative Sentiment: The company took €3.3 billion in net charges, including €2 billion for cancelled product programs, €700 million in Maserati platform impairments, and €300 million for expanded recalls and CAFE adjustments.
• Negative Sentiment: Tariff-related headwinds cost €330 million in H1 with expected incremental impacts in H2 amid ongoing U.S. trade policy uncertainty and evolving mitigation plans.
• Positive Sentiment: Sequentially versus H2 2024, volumes, revenues and adjusted operating income margins improved and cash outflows were cut in half, driven by recent launches of B- and C-segment models and a refresh of Ram pickups.
• Positive Sentiment: Stellantis maintains liquidity near 25 – 30% of trailing revenues, has refinanced upcoming debt maturities, and plans to reestablish full-year guidance on July 29 with new CEO Antonio Pelosa hosting.

Presentation

[Operator]

Hello, and welcome to the Stellantis h one twenty five prerelease of preliminary financial information call. You I now give the floor to Mr. Ed Dietmar, Head of Investor Relations to begin this conference. Sir, the floor is yours. Thank you.

[Ed Ditmire, Head - IR at Stellantis]

Hello, everyone, and thank you for joining us today on short notice as we review preliminary financial figures for the first half of twenty twenty five. Earlier today, the company posted a press release covering these disclosures as well as the publication of consolidated shipment volumes for the second quarter of twenty twenty five. This press release is available on the Stellantis Investor Relations website. Our call today is hosted by Doug Osterman, Chief Financial Officer at Stellantis, and after prepared remarks, he will be available to answer questions from analysts. Before we begin, I want to point out that any forward looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement.

[Ed Ditmire, Head - IR at Stellantis]

As customary, the call will be governed by that language. Now, I'll hand the call over to Doug.

[Doug Ostermann, CFO at Stellantis]

All right, thank you, Ed. And to everyone who's joined us today, we very much appreciate you participating on the call. Let me discuss briefly why the company took the step of releasing preliminary H1 twenty twenty five results today and is holding this call with the investment community. On April 29, I presented the company's Q1 twenty twenty five revenue and shipments update, and we made the decision to suspend current year financial guidance really due to the uncertainties related to U. S.

[Doug Ostermann, CFO at Stellantis]

Tariff policy, the potential impacts on the automotive market and the evolving Solantis tariff response plan. I've mentioned previously how the year was evolving, including disclosing an initial estimate of the net tariff impacts for 2025 of 1,000,000,000 to $1,500,000,000 for the full year and enumerating several other headwinds that had emerged, including ForEx changes, lower volumes in certain products and customer segments and the like. As we finished the second quarter and during the financial closing process, it became clear that our preliminary financial results, while generally in line with expectations in the market in terms of volumes and revenues, diverged from analyst consensus in terms of profitability and cash flow. And as a result, we felt it was important, given that we do not currently have guidance in place, to update the investment community. We decided to sync the publication, therefore, of our quarterly consolidated shipment volumes with the disclosure of the preliminary results, which we released this morning, to make things as simple as possible.

[Doug Ostermann, CFO at Stellantis]

So now, let's turn to the results themselves. So for the first half of twenty twenty five, the preliminary figures we've disclosed today are net revenues of approximately €74,300,000,000 adjusted operating income of approximately €540,000,000 AOI consistent with the company's definition excludes the impact of approximately €3,300,000,000 of net charges from our IFRS figures. A bottom line net loss of approximately €2,300,000,000 inclusive of those unusual items. And on industrial free cash flow, a €3,000,000,000 outflow. Now let me run through some of the specifics on key items that impacted the first half in significant ways.

[Doug Ostermann, CFO at Stellantis]

First, if we turn to AOI, there were really kind of four things that shifted the AOI level below the kind of low single digit H1 expectations I discussed back in February when we set our initial full year 2025 financial guidance. And of course, before that guidance was suspended in April due to the tariff related uncertainties. So the first was lower than expected volumes, where we've noted in prior updates, sluggish European LCV market and on the passenger car side, where we suffered from a lower production ramp up of certain newly launched products. In North America, our fleet sales remain low relative to the market, dragging on our share even as the retail side showed some encouraging improvement. Shipments were also impacted in the first half due to some downtime that we took in the initial period of the tariff announcements, particularly in our products that are produced in Europe, in Canada, in Mexico, until we had some clarity on the policy itself.

