Autos Weekly

Week in Review

EV Policy Rollback Reshapes Industry Outlook; Stellantis and NIO Lead Gains

The global auto sector closed the week with mixed signals. The Trump administration's decision to ease CAFE standards and scale back the EV fuel factor multiplier sent shockwaves through the industry, fundamentally altering the competitive landscape between legacy automakers and pure-play EV companies. Tesla (the ticker on eToro is $TSLA) edged up a marginal 0.03% to $411.82, while Stellantis (the ticker on eToro is $STLA) surged 2.93% to $7.73 on strong European van sales.

Chinese EV champion NIO (the ticker on eToro is $NIO) rose 2.84% to $5.07, boosted by optimism around export growth to Southeast Asia and the Middle East. On the flip side, Rivian (the ticker on eToro is $RIVN) and Lucid (the ticker on eToro is $LCID) each shed 2.05%, reflecting investor caution toward EV startups navigating production scaling challenges without regulatory tailwinds.

Oil benchmarks softened — WTI down 0.24% to $66.23 and Brent off 1.00% to $71.04 — easing input cost pressure for traditional manufacturers. US factory orders came in at -0.7% MoM (consensus: -0.5%), pointing to weakening demand in the manufacturing sector that could weigh on vehicle production and supplier order books.

Market Snapshot

Auto Industry Leaders & Key Commodities

Source: Market data as of close Feb 20, 2026. eToro tickers for reference only.

Industry Coverage

World's Top 30 Automakers & Supply Chain

This newsletter monitors the global automotive ecosystem — the world's 30 largest vehicle manufacturers by revenue and production volume, plus key supply chain players.

Major OEMs

Toyota (the ticker on eToro is $TM) continues to lead global sales with its hybrid-first strategy, though EV critics note slow battery-electric adoption. Volkswagen Group faces headwinds from softening European demand and high EV transition costs. Hyundai-Kia gained market share in Europe and the US with competitive EV pricing on the Ioniq 5 and EV6 platforms.

BMW (the ticker on eToro is $BMW.DE) and Mercedes-Benz (the ticker on eToro is $MBG.DE) continue repositioning toward electric luxury, though both flagged moderating order books. BYD overtook Tesla in global EV deliveries in Q4 2025 and is aggressively expanding into Southeast Asia, Latin America, and Europe.

Renault, Nissan, and Mitsubishi are restructuring their alliance with a new focus on shared EV platforms. Tata Motors (Jaguar Land Rover) reported improving margins on the Range Rover lineup. Geely — parent of Volvo Cars, Polestar, and Lotus — is streamlining its brand portfolio.

Also monitored: SAIC Motor, Changan Auto, Great Wall Motor, Mazda, Subaru (the ticker on eToro is $FUJHY), Suzuki, Isuzu, Porsche (the ticker on eToro is $P911.DE), Ferrari (the ticker on eToro is $RACE), Rivian, Lucid, VinFast, and XPeng (the ticker on eToro is $XPEV).

Key Supply Chain Players

Semiconductor: TSMC, Samsung, Infineon (the ticker on eToro is $IFX.DE), NXP Semiconductors (the ticker on eToro is $NXPI), and ON Semiconductor (the ticker on eToro is $ON) remain critical bottlenecks. Battery: CATL, LG Energy Solution, Panasonic, Samsung SDI, and BYD's FinDreams subsidiary control over 80% of global EV battery capacity. Tier 1 suppliers: Bosch, Denso, Continental, ZF Friedrichshafen, Magna International (the ticker on eToro is $MGA), and Aptiv (the ticker on eToro is $APTV). Raw materials: Albemarle (the ticker on eToro is $ALB) and SQM (lithium), Glencore and Vale (nickel/cobalt), and Pilbara Minerals (spodumene).

EV Policy Watch

Regulatory Landscape Fragments as US Eases, EU Tightens

The Trump administration's dismantling of automotive emissions regulations is reshaping the industry. The removal of the EV fuel factor multiplier under CAFE standards will cut Tesla's regulatory credit revenue, which had inflated fleet efficiency ratings and propped up margins for the EV maker. The policy shift favours bigger vehicles and hybrids, benefiting Ford (the ticker on eToro is $F) and GM (the ticker on eToro is $GM) transitional strategies.

In Europe, stricter CO2 fleet targets for 2026 are pushing Stellantis's electric van sales higher but pressuring non-compliant imports — including Chinese-made models from NIO and XPeng. The EU is also considering provisional anti-subsidy tariffs on Chinese EVs, with rates up to 38% for certain manufacturers.

China's subsidies for battery tech continue fuelling domestic EV growth, with NEV penetration now exceeding 45% of new car sales. Beijing's push into solid-state batteries and vehicle-to-grid (V2G) infrastructure positions Chinese automakers for long-term dominance in emerging markets.

The global battery market is projected to reach $468B by 2033, driven by EV adoption, portable electronics, and grid-scale energy storage — despite short-term policy uncertainty in the US.

Week Ahead

Key Events for the Auto Sector

Multiple Federal Reserve speeches this week — including high-impact talks by Goolsbee, Cook, Bostic, and Collins — will shape interest rate expectations critical for auto loan affordability and EV financing. The CB Consumer Confidence print (prior: 84.5) could signal shifts in discretionary vehicle spending.

ADP Employment Change data may signal labour market health affecting auto manufacturing headcount. S&P/Case-Shiller Home Price data (consensus: 1.5% YoY) will provide insights into suburban housing demand, historically correlated with vehicle purchases.

No direct auto industry releases are scheduled, but macro indicators will drive sentiment across OEM stocks. Watch for any additional tariff announcements that could affect cross-border auto parts flows.