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EXHIBIT 99.2

|2005 Earnings Presentation

April 11, 2006
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|Forward Looking Statements

THIS PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 WITH RESPECT TO THE FINANCIAL
CONDITION, RESULTS OF OPERATIONS, AND BUSINESS OF THE COMPANY. THESE FORWARD
LOOKING STATEMENTS INVOLVE CERTAIN RISKS AND UNCERTAINTIES. OUR ACTUAL RESULTS
MAY DIFFER SIGNIFICANTLY FROM THOSE PROJECTED IN THE FORWARD LOOKING
STATEMENTS. FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE CONTEMPLATED BY SUCH FORWARD LOOKING STATEMENTS INCLUDE, AMONG OTHERS,
THE FOLLOWING POSSIBILITIES: (1) COMPETITIVE PRESSURE IN THE COMPANY'S INDUSTRY; (2)
FLUCTUATIONS IN THE PRICE OF STEEL, ALUMINUM AND OTHER RAW MATERIALS; (3) GENERAL
ECONOMIC CONDITIONS ARE LESS FAVORABLE THAN EXPECTED; (4) THE COMPANY'S
DEPENDENCE ON THE AUTOMOTIVE INDUSTRY (WHICH HAS HISTORICALLY BEEN CYCLICAL); (5)
PRICING PRESSURE FROM AUTOMOTIVE INDUSTRY CUSTOMERS AND THE POTENTIAL FOR RE-
SOURCING OF BUSINESS TO LOWER-COST PROVIDERS OVERSEAS; (6) CHANGES IN THE
FINANCIAL MARKETS AFFECTING THE COMPANY'S FINANCIAL STRUCTURE AND THE COMPANY'S
COST OF CAPITAL AND BORROWED MONEY; (7) THE UNCERTAINTIES INHERENT IN
INTERNATIONAL OPERATIONS AND FOREIGN CURRENCY FLUCTUATIONS; AND (8) THE RISKS
DESCRIBED IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K.  YOU ARE CAUTIONED NOT
TO PLACE UNDUE RELIANCE ON THE FORWARD-LOOKING STATEMENTS. THE COMPANY HAS NO
DUTY UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 TO UPDATE THE
FORWARD LOOKING STATEMENTS IN THIS PRESENTATION AND THE COMPANY DOES NOT
INTEND TO PROVIDE SUCH UPDATES.
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|Agenda

Company Highlights & Strategy

Curt Clawson, President, CEO & Chairman of
the Board

Financial Review

Jim Yost, Vice President of Finance & CFO
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|Never Compromise on Integrity, Safety, Quality or Customers

BE A PREMIER AUTOMOTIVE SUPPLIER

Be the
Lowest Cost
Producer

Have the
best people
in the
Industry

Grow
through
maximizing
our customer
satisfaction

Our Vision
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|Recent Events

Successfully completed Bank Amendment

Provides more flexibility under covenants



Announced restructuring plan

Closure of Huntington, IN aluminum wheel facility

Business unit consolidations

Reduction in employee wages and benefits
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|Business Highlights

Steel price risk mitigated

Program structured to largely eliminate financial risk

Strong International aluminum wheel volumes

Shipments up 11% vs. 2004

Successful expansion of Mexican aluminum wheel facility

Running at full capacity

Increased ownership stake to majority position in aluminum wheel
start-up joint venture in Manisa, Turkey

Strengthens position in growing Turkish market

Successful launch of Flex Wheel into marketplace

Over 500K wheels shipped in 2005

New business wins with Japanese customers in North America

Launching at newly renovated Gainesville, GA wheel facility

6
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|Financial Highlights

Sales of $2.3B - an increase of $140M or 6%

Volumes outside of the U.S. continue to be strong

Adjusted EBITDA of $185M

In line with guidance provided in December

Completed the sale of our Commercial Highway Hub & Drum business

Proceeds of $53M used to prepay $20M of Term B debt

Intense focus on reducing inventory

Generated over $20M of cash flow from inventory reductions

Established German accounts receivable purchase program in
October 2005

 Providing over $20M in liquidity

Maintained Adequate Liquidity

$124M of liquidity as of January 31, 2006

7
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|Business Strategy
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|Strategy Summary

Market Position

Aluminum Wheels Targeted Growth

Steel Wheels = Cash Generation with Selective
Strategic Reinvestment

Product Leadership = Flex

Restructuring: Components and North American
Wheels


Retain position as leading global manufacturer of
automotive and commercial wheels

9
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|Market Position -

Strong Global OEM Relationships

Sales by Customer

Fiscal 2005

Diversified Customer Mix
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|Market Position -

Hayes Lemmerz Sales by Country

Microsoft PowerPoint
Microsoft PowerPoint

Expanding presence in growing markets with
diversified geographic mix

diversified geographic mix
diversified geographic mix

2005

2010
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|Sales by Segment & Region
        Wheels    Components
    East    1594.4    682.8


