Downloadedbydaisy@Downloadedbydaisy@NoRESEARCHOctober10,202506:10PMGMTIt'sbeenclearforyearsthatUS/EUregulationsthat'encourage'OEMstoproduceloss-makingEVs-soldtooftenreluctantconsumers-waslikelyanunsustainablearrangement.Asregsgetpushedout,willOEMspullupthewarm&cozyduvetandWhatOthersAreReading-OurMostReadReports[NORTHAMERICA]FeedbackfromMaranello:2030GuideanElecTakeaBreathandBuytheStock(10Oct2025)Ferrari's2030targets(implied5%EPSCAGR)resemblemoreofa'bearcase'thanabullcase.Therecord15%1-daydropinthestockprovidesarareopportunitytobuyamulti-generationalcompounderunderpinned[NORTHAMERICA]UsedCarPrices:ValuesSteady,MixShifting(9Oct2025)TheseasonallyadjustedManheimindexforSeptemberdecreasedmarginallyby-0.2%MoMandincreased2.0%YoY,drivenbytightdays'supply,strongretailnewandusedautosales,andEVpre-buy(EVs+5%YoY).Usedpricesremainelevatedin2025(1.1%higherYTD).[NORTHAMERICA]10/7ProductReveal(?),10ThingstoAskYourRobotStartup(7Oct2025)WhatcouldTeslaberevealingon10/7?Asiswidelyreportedbyseveralmediaoutlets,Teslaposteda'teaser'showingarapidlyrotatingelectricalcomponentandanothershowingilluminatedheadlightsfromthefrontofavehicle...[NORTHAMERICA]PerceptionSurveyResults:AdvantageCVNA(6Oct2025)KMXandCVNAcompeteforasimilarcustomer-bothseestickinessinuserbaseandstrongbrandperception.Butofthe2,000consumerssurveyed,Carvanaleadsinexperience-inpricing(CVNAleadsKMXby17ppts),easeofwebsite/appnavigation(7ppts)andtrustedbrand/customerexperience(5ppts).[GLOBAL]GlobalAutoSales:StrongAgain(28Sep2025)KeyTakeawaysGlobalsalesstillstrong:+5.5%inAugust(+5.7%YTD),againledbyChina+14%.US+4%,Europe+5%andKorea+10%.EMex-Chinanowfalling-2%...[GLOBAL]GlobalAutoDatabook:Al+ChinaPutAutosOnNotice(26Sep2025)Autosalesandpricinghavebeenrelativelybenign,supportingconsensusformanyplayers.Butjustbelowthesurface,apalpabletensionisswirling-drivenbyinexorableforces:China'sglobalsharedominationandAI'stransformationofcartorobot.[NORTHAMERICA]SeptemberUSAutoSales:SAARIsHigh,EVsFly(2Oct2025)SeptemberUSautoSAAR(seasonallyadjustedannualsellingrate)risesto16.7mmvs.16.1mmLY.EVsales,up37%y/y,benefittedfromthenowexpired(asofSep30)EVtaxcredit,drivingEVshareto11.6%.UPDATEAdamJonas,CFAAdam.Jonas@ShinjiKakiuchiTimHsiaoYoung.Shin@Shelley.Wang@morganstanleJoeyXu,CFAJoey.Xu@morganstanleHiroto.Segawa@morganstanleyAndrewSPercocoAndrew.Percoco@Daniela.Haigian@morganscompaniescoveredinMorganStanleyResearch.Asaresult,interestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.