China Autos: A Major Part of the Global Scene

Size: px
Start display at page:

Download "China Autos: A Major Part of the Global Scene"

Transcription

1 March 22, 2013 Market Insight ING PERSPECTIVES MARKET SERIES China Autos: A Major Part of the Global Scene Spencer Phua Senior Credit Analyst, U.S. Credit Not only is China the fastest-growing major auto market in the world, it is also the largest by size and volume. Emerging trends in this somewhat idiosyncratic market will have a profound impact on the global automakers and their credit profiles. In this article we provide a credit investors perspective on the very important Chinese market. Automotive forecasting firm IHS Automotive expects that Chinese auto sales could rise about 8.8% in 2013 to reach 20.5 million units, which contrasts favorably with about 15 million in the U.S. and about 18 million for all of Europe (including Eastern Europe). At only about 60 cars per 1,000 people (per IHS Automotive), China s car density is significantly lower than that of developed western countries like the U.S., the U.K. and Germany (where densities range from 450 to 650 cars per 1,000 people) and advanced Asian economies like Korea and Japan ( cars per 1,000 people). Clearly, there is much potential for growth in auto ownership in China. Moreover, as economic development and wealth generation has spread beyond first-tier cities like Beijing, Shanghai and Guangzhou, industry analysts have noted a higher growth rate of car demand in second-tier cities Figure 1. China s Market for Light-Vehicle Sales Is Growing Fastest Ryan Mitchell Analyst Seasonally Adjusted Selling Rates Indexed to 2007 = Greater China ASEAN India South America Eastern Europe Japan/Korea North America Western Europe Central Europe Figure 2. China Led the World in Light-Vehicle Sales During % Light Vehicle Sales (Millions of Units) % 4% 3% 2% 1% % Share of Imports % A B C D/E HVAN Imports Note: Auto classes A through E indicate rising vehicle sizes; HVAN refers to heavy vans. INVESTMENT MANAGEMENT

2 and inland areas 1, which should support the auto market for the near to medium term. Factors like traffic congestion and local laws that limit vehicle population in the first-tier cities also serve to constrain their vehicle growth rates compared with the second-tier cities. Figure 3 shows the top 20 auto brands in China for 2012 note that this list includes most major global automakers. Toyota (Aa3/AA-/A) and Ford (Baa3/BB+/BBB-) are the two carmakers on this list whose bonds can be found in the Barclays U.S. Corporate Index, and GM (Ba1/BB+/BB+) may eventually return to this status. While VW, BMW, Nissan and Honda are not part of the U.S. Corporate Index, their debt carries investment grade credit ratings. Hyundai and Kia are investment grade emerging markets issuers. Chinese trade policy slaps tariffs on imported vehicles; hence, global auto makers generally establish joint ventures with one or more domestic Chinese partners in order to produce their vehicles locally. These joint ventures include: Ford: Changan Ford Toyota: First Auto Works, Guangzhou Auto Mercedes Benz: Beijing Auto Industry Holdings Hyundai/Kia: Beijing Hyundai, Dongfeng Yueda Kia General Motors: SAIC GM Wuling, Shanghai Automotive GM Volkswagen/Audi: Shanghai Automotive VW, First Auto Works VW/Audi Honda: Guangzhou Auto, Dongfeng Auto BMW: Brilliance Auto Nissan: Dongfeng Auto Investment Grade Automakers Are Committed to the Chinese Market Global automakers continue to invest in Chinese production capacity in order to take advantage of rapid growth in the auto market. For example, Ford Motor has started construction at two new plants in China (Chongqing and Hangzhou) in the last two quarters, and it has reported rising market share in sales. While Ford s pretax earnings in the Asia-Pacific region remain small at $39 million in the fourth quarter compared with $1.3 billion in total pretax earnings management seems committed to growing the brand s presence in China. Daimler has acknowledged the need to revamp its China business. It has exhibited its commitment to the market through increased equity investments in both its Chinese import company (of which Daimler now owns 75%) as well through a 12% equity stake in joint venture partner Beijing Auto. Daimler plans to grow its Mercedes dealer network by 50 dealers annually over the near term and recently established a new management board position to focus on the China business. Figure 3. Many Global Automakers Have Significant Market Shares in China Rank Parent Company 2012 Sales Market Share 1 Volkswagen 2,870, % 2 SAIC-General Motors-Wuling 1,440, % 3 Hyundai 1,425, % 4 General Motors 1,403, % 5 Changan 969, % 6 Renault/Nissan 938, % 7 Toyota 873, % 8 Dongfeng 724, % 9 BAIC 642, % 10 Honda 608, % 11 Great Wall 547, % 12 Ford 468, % 13 PSA 465, % 14 Brilliance Auto 464, % 15 BYD 428, % 16 FAW 424, % 17 Geely 415, % 18 Jianghuai 397, % 19 Chery 358, % 20 BMW 326, %, ING U.S. Investment Management calculations 1 These second-tier cities include Chongqing, Tianjin, Shenyang, Nanjing, Chengdu and Wuhan. 2