MSGraph.Chart.8
        U.S. Wheels    Int'l Wheels
    East    458.8    1174


Wheels Segment Sales

Total Sales By Segment

More than 50% of the total company revenue is generated by
international wheel sales

Sales by plant location
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|Market Position -

Diversified Business Wins

Secured over $325M in new and carry-over
business during fiscal 2005

Winning internationally not only with Japanese
OEM's, but also with Korean OEM's

Continued to win with Japanese transplants in
Gainesville, GA aluminum wheel facility


Winning with Winners

Sole provider of steel
wheels to Toyota in
Europe

#1 aluminum supplier
to Honda in Europe

#1 aluminum wheel
supplier to
Renault/Nissan in
Europe
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|Market Position -

Top Platforms in 2005

International Wheels

North American Wheels

OEM   NAMEPLATE

Toyota   Corolla

Toyota   Yaris

Honda   CR-V

Nissan   Pathfinder

Ford   Focus

Ford   Fiesta/Fusion

GM   Corsa

GM   Astra

Components


OEM   NAMEPLATE

GM   Silverado

GM   Colorado

GM   Trailblazer

GM   Grand Prix / Lacrosse

Ford   F-Series

38% of new business wins in 2005 were Japanese

OEM   NAMEPLATE

DaimlerChrysler      Caravan

DaimlerChrysler   Grand Cherokee

Nissan   Altima

Ford   Five Hundred

Ford   Taurus/Sable

Ford   Crown Vic/Grand Marquis

On 8 of the top 10 selling
platforms in North America

On 10 of the top 10 selling
platforms in Europe

14
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|Aluminum Wheels Growth -

Expanding Internationally

Continued expansions in international aluminum
wheels to target local market growth and provide
exports to mature markets

International
aluminum wheel unit
sales up 11% in 2005

15
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|Aluminum Wheels Growth -

Manufacturing Footprint




Expansions predominantly to support

growing local markets overseas



        Low Cost    High Cost
    East    37    63

        Low Cost    High Cost
    East    72    28


Low Cost           High Cost

Actual

Projected
        Low Cost    High Cost
    East    58    42
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|Aluminum Wheels Growth -

Domestic Specialty Growth

Grow in U.S.

Gainesville Rebuild

Launching Toyota wheels in
2007

Making "big wheels" for
DCX


Rationalize in U.S.

Import from Mexico
and Brazil

HLI Strategy

U.S. Market:

Under Capacity

Strong Demand

U.S. Market:

Excess Capacity

Flat Demand



Situation

Target premium segments in U.S.; expansions complete in Mexico and
Brazil to protect HLI's global wheel franchise

Specialty Big Wheels

Small Wheels

Market -
Alum Wheels
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|Steel Wheels - Cash Cow


Best Global Footprint-

selectively considering expansions

#1 Steel wheel
provider
worldwide

18
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|Product Leadership

Launched Flex Wheel in 2005....

   looks like an aluminum wheel

Year   Units

2005   550K

2006   1.9M

2008   4.0M

Patented product provides high-tech returns
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|Restructuring-

North America 2005 Asset Sales

Operating Units

Equipment & Engineering business in Au Gres, MI (annual sales of $8M)

Commercial Highway Brake Controller business (annual sales of $3M)

Cadillac, MI iron foundry facility (annual sales of $58M)

Commercial Highway Hubs & Drums business unit (annual sales of $110M)



Idle Facilities

White Pigeon, MI facility

La Mirada, CA facility

Somerset, KY facility

North American restructuring continues

20
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|Restructuring -

 North America 2006 Activities

Wheels

North American Wheels and International Wheels consolidated
into one business unit

Huntington, IN aluminum wheel facility to be closed in 2006



Components

Suspension and Powertrain / Brakes consolidated into one
business unit

Reduction in Suspension technical center in Ferndale, MI




On-going annual savings of ~$25M

21
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|Restructuring -

2006 U.S. Employee Compensation Actions


Savings of ~$25M in 2006

On-going annual savings of ~$10M in 2007 - 2010

Suspend company contributions and matching in 401K
programs for 2006

Restructure short-term incentive compensation and
gainsharing programs in 2006

Eliminate 2006 merit increases

Wage reductions for employees of up to 7.5% (reduction of
10% for CEO and 20% for Board of Directors)

22
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|Balancing Act

In addition to restructuring actions, continue to drive
productivity across all levels

of the operations



Productivity essential to offsetting yearly

price give-backs and labor economics








GOAL

6+% productivity on
conversion costs

23
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|Summary

Markets

Challenging environment in U.S.