+=Analystsemployedbynon-U.SaffiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsocommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.22recover(10Oct2025)Autoaffordabilityisbackatpre-CovidlevelsinEurope,andgraduallyrecoveringintheUS.ThiscreatesapositivebackdropforavolumerecoveryinEurope,whereunitsalesarestill3m(~20%)below2019.ThebenefitshouldbefeltbyallOEM[EUROPE]EuropeanAutoSalesTracker(7Oct2025)StroinSeptember,drivenbybettersalesinSpain,UKandGermany,whileItalyandFrancelagbehind.BYDmarketshareMoMwhileEuropeanbrandslose[INDIA]Sept2025AutoSales-ProductionRampingUp,SetforStrongOctober(2Oct2025)RetailmomentumpickedupsharplypostSept22ndandSeptemberproductionwashealthyacrossOEMs.Octobershouldseestrongretailsales.WholesaledispatchdatatrendsaremixedascompaniesfaceitsCEOInvestorDayintheUS,whereitlaidoutupdated2025guidanasmid-tolong-termoperationalandstrategictargets.Wehighlightthekeytakeawaysbelow.[CHINA]TheCatchupPlaybook(1Oct2025)AfterlagginginthesmartEVtransition,China'sSOEOEMsandtheirjoint-venturepartnershaveactedmoreproactivelyinrecentyearsthroughinternalrestructuringandexternalcollaboration.Thesechangesshouldsupportshare-pricereboundopportunities.preferredstocksfromeachmajorregion.viewsontheNorthAmerica,Europe,China,Japan,andSouthKoreaindustries.KoitoMfg.MusashiSeimitsuIndustryOW4000(JPY)→4200(JPY)IndustryViewUPDATEIn-LineMorgan后YTDYoYAug-25SAARSAARYoYAverageTrailingTotalEurope4.7%8,692,2565,996,280-0.5%4.8%0.1%France87,850-7.1%5.1%-4.1%Germany-1.7%9.5%82,908-2.0%-3.4%-0.1%-2.7%-3.7%-1.9%-8.4%20.1%UnitedStates4.2%China2,521,058Japan-8.1%2,938,5976.5%4,079-8.2%4,425-1.8%Brazil-3.9%-4.5%-0.9%Turkey817,345-9.0%2,476,9090.5%-12.6%-4.6%SouthKorea9.8%4.3%9.5%8.7%6.3%-19.3%-23.9%-21.5%-20.5%48.4%65.6%-3.7%-2.0%3.1%Mexico-2.7%957,831-3.7%-2.9%-1.8%-1.7%Thailand47,622-12.9%-6.8%-12.9%-14.9%Australia-2.1%3.1%2.5%SouthAfrica6,577,05981,072Source:MotorIntelligence,LocalAutoAssociations,MorganS0.6%4.1%3.1%-0.1%Mercedes-Benz-9.5%-0.4%-7.0%-0.4%-8.8%Ford239,2950.7%4.1%-0.2%4.5%4.2%-0.1%247,5766.2%GeneralMotors0.6%3,089,8406.6%0.6%Hyundai275,2564.8%4.7%-0.1%2,170,1382.5%4.6%-0.2%273,071Kia-0.1%-0.1%-8.2%-0.1%227,015-8.2%0.5%-0.1%-11.3%Nissan3.1%0.1%-6.0%-0.4%Honda237,908-9.8%4.1%-0.7%-7.3%4.2%-0.6%237,577-8.1%Suzuki-6.3%-0.5%-3.0%-0.4%200,138StellantisGroup296,697-4.8%5.1%-0.6%2,774,677-6.4%-0.8%Renault0.1%6.6%0.0%Tesla-0.2%-10.5%2.3%-0.4%-2.0%Toyota614,918-0.5%5,137,3508.6%0.2%649,9964.1%VolkswagenGroup9.7%-0.5%4,919,749-0.5%626,765Porsche-29%0.3%0.0%-1.8%0.3%0.0%Volvo46,867-18.6%-0.3%447,951-2.4%-0.1%-7.6%BYD6.6%-0.2%2,886,69123.9%6.1%6.7%27.1%3.1%Premium896,7734.1%-0.4%7,224,2580.1%-1.0%929,730Mass4,921,73284.6%39,790,46984.6%5,050,236Source:MotorIntelligence,LocalAutoAssocia3MORGANSTANLEYRESEARCH34MorganStanleyExhibit4:NorthAmericaCoverageRankings1Tesla2Ferrari3Carvana4Group1Automotive56PenskeAutomotiveGroup4.8%7AutoNation8AvisBudget9AmericanAxle20.2%CarMaxLithiaMotorsAsburyAutomotiveFordMotorGeneralMotorsRivian-2.21-2.53NMMobileyeGlobalSonicAutomotiveHertz-0.55-0.52NMVisteonLucid-4.72-6.