[Doug Ostermann, CFO at Stellantis]

The second impact was really higher industrial costs, including the impact of higher fixed asset absorption due to lower volumes, of course, and higher warranty costs. The third was foreign exchange with an impact of just under €1,000,000,000 year over year. That was primarily related to the Turkish lira, strengthening the euro against the U. S. Dollar and Brazilian real.

[Doug Ostermann, CFO at Stellantis]

And last was tariffs of approximately €330,000,000 net impact that was felt in the first half, and that's really consistent with the disclosed estimate that I made of €1,150,000,000 in net tariff impact as we'll see more impact in the second half. Next, let's move to the net total of approximately €3,300,000,000 of adjustments to AOI, and I'll provide you some detail on that figure. First, approximately €2,000,000,000 is related to management taking some decisive and tough decisions on product programs where we really couldn't see sufficient returns. This included our hydrogen fuel cell LTV efforts, as we announced to the markets last week, which resulted in approximately €700,000,000 charge of that €2,000,000,000 I mentioned. Certain product cancellations and related supplier payments as well as restructuring charges mostly related to the European headcount reductions.

[Doug Ostermann, CFO at Stellantis]

Second, about €700,000,000 across two non cash items, the majority of this was related to impairments of certain Maserati vehicle platforms. It really reflects the reality of the current sales pace that we see on those vehicles. Third, there was a net expense of roughly €300,000,000 associated with several items related to the change in U. S. CAFE penalty rates going to zero with the passage of major U.

[Doug Ostermann, CFO at Stellantis]

S. Congressional legislation, the One Big Beautiful Bill, including a write down of the CAFE credits and a provision for purchase commitments netted against the release of the majority of our CAFE compliance cost provision. Last, approximately €300,000,000 relates to about two thirds of an expansion of the Takata airbag recall campaign in Europe, with the rest split between miscellaneous items. In total, about half of the approximately $3,300,000,000 of net charges relates to future period expected cash flows, and the other half are all non cash in nature. Turning to our industrial free cash flow, we had said in February that when we gave our first half outlook for '25 that we expected positive flows only to come really in the second half of the year.

[Doug Ostermann, CFO at Stellantis]

Of course, that turns out to be the case. The marginal AOI generation in the first half was insufficient to cover our CapEx and R and D spending as we continue to invest in the business. And so that was really the major contributor to the negative industrial free cash flow that we reported for the half. Lastly, a quick comment on inventories. Total vehicle inventories at the end of the 2025 were unchanged, roughly in line with the prior six months where we ended the year last year.

[Doug Ostermann, CFO at Stellantis]

The OEM inventories figure were up about 60,000 units, while the dealer inventories were down about 60,000 units. So overall, total inventories globally roughly in line. Really, when I look at the first half results, of course, they are far below our potential, even taking into account the strong industry headwinds that characterize the first half of the year. And this is because we still have really a lot of work to do in terms of progressing our commercial recovery. At the same time, directionally, was sequential improvement from the second half of twenty twenty four.

[Doug Ostermann, CFO at Stellantis]

If I look at the half, specifically our volumes and revenues increased in the first half versus where we ran second half last year. And our AOI margin improved and cash flow outflows, while there were still outflows, were cut roughly in half. So we have seen progress, sequential progress, but certainly the management team is not happy with where we're at, and we're going to continue to progress in the second half. Progress on product was a big part of the story in the first half. We did launch a lot of products late in 2024 and early twenty twenty five, including five new B and C segment entries in Europe.

