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Ford and GM_DB_2.1.12

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Deutsche Bank Markets Research North America United States Consumer Industry Date January U.S. Sales 01 February 2012 Industry Update Rod Lache Dan Galves Associate Analyst (+1) 212 250-3738 dan.galves@db.com Mike Levin Research Associate (+1) 212 250-5317 michael.levin@db.com Autos & Auto Parts 14.1MM U.S. SAAR Suggests Upside To Expectations Potential for SAAR upside in 2012 reinforced The U.S. SAAR came in at 14.13MM in January; well ahead of our 13.7MM estimate. While we are cautious about extrapolating from a seasonally weak month (every 5,000 units adds ~78k units to the SAAR in

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