79NMAPTIVAdientNC-0.62-0.74NMSource:FactSet,MorganStanExhibit6:EuropeCover345DaimlerTruckHoldingOW5.164.3319.1%678914VolkswagenEW23Source:FactSet,MorganStanUPDATEExhibit5:JapanCoverageRankings408.564YokohamaRubberNC7MusashiSeimitsuNC-14.07NM17ToyoTire&Rubber480.63465.529.5%4.7%20Bridgestone9.5%Source:FactSet,MorgExhibit7:ChinaCoverageRankings4NexteerAutomotiveSource:FactSet,Morg4RESEARCHUPDATERESEARCHUPDATEExhibit9:TaiwanCoverageRankingsExhibit9:TaiwanCoverageRankings2HuLaneAssociatesMSConsNMUWMSCons527.52592.322BharatForge26.303AshokLeyland4Mahindra&Mahindra6BajajAuto340.70376.8284.858TataMotors65.362.6%9ApolloTyres28.7510EicherMotorsLtd.218.7311HeroMotoCorpUW260.16283.03UW94.59UW60.962.5%4%)-106.62125.63MSCons22374.4722264.250.5%2HyundaiMOBIS49811.0648545.402.6%3HyundaiMotor55522.6946930.774HankookTire8324.239399.735MandoCorp3230.175104.726HanonSystemsUWNMⅣNote:CoverageRankingsareasofOctober10,2025Ⅳ5MORGANSTANLEYRESEARCH6Exhibit11:GlobalOEMComps-TSLA,Mercedes-Benz,Guangzhou,HondaMotorsandMSILarepreferredstockscorpoyaPT(%)oMercedesBnzE53135400W51.259.300.5Ko8030二85.00二0W49.156.90.5D.5XStellantisuSn9239.60ow30.B30.8NAu.3D.3xRorsche明41.53二UW18.921.9l1.6KDamlerTruckHalding34.97二aW27.70.9×1.1xoRenaultUEW10.410.83D.4XoVokswagen麗951540EW46.123.17D.2xD.6XNorthAmericaGencralMotors5努F(xiàn)ordMotor1的留1NorthAmericaWeightedAveragoChin看geBYD10820二1370011217.6x3.5x3.0x看ge是SAICMotar173二22.909.3x是星的9.6x1.3x星的ereatereatWall16.65二120EW206.5,NA到BAICMoterK2082.16EW5.2NA到eSinotruk24262240EW67.02.529.6x31.3xeK19052400ow192.88.8xaAnhuJisnghus519二4740EW113.361.8xa60KaMatorsKRW100,60000130,0DD.00403D.6x0.5xHyundsiMotorKaMatorsKRW100,60000130,0DD.00403D.6x0.5xTeyotaMatorJPY321.65NA0.7xlszuMotoJPY2,00000EW231.748.3xNA0.4X0.9KMazdaMotorJPY1,.09B.50EW109.81556XNAL.1X0.1X0.4KD.4xNisanMotoJPY35B.10400.0012%EW-14.07NM二NA0.1x0.3K02xSubaruCorpJPY3,057002,3000025%UW227.7815.5x二13.4×二NAy0.5x口.BJapanWekgntodAverIndia9.2XNA07XManSzuk西16,276.118,3600OW5,117.257.6527.56394552.3654.225.5X2.1x4Ee|ajAuto置8,9473250Uw2,498.628.1340.7384.7376.84768263x23.3xX二3.5x7.2xTVSMotec置91.584.B1037二486x二38.1X二3.3X置吼2V1,100.312.426022974283.0301.721.1×18.5x12.2x546TataMoars置2.500.428.253662664.310.6x24758x4.BX00.60MahindnaBMahindn置3.4546231.3x18.3X2.605BalkntnalIndusties置2.2802114224.1x3.3XIndiaWeightedAuerageGlobalWelghtodAverageNotes:(1)ForRenaultEVcalculation,NissanandVolvostakesaresubtractedat20%discounttotheircurrentmarketcap.(2)ForIndiancompanies,2030and2024estimatesrefertothefiscalyearsendingMarch2024andMarch2025,respectively.