3 Toyota recently disclosed a portion of the sales impact from the geopolitical dispute between China and Japan over claims to a few small islands; while Toyota had planned to sell 1 million units in China during calendar 2012, actual sales came in 16% lower at 840,000 units. Due to timing differences between calendar years in Japan and China (and thus the multi-month reporting lag between Toyota Motor Japan and its Chinese joint venture), we don t expect the complete negative impact of lower China sales to be revealed until the release of Toyota s fiscal full-year results in May Despite these challenges, we believe that Toyota, as the world s largest auto maker, will remain committed to the China market, as it needs to maintain a significant long-term presence despite current difficulties due to political circumstances. Hyundai Motor added a third plant facility in China in the second half of 2012 and continues to view this market as its strongest growth region. It reported 11.8% year-over-year sales growth for the fourth quarter, as it benefitted from the geopolitical fallout between China and Japan. Hyundai s new plant was reportedly working at nearly full capacity in August 2012, just one month after it opened. We expect Hyundai to continue to make good progress in China. According to IHS Automotive, a few other global automakers will start operations at new China plants in 2013, including VW and PSA (Peugeot). VW is reportedly going to build the Audi A3 in Foshan in 2013, which will be the first luxury car to be produced in China. There are reportedly plans to build Mercedes A and B class vehicles and the BMW 1 series in China as well. It s worth noting that global automakers have adapted their vehicle models to suit the tastes of Chinese consumers: for example, Chinese car buyers prefer larger vehicles such as SUVs or mid-size sedans. Automakers like Hyundai and Nissan have adapted their Elantra and Sylphy models with longer wheelbases to account for Chinese consumer tastes. China Auto Production Is Mostly for Domestic Sale Chinese auto production is mostly domestic-focused, setting it apart from European and North American production, which both have a significant export component; this also stands in sharp contrast with other manufacturing industries in which China is a major exporter to the world. Figure 4 illustrates this point. Even global automakers plants in China (as opposed to local Chinese automakers) generally do not export their production out of China. For the local Chinese automakers (Chery, Geely, Lifan and Great Wall none of which are in the investment grade index), there is some minor export component to their production mostly targeted at developing regions like South and Southeast Asia, South America, the Middle East and Africa and we believe they will most likely attempt to expand their export efforts to other emerging markets. Figure 4. Autos Are Mostly Made in China for Sale in China Sales Region Europe Greater China Japan/Korea North America Middle East/ Africa South America South Asia Production Region Europe Greater China North America % 0.30% 1.70% % 0.30% 2.20% % 96.40% 0.30% % 93.80% 1.10% % 0.00% 0.40% % 0.00% 1.10% % 0.00% 76.30% % 0.00% 77.10% % 0.70% 5.30% % 1.50% 6.10% % 0.60% 3.90% % 2.60% 5.90% % 0.00% 0.60% % 0.20% 0.60% 3