[Doug Ostermann, CFO at Stellantis]

And those closed temporary product gaps in our portfolio that were extremely important to execute, as well as the very well received refresh of our Ram medium and heavy duty pickups. And of course, we have more to come in the second half. We expect continuation of the product wave, including significant remaining ramp up of the new B segment cars and the approaching launches of three all new Stella medium nameplates in Europe, as well as the return of the Jeep Cherokee to North America to help drive improvement in the second half results this year. We plan to reestablish current period financial guidance that encapsulates that improvement on the H1 twenty twenty five update call that will be held on July 29, which will be hosted by our new CEO, Antonio Pelosa, and of course myself. And really, that concludes my prepared remarks.

[Doug Ostermann, CFO at Stellantis]

So, operator, please open the line for any questions that we have.

[Operator]

Thank you. The first question is from Thomas Besson from Kepler Cheuvreux. Please go ahead.

[Thomas Besson, Head of Automotive Research at Kepler Cheuvreux]

Thank you very much. I'll start with a question about your continued share losses both in The U. S. And Europe. I think the timing of your product launches was suggesting that your market share was going to stabilize in Europe first than The U.

[Thomas Besson, Head of Automotive Research at Kepler Cheuvreux]

S. But at this stage, we are still seeing no real share gains in Europe. So could you talk about that, explain how much of the ramp up for the smart platforms has been an issue and whether eventually you'll have to take some industrial action as you announce capacity expansion in Morocco while your volumes continue to decline?

[Doug Ostermann, CFO at Stellantis]

Yes, Thomas, good question. Really, I look at our progress in Europe, our share is up in the first half, if you compare it to where we ran second half last year. We're up about 130 basis points in that comparison. That, of course, is related to the fact that we've launched a lot of exciting new products. But the ramp up of those products, to your point, has been relatively slower than we expected.

[Doug Ostermann, CFO at Stellantis]

And of course, we really haven't gone off the ground yet with what I consider to be one of the most exciting of our B segment products, the Fiat Grand Rapanda, which will have kind of a big launch event in September for that vehicle. And I'm excited to see the reaction of the public when they really get a chance to drive it and experience the car. Of course, the other headwind that I mentioned in my script was LCVs. If you look at the LCV market in Europe, it's down about 13% year to date. And that has a unique impact on us, because we're about 30% of that market.

[Doug Ostermann, CFO at Stellantis]

We have a very strong share there. It also is a very big profit contributor for us. And so that, of course, has had an impact on us. My own view and I think what we hear from clients is that there's a lot of uncertainty in the environment today, both economic uncertainty and a lot of regulatory uncertainty. And in the face of that, a lot of our commercial customers are hanging on to their fleets for longer and are kind of taking a wait and see approach before they renew those vehicles.

[Doug Ostermann, CFO at Stellantis]

Obviously, we're having discussions with them and trying to come up with programs that can help them get over the hump on that. That has had an impact on us in Europe as well. So, I don't know if that covers all your question, but

[Thomas Besson, Head of Automotive Research at Kepler Cheuvreux]

Yes, Thank you very much. Can I ask a follow-up on a more positive note? I think you managed to report very strong gains both in Middle East, Africa and in LatAm that have been strong contributors to AOI last year. Should we expect that you get some positive traction in terms of operating leverage and therefore higher margins in these regions in H1, or is it not necessarily the case?

[Doug Ostermann, CFO at Stellantis]

Yes. I mean, I'll thanks for noting that, Thomas. And I'll note I'll save the kind of regional detail for the call on the twenty ninth. But you're right, we continue to have a very strong business in The Middle East. We have a very good leadership team there.

[Doug Ostermann, CFO at Stellantis]

And there's, as you know, a very young and growing level of affluency in that part of the world, a lot of population growth, and our brands have been very well received. I think we're very well positioned there. So it is an exciting part of our business for sure. But thanks for the question, Thomas.

[Thomas Besson, Head of Automotive Research at Kepler Cheuvreux]

Thank you, Lloyd.

[Operator]

Our next question is from Philippe Houchois from Jefferies. Please go ahead.

