1、M IdeaAutos&Shared Mobility|EuropeEuropean Autos:Quarterly Benchmarking:Where are the opportunities?Morgan Stanley Europe S.E.,Madrid Branch+Javier Martinez de Olcoz CerdanEquity Analyst Javier.Martinez.O +34 9141-81289 Morgan Stanley&Co.International plc+Shaqeal A KirundaEquity Analyst Shaqeal.K +4

2、4 20 7425-0736 Cindy HuangEquity Analyst Cindy.H +44 20 7425-2915 Autos&Shared MobilityEuropeIndustry ViewIn-Line Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that co

3、uld affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts e

4、mployed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.July 3,2025 10:26 AM GMTM Idea2 M

5、 IdeaMorgan Stanley Research3M O R G A N S T A N L E Y R E S E A R C HEUROPEMORGAN STANLEY EUROPE S.E.+Javier Martinez de OlcozEQUITY ANALYSTJavier.Martinez.O+34 914 181 289MORGAN STANLEY&CO.INTERNATIONAL PLC+Shaqeal A.KirundaEQUITY ANALYSTShaqeal.K+44 207 425 0736 Morgan Stanley does and seeks to d

6、o business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their inve