4 Automotive Technology Adoption in China While the span of automotive technology is wide, improving Chinese fuel-efficiency standards and the likely development and adoption of Chinese fuel-efficient technologies serve as one indicator of the country s embrace of the cutting-edge. Notice in Figure 5 that the slope of anticipated increase in fuel economy standards in China is steeper than that of the U.S. and Japan and matches that of Europe. Thus, we expect the Chinese auto market to be characterized by higher adoption of advanced transmissions as well as the increasing use of turbocharging technology. Figures 6 and 7 show projections from IHS Automotive and Borg Warner (a market-leading transmission and turbocharging technology company) to illustrate expected changes in Chinese adoption of fuel-efficient auto technologies over time. Fuel-efficient dual clutch and continuously variable transmissions are expected to grow at a faster pace than older-technology manual transmissions over the next few years. Similarly, turbochargers which allow greater power output from a smaller engine in order to increase efficiency should far outstrip the growth of vehicle production in China. Figure 5. Like All Major Global Regions, Chinese Fuel Economy Standards Will Rise Miles per Gallon Equivalent (CAFE/Local Test Cycle) E.U. Proposed Japan Proposed China Proposed U.S. Proposed Japan Enacted E.U. Enacted China Enacted U.S. Enacted Source: International Council on Clean Transportation, August 2012 Figure 6. Advanced Transmission Adoption Is Expected to Rise in China Figure 7. Growth in Automatic Transmission and Turbocharging Technologies Should Outpace Vehicle Production in China Millions of Transmissions Dual Clutch (CAGR: 40%) Continuously Variable (CAGR: 26%) Step Automatics (CAGR: 14%) Automated Manuals (CAGR: 8%) Projected Growth in China, % 150% 50% E 2017E Manuals (CAGR: 6%) Automatic Transmission Turbochargers Vehicle Production, Borg Warner projections, Borg Warner projections 4

5 For the sake of brevity, we will not cover other aspects of automotive technology adoption in this article; suffice it to say that we expect the Chinese market to exhibit greater adoption of occupant safety, collision avoidance, hybrid technologies, etc. over time. Naturally, rates of adoption will remain behind that of developed country auto markets in the near term. The Chinese Auto Industry Is Developing Quickly Figure 8 illustrates how China s auto industry has developed and where it may be headed in the near to medium term. Essentially, we could be near the end of the imitation/reverse engineering phase, while being well into the collaboration and joint development phase. The next phase in which China has independent engineering development and higher technology and R&D for autos could be a few short years away. Figure 8. China s Auto Industry Development Path Basic Transport Low-to-Medium Full Lineup Highly Diversified Local Industry Consolidation/ Repositioning Accelerate Overseas Expansion Phase 4: Compete with global OEMS? Phase 3: Independent engineering development, increased technology transfer and R&D capabilities Phase 2: Collaboration with global suppliers joint development and use of external R&D capabilities Phase 1: Imitation, reverse engineering of foreign OEM models. R&D completely outsourced Pre Beyond 2015 Conclusion China is currently the largest single auto market in the world and thus obviously requires the full attention of those of who study the global auto sector. Investment grade credit investors will need to consider how this important market will affect financial results among major global automakers like Ford, Toyota, Daimler and Hyundai i.e., companies that have index-eligible debt. In addition, China remains important for some investment grade names that do not have U.S. index-eligible debt but issue paper in U.S. investment grade debt markets from time to time, such as VW, BMW, Honda and Nissan. While we do not profess to be experts on this far-flung region of the world, we will attempt to be assiduous students regarding the Chinese auto market in order to better understand the companies we cover for U.S. investors. The authors would like to acknowledge the assistance and perspective provided by the Emerging Markets Corporates team (Jennifer Gorgoll and Rob Turner) in preparing this article. 5

