Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Both TSMC and UMC saw about 20% cut in automotive industry wafer sales in 3Q23, which was 20% worse than customers' guidance.</li>
<li>Reasons for discrepancies: 1. IDMs cut foundry orders but keep in house utilization higher; 2. Worse than expected US auto factories strike; 3. Rate hike results in worse car sales.</li>
<li>We suggest clients to be cautious on the investment of automotive supply chain for the next 3-6 months</li>
</ul>


Both TSMC and UMC saw about 20% cut in automotive industry wafer sales in 3Q23, which was 20% worse than customers' guidance.
Reasons for discrepancies: 1. IDMs cut foundry orders but keep in house utilization higher; 2. Worse than expected US auto factories strike; 3. Rate hike results in worse car sales.
We suggest clients to be cautious on the investment of automotive supply chain for the next 3-6 months


Top Foundries See Cut in Automotive Industry Wafer Sales, Implications

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Stellantis has given investors and auto watchers a headline that almost writes itself: Jeep vehicles are set to be manufactured in China as part of a new $1.17 billion partnership with Dongfeng.</li>
<li>The plan covers two new Peugeot new-energy vehicles and two Jeep new-energy vehicles, with production expected to begin in 2027 at the companies’ joint-venture factory in Wuhan.</li>
<li>The vehicles are intended for both the Chinese market and overseas sales, making this more than a local production story.</li>
</ul>


Stellantis has given investors and auto watchers a headline that almost writes itself: Jeep vehicles are set to be manufactured in China as part of a new $1.17 billion partnership with Dongfeng.
The plan covers two new Peugeot new-energy vehicles and two Jeep new-energy vehicles, with production expected to begin in 2027 at the companies’ joint-venture factory in Wuhan.
The vehicles are intended for both the Chinese market and overseas sales, making this more than a local production story.


Stellantis’ Wild EV Twist: China-Made Jeeps Are Coming!

<ul>
<li>Stellantis reported a return to profitability in the first quarter of 2026, following a reset of its strategic priorities in 2025 that emphasized disciplined execution and customer-centricity.</li>
<li>The company delivered consolidated shipments of 1.4 million units, representing a 12% year-over-year increase, supported by growth across all geographical regions.</li>
<li>Net revenues rose 6% to €38.1 billion, while adjusted operating income (AOI) returned to positive territory with a margin of 2.5%, marking a 160 basis point improvement from the previous year.</li>
</ul>


Stellantis reported a return to profitability in the first quarter of 2026, following a reset of its strategic priorities in 2025 that emphasized disciplined execution and customer-centricity.
The company delivered consolidated shipments of 1.4 million units, representing a 12% year-over-year increase, supported by growth across all geographical regions.
Net revenues rose 6% to €38.1 billion, while adjusted operating income (AOI) returned to positive territory with a margin of 2.5%, marking a 160 basis point improvement from the previous year.


Can Stellantis Sustain Profit Recovery As Commodity Headwinds Persist?

<ul>
<li>Stellantis is trying to relaunch Jeep at a moment when the company needs cleaner execution, better product momentum, and a more convincing turnaround story.</li>
<li>Instead, the return of the Jeep Cherokee has been interrupted by a supplier dispute serious enough to idle the Toluca, Mexico factory from March 14, according to the lawsuit described in the article.</li>
<li>The immediate issue is straightforward: ZF Chassis Modules (Windsor), now tied to the ZF-Foxconn chassis venture, allegedly stopped shipping suspension modules after pushing for higher payments.</li>
</ul>


Stellantis is trying to relaunch Jeep at a moment when the company needs cleaner execution, better product momentum, and a more convincing turnaround story.
Instead, the return of the Jeep Cherokee has been interrupted by a supplier dispute serious enough to idle the Toluca, Mexico factory from March 14, according to the lawsuit described in the article.
The immediate issue is straightforward: ZF Chassis Modules (Windsor), now tied to the ZF-Foxconn chassis venture, allegedly stopped shipping suspension modules after pushing for higher payments.


Stellantis Crisis Moment: Why Jeep Cherokee Production Suddenly Stopped!

Focused on the Climate–Nature Nexus., Carbon Tracker Initiative

Carbon Tracker Initiative

Focused on the Climate–Nature Nexus.

Carbon Tracker and Planet Tracker - part of the Tracker Group - are award-winning, non-profit financial think tanks focused on the climate–nature nexus.

<ul>
<li>This report analyses 17 of the world’s largest automakers and identifies a systemic “Carbon Gap” between reported Scope 3 Category 11 emissions and estimated real-world lifecycle emissions.</li>
<li>Across the sector, Carbon Tracker estimates a median reporting gap of 33%, driven by differences between corporate reporting assumptions and real-world vehicle emissions.</li>
<li>Adjusted emissions estimates suggest several automakers are as carbon intensive as traditional oil and gas companies.</li>
</ul>


This report analyses 17 of the world’s largest automakers and identifies a systemic “Carbon Gap” between reported Scope 3 Category 11 emissions and estimated real-world lifecycle emissions.
Across the sector, Carbon Tracker estimates a median reporting gap of 33%, driven by differences between corporate reporting assumptions and real-world vehicle emissions.
Adjusted emissions estimates suggest several automakers are as carbon intensive as traditional oil and gas companies.


Energy Transition: Oil Companies in Disguise

Netherlands

Stellantis is a multinational automotive manufacturing corporation that designs, engineers, manufactures, distributes, and sells vehicles and components. Formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group, the company offers a portfolio of 14 iconic vehicle brands including Jeep, Peugeot, Citroën, Fiat, and Dodge. Stellantis is headquartered in Hoofddorp, Netherlands, and was founded on January 17, 2021.

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Stellantis (STLAM IM)

Top Foundries See Cut in Automotive Industry Wafer Sales, Implications

Top foundries see worse than expected automotive wafer sales, implying more automotive supply chain members are going to miss earnings expectation...

Andrew Lu

Stellantis’ Wild EV Twist: China-Made Jeeps Are Coming!

Stellantis has given investors and auto watchers a headline that almost writes itself: Jeep vehicles are set to be manufactured in China as part of...

Baptista Research

Can Stellantis Sustain Profit Recovery As Commodity Headwinds Persist?

Stellantis reported a return to profitability in the first quarter of 2026, following a reset of its strategic priorities in 2025 that emphasized...

Baptista Research

Stellantis Crisis Moment: Why Jeep Cherokee Production Suddenly Stopped!

Stellantis is trying to relaunch Jeep at a moment when the company needs cleaner execution, better product momentum, and a more convincing...

Baptista Research

Energy Transition: Oil Companies in Disguise

This report analyses 17 of the world’s largest automakers and identifies a systemic “Carbon Gap” between reported Scope 3 Category 11 emissions and...

Carbon Tracker Initiative

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