(3)EV/EBITDAexcludestheimpactfrompensionandhealthcareliabilitieswiththeexceptionofFord.FordiscalculatedonanEV/EBITDAPandincludespensionandhealthcareliabilities.Notes:e=MorganStanleyResearchest;O=Overweight;E=Equal-weight;U=Underweight;NC=NotCovered.ValuationmultiplesarebasedonMSest.unlessacompanyisrestrictedorNC,inwhichcasecons.est.areused.4)PTs&RatingsareasOctober10,2025.6MorganStanleyRESEARCHUPDATE2026g435.54410.00OV1,44B213980722939X15.9X14.1x0.0xg21.6930.00903NM24X2.0x2.9x13.09281221279NM28x38x9%9.8x17.9x459-0.99NM2.2x1.5x158.4XNM8613675122.7x1.7XB.7x0.7X0731.7XBYDCampamy6.15222.1X6.1XD8x30xXpengine.6820.130.171728X74x50xSource:FactSet,MorganStanleyResearchesti7MORGANSTANLEYRESEARCH8Exhibit13:GlobalSupplierComps:BWA,Valeo,Huayu,andTataMotorEuropeEURUSDEUREURUSDEUREURForviaValeoS.A.EuropeWeightedAverageNorthAmerica(1)APTIVUSDBorgWarnerinc.USDLearUSDMobileyeGloballncUSDMagnaInternationalUSDAdientUSDAmericanAxleUSDMagnaInternationalUSDNorthAmericaWeightedAveragePriceat119.0511.2610.1982.7141.6415.2444.545.6944.54MSPriceTarget54.80107.0010.1011.3060.0042.00115.0017.007.5038.00Upsideto11%32%MSEWEWEWowUWoWowEWEWEWUWowEWMarketCapMSEPSConsensusLCUSS2025e2026e2025e9.02.99.00.75.719.270.467.414.550.285.004.250.445.007.037.234.670.405.844.820.665.846.039.54-0.097.564.600.345.154.540.445.15EPSP/E2026e2025e6.977.0x7.0x8.245.0113.920.435.815.392.330.605.8111.2x9.1x8.1x53.6x 8.9x12.9x8.9x12.0x2026e8.1x11.5x6.8x 5.4x 5.4x11.4x8.9x7.2x38.1x7.6x12.5x8.6x7.6x10.6xEV/EBITDA2025e2026e7.2x7.4x3.0x2.6x2.6x6.9x5.0x3.5x25.0x3.2x5.6x4.1xNA3.2x5.7x5.8x6.8x3.0x2.4x2.4x6.5x4.6x3.0x2.2x2.8x4.9x4.5xNA2.8x4.2xEV/Sales2025e2026e0.9x0.4x0.3x0.3x1.1x0.8x0.2x0.5x0.3x0.8x0.3xNA0.3x0.6x0.9x0.4x0.3x0.3x1.1x0.7x0.2x0.4x0.3x0.7x0.3xNA0.3x0.6xP/B2025e2026e3.7x3.8x0.6x0.6x0.6x2.1x0.8xNMNM0.8x2.8x3.5x0.6x0.6x0.6x0.8x1.1xNMNM0.8xJapanDensoKoitoMfg.ToyodaGoseiNOKNHKSpringNifcoMusashiToyotaBoshokuJapanWeightedAverageFuyaoGlassHuayuAutomotiveNexteerAutomotiveGroupWeiFuHigh-TechnologyMinthGroupLimitedMinthGroupLimitedChinaWeightedAverageSouthKoreaLGChemHyundaiMOBISS&TMotivSouthKoreaWeightedAverageTaiwanHuLaneAssociateInc.TaiwanWeightedAverageIndiaSamvardhanaMothersonintAmaraRajaIndiaWeightedAverageGlobalWeightedAverageJPYJPYJPYJPyJPYJPYJPYJPyJPYJPYJPYJPYJPYHKDHKDHKDHKDHKDHKDKRWKRWKRWKRWKRWTWDTWD2,19816,7102,2543,6542,5524,4702,9933,3801,1822,5502,9932,40673.6520.797.6114.4932.6432.64279,000298,0004011,006NCNC2,1004,4002,6004,8003,0004,2001,100NC3,0002,40059.0024.106.30NC26.0026.00320,000370,00045,0002,80039,00040NC416926NANA20%8%2%0%24%NA0%NA24%33%NA4%NCNCEWoWoWoWowEWowEWNCEWEWEWOwEWNCowoWEWOwowUWEWUWNCowowUW6,3975,4456944664495904484552221,935455451213.365.5148.622.741.941.920,79427,3558972,0741,5433411,09941.835.6 4.53.02.93.92.93.0 0.33.02.927.49.23.2 5.4 5.40.61.51.10.60.53.82.1NANA349226200344NA2803.842.190.05NA2.552.554,58646,8833,8812,846NA15.423.6060.96NANA169400233217369250238158NA2502994.322.600.07NA3.263.267,19549,8113,2300.15NA17.54 