6 ING Investment Perspectives Market Insight This commentary has been prepared by ING Investment Management for informational purposes. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed herein reflect our judgment and are subject to change. Certain of the statements contained herein are statements of future expectations and other forward looking statements that are based on management s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels, (4) increasing levels of loan defaults (5) changes in laws and regulations and (6) changes in the policies of governments and/or regulatory authorities. The opinions, views and information expressed in this commentary regarding holdings are subject to change without notice. The information provided regarding holdings is not a recommendation to buy or sell any security. Fund holdings are fluid and are subject to daily change based on market conditions and other factors. Past performance is no guarantee of future results ING Investments Distributor, LLC 230 Park Avenue, New York, NY CID-6001

Hot and Cold Spots of the Future LCV Sector. Philipp Rosengarten Senior Market Analyst, Light Trucks

Hot and Cold Spots of the Future LCV Sector. Philipp Rosengarten Senior Market Analyst, Light Trucks Hot and Cold Spots of the Future LCV Sector Philipp Rosengarten Senior Market Analyst, Light Trucks Presentation Outline Topic: Hot and Cold Spots of the Future LCV Sector Focus: Light Commercial Vehicles

More information

Aftermarket Trends: What will Drive Future Aftermarket Repair Opportunities in North America?

Aftermarket Trends: What will Drive Future Aftermarket Repair Opportunities in North America? Aftermarket Trends: What will Drive Future Aftermarket Repair Opportunities in North America? Mark Seng Global Aftermarket Practice Leader July 29, 2014 - Vehicles - Powertrains - Technology & How the

More information

VEHICLE SALES AND RECESSIONS

VEHICLE SALES AND RECESSIONS TOM LOVELESS Vice President Sales Kia Motors America 1 VEHICLE SALES AND RECESSIONS The volume decline over the last several years is the largest in history. Where do we go from here? 20,000,000 18,000,000

More information

Gabelli Automotive Symposium October 30, Adriane Brown President and CEO Honeywell Transportation Systems

Gabelli Automotive Symposium October 30, Adriane Brown President and CEO Honeywell Transportation Systems Gabelli Automotive Symposium October 30, 2007 Adriane Brown President and CEO Honeywell Transportation Systems Forward Looking Statements This report contains forward-looking statements within the meaning

More information

Inside China: Understanding China s Current and Future Automotive Industry. Focus on the Future UM Automotive Research Conferences WELCOME!

Inside China: Understanding China s Current and Future Automotive Industry. Focus on the Future UM Automotive Research Conferences WELCOME! Inside China: Understanding China s Current and Future Automotive Industry Focus on the Future UM Automotive Research Conferences WELCOME! Bruce M. Belzowski University of Michigan Transportation Research

More information

Proactive Positioning Seeking Opportunity in a Low Growth Environment

Proactive Positioning Seeking Opportunity in a Low Growth Environment AUTOMOTIVE Proactive Positioning Seeking Opportunity in a Low Growth Environment 8 September 2016 Detroit Mike Jackson, Senior Executive, North America, Vehicle Production Forecasting +1-248-465-2833,

More information

Overseas Prospects for the Chinese Automotive Industry: Exports and New Opportunities Developing for Overseas Operations

Overseas Prospects for the Chinese Automotive Industry: Exports and New Opportunities Developing for Overseas Operations Overseas Prospects for the Chinese Automotive Industry: Exports and New Opportunities Developing for Overseas Operations Lin Huaibin Senior Market Analyst Content Vehicle Export 2003 2008 Export Destination

More information

TREND INSIGHTS Automotive Sales Analysis

TREND INSIGHTS Automotive Sales Analysis TREND INSIGHTS Automotive Sales Analysis Feb. 2016 U.S. AUTOMOTIVE SALES SETS A RECORD Automotive News Data Center reported that U.S. auto sales reached all-time high in 2015 selling 17.47 million light

