Fuel Efficiency a "Central Driver" for Automotive Earnings and Share Price Performance, Credit Suisse Reports

Credit Suisse remains convinced that fuel efficiency, next to emerging market growth, is the “central driver for earnings and share price performance.” “Our analysis of 2010 CO2 emission data points to material differences between OEMs: BMW continues to outperform Mercedes in terms of meeting CO2 targets; Toyota TM plays in a different league to its peers, esp Nissan,” Credit Suisse writes. “Incremental content costs per vehicle stand in some cases above the currently forecasted earnings per car.” Toyota closed Friday at $80.67.