4.5466.133874092712642452713003.722.110.38NA2.612.612,91444,7043,7443,6472.4017.96 4.802219834504443063352923063174.252.240.49 NA3.043.0417,14548,5454,4835,1170.223.0911.5311.5365.5119.8x11.5x13.0x15.1x19.4x10.1x10.4x15.1x8.6x13.8x19.2x 9.5xNA12.8x12.8x51.2x60.8x6.4x8.7xNM11.5x29.0xNM54.5x54.5x28.9x24.1x9.9x13.4x9.1x11.8x12.1x14.2x7.5x8.7x12.0x 8.0x12.3x17.0x8.0x113.8xNA10.0x10.0x42.5X38.8x6.0x7.4xNM10.2x19.6x403.0x 42.4x231.5x22.8x22.9x15.2x20.6x5.7x14.9x 4.7x 4.3x 4.1x 6.4x 4.6x 5.7x 7.3x 2.4x 4.5x 5.7X 2.9x8.2x11.9x3.7x5.4xNA8.8x8.8x8.4x7.4x5.8x4.1x7.3x4.7x6.4x65.2x31.4x49.1x15.0x10.9x8.9x7.8X5.3x13.9x 4.0x 3.9x 3.8x 5.7x 4.1x 5.4x 6.1x 2.2x 4.2x 5.4x 2.5x7.6x9.6x3.1x5.4xNA6.5x6.5x7.0x5.9x5.7x3.2x6.9x4.5x5.7x21.8x28.4x25.0x13.2x9.2x8.0x9.9x6.7x0.8x1.5x0.5x0.5x0.5x0.6x0.9x1.1x0.9x0.2x0.5x1.1x0.2x1.0x3.7x0.3x0.5xNA0.4x0.5x0.5x0.3x0.8x4.5x7.6x6.0x1.1X0.8x0.4x0.4x0.5x0.6x0.8x0.8x0.2x0.5x0.2x0.9x3.1x0.2x0.5xNA0.4x0.4x0.5x0.3x0.7x4.0x6.8x5.3x0.9x0.9x0.8x0.7x0.4x0.9x0.9x4.2xNA1.4x2.4x0.6x0.5x0.8x0.8x0.6x0.6x2.2x2.0x2.2x2.9x2.2x2.7x0.9x0.9x0.8x0.7x1.3x1.0x0.4x0.8x0.8x3.5x0.9xNA2.1X0.6x0.5x0.7x0.8x0.6x0.5x2.2x1.8x2.0x2.0x2.6x2.4xNotes:(1)EV/EBITDAexcludestheimpactsfrompensionandhealthcareliabilitieswiththeexceptionofourNorthAmericancoverage,whicharecalculatedusingEV/EBITDAPanddoincludepensionandhealthcareliabilities.(2)NorthAmericaweightedaveragesarecalculatedwithoutMobileye.e=MorganStanleyResearchest;O=Overweight;E=Equal-weight;U=Underweight;NC=NotCovered.ValuationmultiplesarebasedonMSest.unlessacompanyisrestrictedorNC,inwhichcasecons.est.areused.(3)PTs&RatingsareasofOctober10,2025.8MarketCapNorthAmericaGlobalWeightedAverageNote:1)e=MorganStanleyResearchest;O=Overweight;E=Equal-weight;U=Underweight;NC=NotCovered.ValuationmultiplesarebasedonMSest.unlessacompanyisrestrictedorNC,inwhichcasecons.est.areused2)PTs&RatingsareasofOctobeVolvoChinaMotorCorp.HotaiMotorPorscheAvisBudgetPriceatOct09268.0061.40583.0041.53CurrencySEKTWDTWDEURUSDCompanyNameTongYangIndustryYulonMotorHarley-DavidsonFerrariHertzPriceatOct0992.2033.5026.50407.38CurrencyTWDTWDUSDEURUSD9MORGANSTANLEYRESEARCH9RESEARCHMorganStanleyGlobalAutoTeamMorganStanleyGlobalAutoTeamAdamJonas,CFAadam.jonas@morganstanle+12127616071Daniela.Haigian@morgaWilliamTackettWilliam.Tackett@young.shin@JAPANshinji.kakiuchi@Hiroto.Segawa@morganstanleCHINAtim.hsiao@morganstanley.ShelleyWangEUROPEShaqealA.Kirunda+91226118-1073MorganStanleyRESEARCHUPDATETheinformationandopinionsinMorganStanleyResearchwerepreparedbyMorganStanley&Co.LLC,and/orMorganStanleyC.TV.M.S.A.,and/orMorganStanleyMexico,CasadeBolsa,S.A.deC.V.,and/orMorganStanleyCanadaLimited.Asusedinthisdisclosuresection,"MorganStanley"includesMorganStanley&Co.LLC,MorganStanleyC.T.V.M.S.A.,MorganStanleyMexico,CasadeBolsa,S.A.deC.V.,MorganStanleyCanadaLimitedandtheiraffiliatesasnecessary.Forimportantdisclosures,stockpricechartsandequityratinghistoriesregardingcompaniesthatarethesubjectofthisreport,pleaseseetheMorganStanleyResearchDisclosuureWebsiteat/researchdisclosures,orcontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY,Forvaluationmethodologyandrisksassociatedwithanyrecommendation,ratingorpricetargetreferencedinthisresearchreport,pleasecontacttheClientSupportTeamasfollows:US/Canada+1800303-2495;HongKong+8522848-5999;LatinAmerica+1718754-5444(U.S.);London+44(O)20-7425-8169;Singapore+656834-6860;Sydney+61(O)2-9770-1505;Tokyo+81(0)3-6836-9000.AlternativelyyoumaycontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY10036USA.Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:DanielaMHaigian;AdamJonas,CFA;JavierMartinezdeOlcozCerdan;AndrewSPercoco;HirotoSegawa;BinaySingh;ShelleyWang,CFA;JoeyXu,CFA.MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailableat/institutional/research/conflictpolicies.APortugueseversionofthepolicycanbefoundat.brTheanalystorstrategist(orahouseholdmember)identifiedbelowownsthefollowingsecurities(orrelatedderivatives):DanielaMHaigian-AInc(commonorpreferredstock);AdamJonas,CFA-AlInc(commonorpreferredstock);AndrewSPercoco-AInc(commonorpreferredstock).AsofSeptember30,2025,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinMorganStanleyResearch:AdientPLC,Allegro.euSA,AInc,AmericanAxle&ManufacturingHoldingsInc,AptivPlc,AsburyAutomotiveGroupInc,AutoTraderGroupPLC,Autoliv,AutoNationInc.,AvisBudgetGroupInc,BAICMotor,BMW,BorgWarnerInc.,BYDCompanyLimited,CarmaxInc,CarvanaCo,DeliveryHeroSE,FerrariNV,FordMotorCompany,GeneralMotorsCompany,GoodyearTire&RubberCompany,GreatWallMotorCompanyLimited,Group1Automotive,Inc,GuangzhouAutomobileGroup,Harley-Davidsonlnc,HelloFreshSE,HemnetGroupAB,HertzGlobalHoldingsInc,JahezInternationalCo,KiaCorp.,LearCorporation,LithiaMotorsnc.LockheedMartinCorp,Magnalnternationallnc.,MazdaMotor,Mercedes-BenzGroupAG,Michelin,MobileyeGloballnc,MotorolaSolutionsInc,MusashiSeimitsuIndustry,NissanMotor,NorthropGrummanCorp.OcadoGroupPLC,PenskeAutomotiveGroup,Inc,PHINIAINC,RasanInformationTechnology,RenaultRightmovePlc,RivianAutomotive,Inc.,RTXCorp,Scout24,SonicAutomotiveInc,Stellantis,SumitomoRubber,TalabatHoldingPLC,TeslaInc,ToyodaGosei,ToyotaIndustries,TrainlinePLCValeoSE,VendMarketplacesASA,VisteonCorporation,WalmartInc,XPengInc.,ZalandoSE.Withinthelast12months,MorganStanleymanagedorco-managedapublicoffering(or144Aoffering)ofsecuritiesofAvisBudgetGroupInc,BharatForge,BMW,Bridgestone,DeliveryHeroSE,Denso,FordMotorCompany,GeneralMotorsCompany,HertzGlobalHoldingsInc,HondaMotor,HyundaiMotor,IsuzuMotors,LGEnergySolution,LockheedMartinCorp,MazdaMotorMob