More information

Indian engineering TRANSFORMING TRANSMISSION

Indian engineering TRANSFORMING TRANSMISSION Indian engineering TRANSFORMING TRANSMISSION A 2016 NASA photo of India s electrification. India to become the world s first country to use LEDs for all its lighting needs by 2019 (photograph courtesy

More information

Global Auto Components Market Report

Global Auto Components Market Report Global Auto Components Market Report ----------------------------------------- 2015 Executive Summary The automotive components industry accounts for a significant share of the total production of the

More information

Global and China Automotive Glass Industry Report, 2009

Global and China Automotive Glass Industry Report, 2009 The Vertical Portal for China Business Intelligence. Global and China Automotive Glass Industry Report, 2009 Mar.2009 Property right statement: Copyright of charts, tables and sentences in this report

More information

Chinese Auto Manufacturers Continue to Close Quality Gap in J.D. Power Vehicle Dependability Study

Chinese Auto Manufacturers Continue to Close Quality Gap in J.D. Power Vehicle Dependability Study Chinese Auto Manufacturers Continue to Close Quality Gap in J.D. Power Vehicle Dependability Study Beijing Hyundai Receives Three of 12 Model-Level Awards; Porsche Ranks Highest in Vehicle Dependability

More information

Capability Building in China s Auto Supply Chain. Loren Brandt Department of Economics University of Toronto

Capability Building in China s Auto Supply Chain. Loren Brandt Department of Economics University of Toronto Capability Building in China s Auto Supply Chain Loren Brandt Department of Economics University of Toronto Background Development of China s auto sector must be viewed in context of larger process of

More information

Vehicle Dependability in China Improves; Gap between International, Domestic Brands Remains

Vehicle Dependability in China Improves; Gap between International, Domestic Brands Remains Vehicle Dependability in China Improves; Gap between International, Domestic Brands Remains Beijing Hyundai Receives Five of 15 Model-Level Awards; Land Rover Ranks Highest in Vehicle Dependability among

More information

Beijing Auto show highlights e-cars designed for China 25 April 2018, by Joe Mcdonald

Beijing Auto show highlights e-cars designed for China 25 April 2018, by Joe Mcdonald Beijing Auto show highlights e-cars designed for China 25 April 2018, by Joe Mcdonald dispute over technology policy. The impact on automakers should be small, according to industry analysts, because exports

More information

Mercedes-Benz: Best Sales Result for the Month of June in Company History Up 13 Percent

Mercedes-Benz: Best Sales Result for the Month of June in Company History Up 13 Percent In the following please find the release of the Mercedes-Benz Cars concerning worldwide vehicles sales in June 2010: Mercedes-Benz: Best Sales Result for the Month of June in Company History Up 13 Percent

More information

Global and China Automotive Safety System Industry Report, Oct. 2011

Global and China Automotive Safety System Industry Report, Oct. 2011 Global and China Automotive Safety System Industry Report, 2010-2011 Oct. 2011 This report Analyzes the global and China automobile safety system market. Focuses on the China automobile safety system industry.

More information

AlixPartners Automotive Electrification Index. Second Quarter 2017

AlixPartners Automotive Electrification Index. Second Quarter 2017 AlixPartners Automotive Electrification Index Second Quarter 217 AlixPartners Automotive Electrification Index e-range E-RANGE = Sum of electric range of all electric vehicles (EV) sold By automaker, segment,

More information

Fuel Efficiencies - A Supplier Perspective. June 4th, 2009

Fuel Efficiencies - A Supplier Perspective. June 4th, 2009 Fuel Efficiencies - A Supplier Perspective June 4th, 2009 Outline BorgWarner Overview Fuel Efficiencies Summary 2 The BorgWarner Strategic Difference Technology Leadership Drives Growth Customer and Geographic

More information

2015 Interim Results. Levallois, July 23 th, 2015

2015 Interim Results. Levallois, July 23 th, 2015 2015 Interim Results Levallois, July 23 th, 2015 CONTENTS H1 2015 Highlights 2015 Interim Results Outlook H1 2015 Highlights DATE Improvement in all metrics 4 H1 2015 Key metrics Economic Sales * : 2,945

