J P M O R G A N Europe Equity Research 06 January 2025 Automotive sector Looking back at 2024 and forward to 2025 : key topics to start the year The decline in FCF across EU OEMs from >€35bn to ~€5bn between FY23 and FY24 suggests the whole sector is going through an unprecedented crisis. However we need to bear in mind, the FCF decline can be largely attributed to BMW's brake recall and STLA's inventory situation in NA. Both elements will be reversed in FY25 leading the sector to generate >€20bn in FY25. T ...