摩根斯坦利关于汽车的报告.pptxVIP

;Disclosures;Disclosures;Disclosures;Overview;Global Light Vehicle Sales: Slow Growth;Global Sales Forecasts: 20** - 20**;U.S. Sales;Japanese SAAR;Western European SAAR;Global Excess Capacity at 25%-30%or 20mm units;CapEx / DA FY20**E: OEMs Spending for Growth;Zero Sum Game;Modest Demand Growth;Light Vehicle Sales Trend Line Demand;Light Vehicle Sales Cycle: Trough to Trough;Weighted Median Age of a Vehicle vs. Sales;Off Lease Vehicles Begin to Decline;Average Maturity of Vehicle Loans (months);Taking Longer to Establish Consumer Equity;Economic Conditions ;Affordability Near 25 Year Best;I