Berenberg says product momentum for European carmakers comes back to the fore

Porsche Automobil Holding SE

19/09/2025 07:38

** Berenberg says that as the dust settles on key issues for European automakers, strong product momentum is returning to the forefront as lower EU/US tariffs in Q4 will offer relief from pressure on Q3 margins

** It says European carmakers are renewing their portfolios at a much faster pace, with an average of 25% annually in 2025-2026 versus a 15% average over the last decade

** Renault RENA.PA, Volkswagen VOWG_p.DE and BMW BMWG.DE lead 2025 renewal rates, but Volkswagen's premium brand Audi PSHG_p.DE and Mercedes-Benz MBGn.DE are showing strong momentum for 2026, Berenberg says

** "The September Munich Motor Show finally showcased European products now approaching or on par with Chinese competitors at improved cost levels" - Berenberg

** The broker upgrades Stellantis STLAM.MI to "buy" from "hold", citing an improving narrative thanks to better U.S. inventory and upcoming product momentum

** It lists BMW, Ferrari RACE.MI, and Renault as top picks in the sector

(Reporting by Gianluca Lo Nostro)

((gianluca.lonostro@thomsonreuters.com;))