Jefferies reviews Q3 for carmakers, upgrades Renault and cuts Mercedes-Benz

** Jefferies sums up third-quarter results for carmakers as it gears up for 2027, upgrading its rating on Renault RENA.PA while cutting Mercedes-Benz MBGn.DE

** It says Renault is well positioned for 2027 due to exposure to European policy changes, CO2 rules and growth at engine venture Horse

** Renault's stock is up around 2%; Mercedes-Benz down 0.2%

** It says less differentiated cash generation and pressure on profitability in China could weigh on Mercedes-Benz

** Overall, Jefferies says none of the China-exposed carmakers offered reassurance on demand or their future market position

** It flags uneven commodity inflation, with Ford F.N and General Motors GM.N sounding more concerned about cost headwinds than European automakers, which appear less worried or less willing to discuss 2027