[Philippe Houchois, Managing Director at Jefferies]

Yes, good morning, good afternoon. Two questions, if I can. The first one, can you comment on the gap between operating cash flow and free cash flow? Because the implied CapEx is very, very low. So it's just a very kind of cash saving first half spend?

[Philippe Houchois, Managing Director at Jefferies]

Or is there some other factors that might explain it?

[Doug Ostermann, CFO at Stellantis]

Yes. I mean, that's I think we're comparing a little bit apples and oranges there, because perimeter is very different. So, when you look at the negative 2.3 from cash flows from operating activities, right? You're looking at our a perimeter there that includes the financial services business. And we had increase in use of capital within our financial services business, I think of over $4,000,000,000 And really, we're growing that business pretty rapidly, as we've discussed, particularly in North America, where we bought a subprime lending activity and have been building out the full portfolio of of prime and leasing and wholesale floor plan and the like.

[Doug Ostermann, CFO at Stellantis]

And so that ramp up is actually ahead of schedule. And so that has taken some level of capital. Then when you look at the number below that on the press release, the industrial free cash flow, that is just the industrial perimeter, right? And that's where, of course, when we look at the $05,000,000,000 of AOI, that clearly was not enough to cover our investing activities when we look at our levels of R and D and CapEx, and that's how we get to kind of an industrial negative free cash flow. So I hope that answers your question, but happy if you have a follow-up, Philippe.

[Philippe Houchois, Managing Director at Jefferies]

Okay. Well, actually, have a follow-up. Actually, before I get to my follow-up, I guess if I had a I have a long wish list of what I wish to hear from Stellantis, you can imagine.

[Philippe Houchois, Managing Director at Jefferies]

I'm sure. One thing I think is high time that you start splitting industrial cash flow and financing cash flow for a group the size of Steelantis. It doesn't make sense to combine the two. Think it works for Ferrari, it works for Porsche, but this is no longer adequate in my view for the disclosure of Stellantis. And but my second question would be, you said a few times that, no, you see the improvement in retail, you don't see the fleet.

[Philippe Houchois, Managing Director at Jefferies]

So what are you doing to regain market share in fleet? Something specifically on the Ram. You've lost a lot of share. Ram used to be a big pickup for commercial buyers and fleets. What are you doing to regain that share? Hello, have I lost connection here?

[Doug Ostermann, CFO at Stellantis]

So, I don't know if you heard all that, we do provide more detail on your first comment on the flows related to the financial services business in the six ks. And so maybe offline, we can get together and walk through some of that for you. But to your point, I mean, you make a good point. At some point, we continue to monitor kind of the size of our financial services activity and try to provide more and more transparency there for the investment community. So it's something that we are thinking about for sure, to your point, Philippe.

[Doug Ostermann, CFO at Stellantis]

But your second question was on RAM, which is a very important part of our business. And you asked, what are we doing there? And the first most important thing we did was to bring Tim Kineskas back to head RAM. But what's more important is all the great ideas that he's come up with. The first and most important is that we are reintroducing the V eight into the Ram pickup truck.

[Doug Ostermann, CFO at Stellantis]

We've seen marketing data that shows that as much as 40% of the market won't consider you unless you have a you can imagine it's pretty important that we get back into that part of the market. In addition, as I've mentioned, when we ran out the old DS truck, we had positioned the new truck, which we refer to as the DT platform, at the upper end to not play in that lower end of the segment because we had the DS truck. And so we now are coming back with that truck in that price tier that we've announced called the Express. And that's going to allow us to address that lower end of the market that we've been absent from. So that's a big key.

[Doug Ostermann, CFO at Stellantis]

We also are doing some things to improve production numbers on the Ram truck so that we can get back into the fleet piece that has really been missing for us. On the excitement side, we may have seen we announced we've gotten the Ram truck back into NASCAR. So there's a lot. And so we are expecting significantly better results in the second half out of the Ram brand, which is so important to us from a customer standpoint, from a profitability standpoint and the like. So it's a great question, Philip. Thanks.

[Philippe Houchois, Managing Director at Jefferies]

Great. Thank you very much.

