UBS sees cuts to 2026 consensus for European autos as China weighs

AUMOVIO SE

13/01/2026 14:21

** UBS says it expects 5-10% downgrades to 2026 consensus estimates for European auto names as outlooks for the year could disappoint on China

** It sees China as a key source of 2026 downward revisions for German original equipment manufacturers (OEMs), cutting BMW BMWG.DE to "neutral" from "buy"

** It adds that Porsche P911_p.DE and Renault RENA.PA could disappoint on Q4/2025 results, leaving Stellantis STLAM.MI as its only "buy" rating among OEMs

** On tires, UBS says to expect a "relatively tough H1" following the EU's decision not to impose provisional tariffs on China imports

** "Capital allocation will increasingly become a key differentiator for tire names," it says, adding that Continental CONG.DE remains its top choice

** UBS expects most suppliers to post an in line Q4, except for Aumovio AMV0n.DE which might beat expectations, triggering consensus upgrade

 (Reporting by Danny Callaghan)

 ((danny.callaghan@thomsonreuters.com))