【正文】 for investment banking services from Aftermarket Technology, American Axle and Mfg., ArvinMeritor, AutoNation, B Warner Inc., DaimlerChrysler AG, Dana Corp., Delphi, Ford, General Motors, Genuine Parts Co., Goodyear Tire Rubber, Johnson Controls, Lear Corp., Lithia Motors, Magna Intl Inc., Standard Motor Products, Superior Industries, Tenneco, Tower Automotive, United Auto Group and Visteon Corporation. The research analysts, strategist, or research associates principally responsible for the preparation of the research report have received pensation based upon various factors, including quality of research, investor client feedback, stock picking, petitive factors, firm revenues and investment banking revenues. Man Stanley Co. Incorporated makes a market in the securities of Aftermarket Technology, Delphi, Dura Automotive, Ford, General Motors, Magna Intl., TBC and Tower Automotive. Global Stock Ratings Distribution (as of December 31, 2023) (Continued) C o v e r a g e U n i v e r s e I n v e s t m e n t B a n k i n g C l i e n t ( I B C )S t o c k R a t i n g C a t e g o r y C o u n t % o f t o t a l C o u n t % o f t o t a l I B C % o f R a t i n g C a t e g o r yO ve r w e i g h t 592 32 241 38 41E q u a l W e i g h t 856 46 287 46 34U n d e r w e i g h t 402 22 98 16T o t a l 1 , 8 5 0 626Disclosures Disclosures Man Stanley is involved in many businesses that may relate to panies mentioned in this report. These businesses include specialized trading, risk arbitrage and other proprietary trading, fund management, investment services and investment banking. Man Stanley makes every effort to use reliable, prehensive information, but we make no representation that it is accurate or plete. We have no obligation to tell you when opinions or information in this report change apart from when we intend to discontinue research coverage of subject pany. Reports prepared by Man Stanley research personnel are based on public information. Facts and views presented in this report have not been reviewed by, and may not reflect information known to, professionals in other Man Stanley business areas, including investment banking personnel. The value of and ine from your investments may vary because of changes in interest rates or foreign exchange rates, securities prices or market indexes, operational or financial conditions of panies or other factors. There may be time limitations on the exercise of options or other rights in your securities transactions. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. This publication is disseminated in Japan by Man Stanley Japan Limited and/or Man Stanley Nippon Securities Limited。 in Spain by Man Stanley, .,., a Man Stanley group pany, which is supervised by the Spanish Securities Markets Commission (CNMV) and states that this document has been written and distributed in accordance with the rules of conduct applicable to financial research as established under Spanish regulations。 St re n g t h a t 1 0 2 ?p e r U S$165。 What They Say ? GM expects markets to grow around the world and their market share to grow in every region. ? Ford expects profits to decline in North America. They were not specific but suggest cost issues lingering. ? GM expects European profits to grow by $300400mm($500$700mm pretax) in 2023, while Ford expects profits to grow by $9001,000mm. It is unclear how this profit growth can occur given the difficult market conditions there. DaimlerChrysler ? Product line has been playing defense for some time. Offense needs to get on the field. ? Chrysler faces perceived quality problems. ? Mercedes has actual quality problems. ? Affiliate issues may loom large in 2023. ? Commercial truck business at DCX could be a positive source of earnings for the pany in 2023. DCX Market Share 11%13%15%17%90 CY 93 CY 96 CY 99 CY 02 CY% % % Source: Autodata Man Stanley Research 2 3 . 9 %7 6 . 1 %0%10%20%30%40%50%60%70%80%F Y 0 2DCX Car Lt. Truck Sales As A % of Parent Cars Light Trucks Source: Autodata Man Stanley Research Chrysler DCX Operating Margins Source: Company reports Man Stanley Research 4. 0%2. 0%0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%1999 2023 2023 2023 2023E 2023EChry s l e r T o t a l D CXDCX New / Replacement / Redesigned Products Source: Company Data, Ward’s Automotive Man Stanley Research B r an d P r o d u c t I n tr o D ateCh r y s l e r P a c i f i c a M a r 03Ch r y s l e r Cr o s s f i r e J un 03D o dge D ur a n go N o v 03Ch r y s l e r 300C A pr 04D o dge M a gn um M a y 04J e e p G r a n d Ch e r o ke e N o v 04M e r c e de s M Cl a s s 2023M e r c e de s GST 2023Implications ? GM will continue to pursue its “grow our way out” strategy. ? DCX improved cost structure is keeping it in the game. New product is critical to alleviating revenue pressure. ? Foreign OEMs are likely to continue to add capacity in NA. ? Ford likely to be playing defense for one more year. The pany needs to hang on and continue to attack their costs until new product arrives. ? On the bright side, the Big Three product is the best its ever been. Source: Man Stanley Research Suppliers’ Relative Stock Performance: 2023 Source: FactSet Man Stanley Research S U PG P CGTD P HDRRAC TBM G AJC IARMVCDCNBWAA X LLEA40. 0% 20. 0% 0. 0% 20. 0% 40. 0% 60. 0%Dealers’ Relativ