The latest note from Morgan Stanley analyst Adam Jonas does anything to instill confidence in an auto industry that, as we have been noting, has been part and parcel to a tidal wave of rising consumer debt. The note, released Tuesday morning, notes that "auto loan delinquencies have moved through pre-COVID and GFC highs, yet US auto demand remains extremely resilient on an adjusted basis". First, the note says that unit sales have been depressed, with Jonas writing: "US light vehicle sales are materially off their pre-COVID highs. Trailing…
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