[Operator]

And our next question is from Hurst Schneider from Bank of America. Please go ahead.

[Horst Schneider, Head - European Automotive Research at Bank of America]

Good morning or good afternoon. Thanks for taking my questions. Doug, I'm not sure if you mentioned that in the beginning, but if yes, maybe you can repeat that. Can you give any indication what was the margin in Europe? One, just continuation of the H2 twenty four trend.

[Horst Schneider, Head - European Automotive Research at Bank of America]

So North America, more significantly loss making, but Europe remained positive. Can you confirm that?

[Doug Ostermann, CFO at Stellantis]

Well, Horst, I'd really prefer to keep the details of the region by region for the call on the twenty ninth. That way, we can kind of lay it all out for you and give you clarity on the numbers there, rather than trying to quote individual numbers without detail and explanation. But we'll cover all that on the twenty ninth for you, And rest also, of course, you'll get the benefit of the commentary from our CEO as well.

[Horst Schneider, Head - European Automotive Research at Bank of America]

Yes. Then I want to follow-up with another one, and that is, I mean, we just had last week kind of warning from Renault, which was saying basically that there's increased competitive pressure in Europe that just happened So in maybe you can comment on this specifically in Europe, if you see something like that too, and if you can share any further detail on that.

[Doug Ostermann, CFO at Stellantis]

Yeah, I mean, Europe is a very competitive environment. I won't disagree with our counterparts at Renault. I think we're very fortunate in that we have some fantastic new products, right? They're coming out. But for us, there's a number of headwinds that we are combating in Europe.

[Doug Ostermann, CFO at Stellantis]

I talked a little bit about the sluggish LCV market. Of course, the race to be compliant on the CO2 side with increased bev penetration. We increased our bev penetration in Europe in the first half to 13%. And our bevs have been very well received. Our new B segment bevs are based on very affordable technology.

[Doug Ostermann, CFO at Stellantis]

They have really nice ranges. I think the pricing is very attractive and we make money on them. But it is a profitability headwind, of course, because we don't make as much money on a bev in most cases as we do on the ICE counterparts. But it's a tough market as everybody tries to get up that scale to the levels that are gonna be required for compliance. Now, luckily, because of the change in regulations, we all have three years to be compliant, right?

[Doug Ostermann, CFO at Stellantis]

So there shouldn't be a panic at the end of the year, which we had all kind of feared. But yes, Europe's a tough environment. I give our credit our team and the new products a lot of credit for being able to increase our market share sequentially, second half 'twenty four to 'twenty five by 130 basis points, despite a 13% decline in the area where we have basically one of our strongest market shares at 30% in LCV. So I think it's given the environment, as you said, which is pretty tough, I think it's quite a good accomplishment for the team. And certainly not where we want to be.

[Doug Ostermann, CFO at Stellantis]

We want to continue to strive for more. But yeah, there are a lot of headwinds in Europe. You are correct on Okay.

[Horst Schneider, Head - European Automotive Research at Bank of America]

Then maybe the last one, since my first question, you couldn't answer that on tariffs, when you talk about the €300,000,000 headwind in Q1, that was a very kind of peak number? Or it's just a partial impact in tariffs peak especially in Q3, and then mitigation effects basically coming to force, which would lower the pain again towards the end of the year?

[Doug Ostermann, CFO at Stellantis]

No, I mean, the tariffs only came in partway through the half. So it certainly is not representative of what we expect for the second half. Remember that I kind of guided to EUR 1,000,000,000 to EUR 1,500,000,000.0 in total. So EUR $330,000,000,000 in the first half, we'll see significantly more in the second half unless things change. Frankly, the tariff front seems to evolve on a daily and weekly basis, right?

[Doug Ostermann, CFO at Stellantis]

Because the administration is still very much engaged with many countries around the world in negotiating deals. And so we'll have to see how that evolves. But I think given the current outlook, you know, I would expect to see that figure probably double in the second half or more.

[Horst Schneider, Head - European Automotive Research at Bank of America]

Okay, and that number was then before mitigation actions on price, for example?