Continued strong growth in international markets

Strategy

Focus on profitable Global Wheels

Growth in aluminum wheels

Cash generation and selective strategic
investment in steel wheels

Restructure Components to maintain positive
cash flow and to improve profitability




Continue to Execute Strategy

24
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|Financials
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|Summary -

Fiscal 2005 vs. Fiscal 2004

1 Please refer to the appendix for a reconciliation of this non-GAAP financial measure.

26
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|2005 Impairments

Non-cash impairment charges in 2005
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|2004

2005

Change

$2,137

$2,277

$140

Volume /
Mix

Steel

FX

Other

($29)

$30

$150

($11)

Fiscal 2005 vs. Fiscal 2004

Change in Net Sales 1

Int'l vol/ mix $48M

North American vol/mix ($77M)

1Hubs & Drums is reflected as discontinued operations and is excluded from above.  Hubs & Drums results were previously reported in
the Other segment.
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|2004

2005

Change

($15)

$22

($37)

Gross
Profit

Other

MG&A
/ R&D

($16)

($8)

($13)

Fiscal 2005 vs. Fiscal 2004

 Change in EBIT, excl. Impairments 1, 2

Vol/price/mix ($44M)

FX ($4M)

Pension & retiree medical ($3M)

Productivity/other $22M

Depreciation $13M

Primarily:

2004 credit for pre-petition
liabilities ($3M)

FX ($3M)

A/R securitization fees ($2M)

Primarily :

Loss on asset sales ($5M)

Amortization ($3M)

Restructuring ($1M)

Lower misc. income ($4M)

1 Hubs & Drums is reflected as discontinued operations and is excluded from above.  Hubs & Drums results were previously reported in
the Other segment.

2 Please see the appendix for reconciliation to GAAP earnings from operations on a segment basis.
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|Segment Summary-

Fiscal 2005 vs. Fiscal 2004

1 Hubs & Drums is reflected as discontinued operations and is excluded from above.  Hubs & Drums results were previously reported in
the other segment.

2 Please see the appendix for reconciliation to GAAP earnings from operations on a segment basis.

30
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|Capital Structure

Capital Structure as of January 31, 2006

Debt Maturities

($ in millions)

($ in millions)


*2006 excludes debt maturity of  $25M German A/R program, which we expect to
renew annually.

*Excludes pre-payments
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|Liquidity Overview

Continuing to pursue

additional liquidity initiatives

32
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|Bank Amendment - March 2006

Favorable modifications to key covenants

Leverage, interest coverage, fixed charge coverage

Restructuring basket

Additional financial flexibility to execute strategic initiatives
and reduces risk of revolving credit constraint

Revised pricing:

Term B: libor +350bps

Term C: libor +600bps

Lending group continues to support Hayes

33
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|2006 Outlook

Summary

Continued strong international performance

North America expected to remain weak

Restructuring initiatives to have immediate and significant impact



Financial Targets

Sales of $2 billion

EBITDA and earnings from operations, excluding impairments, expected to
improve compared to 2005 results

Significantly reduced capital expenditures: 2006 capex <$100M

Continued focus on cash generation and improving Free Cash Flow


34
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|Appendix
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|Impairment by Segment
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|Non-GAAP Financial Information

Adjusted EBITDA1

1 Please refer to slide 39 for an explanation of why the Company's management believes this financial measure provides
useful information to investors.
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|Financial Measures



Adjusted EBITDA:

 EBITDA, a measure used by management to measure operating performance, is defined
as earnings from operations plus depreciation and amortization. Adjusted EBITDA is
defined as EBITDA further adjusted to exclude: (i) asset impairment losses and other
restructuring charges; (ii) reorganization items; and (iii) other items. We reference these
non-GAAP financial measures as a management group frequently in our decision making
because they provide supplemental information that facilitates internal comparisons to
historical operating performance of prior periods and external comparisons to competitors'
historical operating performance. Institutional investors generally look to Adjusted EBITDA
in measuring performance, among other things. We use Adjusted EBITDA to facilitate
quantification of planned business activities and enhance subsequent follow-up with
comparisons of actual to planned Adjusted EBITDA. In addition, incentive compensation
for management is based on Adjusted EBITDA. We are disclosing these non-GAAP
financial measures in order to provide transparency to investors.

     Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an
alternative to earnings from operations as an indicator of operating performance or to
cash flows from operating activities as a measure of liquidity. Because not all companies
use identical calculations, these presentations of Adjusted EBITDA may not be
comparable to other similarly titled measures of other companies. Additionally, Adjusted
EBITDA is not intended to be a measure of free cash flow for management's discretionary
use, as it does not consider certain cash requirements such as interest payments, tax
payments and debt service requirements.
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|Non -  GAAP

Financial Measures



Free Cash Flow:

 Free cash flow is used by management as a non-GAAP financial measure
because it identifies the amount of cash available to meet principal debt
amortization requirements, pay dividends to stockholders, or make corporate
investments.
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