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4、orth AmericaIndustry ViewIn-LineElon Musk is fond of saying The most ironic outcome is the most likely.As the tariff and onshoring debate evolves,it is clear to us that in order to wean the US off of China dependence it will need to work closely with Chinese firms.increasingly on US shores.What Othe

5、rs Are Reading-Our Most Read ReportsNORTH AMERICA Maranello Magic:Ferrari is an n of 1(31 Jul 2025)Ferrari 2Q results were modestly higher vs.consensus while increasing confidence in unchanged outlook.While consensus may not move on the print,wed use any weakness in the stock to increase exposure to

6、 the name.Reiterate OW.NORTH AMERICA Ford Motor Company:Decision Time on EVs(30 Jul 2025)A canary in a Kentucky Coal Mine?2Q results came in slightly better than expected driven by Ford Pro and Ford Credit with reinstated guidance slightly better than consensus(adj for tariffs).Ford CEO Jim Farley e