[Doug Ostermann, CFO at Stellantis]

Yeah, and that's a great point, because, believe tariffs are, we all know, inherently inflationary. And a lot of us in the industry, I think, have been reluctant to raise price because the tariff policy has been changing so much. I think people have been slow to react because we're all kind of waiting to see how it all evolves. And of course, we most of the OEMs in North America anyway, typically will run sixty to ninety days of inventory that wasn't subject to tariffs that you could kind of continue to sell down. I think we're coming to the end of that period.

[Doug Ostermann, CFO at Stellantis]

I think in the second half, you will see more reaction from various OEMs, and I think there will be some mitigation. But we'll have to see how it evolves. Okay, thank you so much.

[Operator]

Thank you. And ladies and gentlemen, we have time for one last question today. Jose Asumendi, JPMorgan, please go ahead.

[José Asumendi, Head - Global Autos & European Autos Equity Research at JP Morgan]

Thank you very much. Thank you, Doug, for making the call today. One final one, it will be great if you please comment on how you think about the liquidity of the business. Do you think about it on a cash basis, net cash basis, your refinancing needs? If you can just comment so we can get some comfort there from the equity and credit perspective.

[José Asumendi, Head - Global Autos & European Autos Equity Research at JP Morgan]

And if possible, I think the last time we left it in terms of cash generation, second half positive, but not offsetting the cash currency in the first half. Is this still how we're thinking about it? Or have we seen maybe some additional headwinds which could maybe mitigate this cash generation in the second half? Yes.

[Doug Ostermann, CFO at Stellantis]

Jose, always nice to hear from you. And I appreciate you asking about liquidity and cash and all the things that are near and dear to ex treasurer's heart. So let me try and answer your question. Look, the way we think about having sufficient liquidity for the business, I think we've been pretty clear about and consistent in that we think we really want to have liquidity that is roughly 25% to 30% of trailing twelve months revenues. And despite some cash burn here in the first half, we will remain when you see the full financials, you'll see that we've remained in that range.

[Doug Ostermann, CFO at Stellantis]

And so I feel like we have sufficient liquidity. As you, I'm sure, probably know, Jose, we went in the first half and issued debt both in The U. S. Market and in the European market to replace those maturities that are going to expire this year, and in fact, issued a bit more than what will expire this year because the markets were pretty constructive. So I feel from liquidity standpoint, we're still in very good shape.

[Doug Ostermann, CFO at Stellantis]

We have a very strong balance sheet and we've worked hard to build up Fortress balance sheet because we know that this business can be volatile and there will be periods like we're experiencing right now when cash is in the outflow position and we need to continue to invest in the business. So I think we're in pretty good shape on that front. As you mentioned, though, of course, we need to turn the corner and start generating positive industrial free cash flow. And I will outline our expectations for that in the call on the twenty ninth, where we plan to reestablish guidance. So I don't want to preempt all that, but we'll get into that on the twenty ninth call for sure, Jose. Appreciate the question.

[José Asumendi, Head - Global Autos & European Autos Equity Research at JP Morgan]

Thank you very much.

[Operator]

Thank you. And with this, I'd like to hand the call back over to Ed for any additional or closing remarks. Over to you, sir.

[Doug Ostermann, CFO at Stellantis]

So I'd just like to say thank you to everyone for participating in the call today. We look forward to updating you on July 29 in more detail on both the H1 results and importantly, how we see opportunities to improve the second half as well as reestablishing guidance for you. So look forward to speaking with you then. And of course, I'll be joined by Antonio Pelosa during that call. And I'm sure we'll all look forward to his commentary as well. So thank you.

[Operator]

Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect.

Participants

Executives

• Ed Ditmire, Head - IR
• Doug Ostermann, CFO

Analysts

• Thomas Besson, Head of Automotive Research at Kepler Cheuvreux
• Philippe Houchois, Managing Director at Jefferies
• Horst Schneider, Head - European Automotive Research at Bank of America
• José Asumendi, Head - Global Autos & European Autos Equity Research at JP Morgan