摩根斯坦利-关于汽车报告.（ppt67）.pptVIP

Excess Capacity More Is On The Way Every 1% Pt. of Market Share Translates into $1.0bn in Profits 853,000 Units of Added Capacity is 5.1% of NA Capacity, or $5bn in Pretax Profits NA Pretax Profit Big Three FY03E (in MM) $1,971 Source: Morgan Stanley Research Estimates Revenue Pressures Worst Since 1970’s New Car CPI vs. Domestic Light Vehicle Sales Source: CPI Morgan Stanley Research Y/Y Change in Monthly New Car CPI Source: CPI Morgan Stanley Research Price Reductions Pressure Manufacturers Every 1% Decline in Prices is Worth $1.0bn at GM $850mm at Ford $550mm at DCX Source: Morgan S