More information

Volkswagen Group Capital Markets Day 2017 Volkswagen Truck & Bus

Volkswagen Group Capital Markets Day 2017 Volkswagen Truck & Bus Volkswagen Group Capital Markets Day 2017 Volkswagen Truck & Bus Andreas Renschler Board of Management, Commercial Vehicles Capital Markets Day, 14 th of March 2017 Disclaimer The following presentations

More information

Automotive Market in ASEAN Prepared by: Reciprocus International Date: January 2017

Automotive Market in ASEAN Prepared by: Reciprocus International Date: January 2017 RECIPROCUS RESEARCH BRIEF Automotive Market in ASEAN Prepared by: Reciprocus International Date: January 2017 Table of Contents Executive Summary 2 Macroeconomic Outlook of the Industry 3 Industry Outlook

More information

Mazda Motor Corporation June 17, 2011

Mazda Motor Corporation June 17, 2011 FY ENDING MARCH 2012 FINANCIAL FORECAST New MAZDA Demio 13-SKYACTIV Mazda Motor Corporation June 17, 2011 1 PRESENTATION OUTLINE FY ending March 2012 Forecast Updates of Framework for Medium- and Long-term

More information

The Renewable Energy Market Investment Opportunities In Lithium. Prepared by: MAC Energy Research

The Renewable Energy Market Investment Opportunities In Lithium. Prepared by: MAC Energy Research The Renewable Energy Market Investment Opportunities In Lithium Prepared by: MAC Energy Research 2016 Table of Contents: Introduction. Page 2 What is Lithium?... Page 2 Global Lithium Demand Page 3 Energy

More information

J.D. Power Reports: Initial Quality Improves Significantly in China as the Quality Gap Between Domestic and International Brands Continues to Narrow

J.D. Power Reports: Initial Quality Improves Significantly in China as the Quality Gap Between Domestic and International Brands Continues to Narrow w J.D. Power Reports: Initial Quality Improves Significantly in China as the Quality Gap Between Domestic and International Brands Continues to Narrow Porsche Ranks Highest in Initial Quality among Luxury

More information

Quality of Small Vehicles Leads Industry Improvement, J.D. Power Study Finds

Quality of Small Vehicles Leads Industry Improvement, J.D. Power Study Finds Quality of Small Vehicles Leads Industry Improvement, Study Finds Porsche Ranks Highest in Initial Quality among Luxury Brands; MINI Ranks Highest among Mass Market Brands SHANGHAI: 29 Sept. 2016 Significant

More information

New-Energy Vehicles: Unfolding in China J.D. Power China Mobility Disruptors Survey Series. March 2018

New-Energy Vehicles: Unfolding in China J.D. Power China Mobility Disruptors Survey Series. March 2018 New-Energy Vehicles: Unfolding in China J.D. Power China Mobility Disruptors Survey Series March 2018 1 OVERVIEW Propelled by growing public concerns about the environment and incentive policies, the enthusiasm

More information

Building on our strong position in China

Building on our strong position in China KONE CMD 2018 Building on our strong position in China WILLIAM B. JOHNSON, EXECUTIVE VICE PRESIDENT, GREATER CHINA SEPTEMBER 25, 2018 NAVIGATING IN A CHANGING MARKET ENVIRONMENT CAPTURING THE OPPORTUNITIES

More information

FISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS

FISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS FISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 First Half Results Fiscal Year March 2018 Full Year Forecast Progress of Key Initiatives/ Business

More information

The trends driving Saudi Arabia s Commercial Vehicles market

The trends driving Saudi Arabia s Commercial Vehicles market 7 9 May 2017 Dubai World Trade Centre www.automechanikadubai.com The trends driving Saudi Arabia s Commercial Vehicles market Get to know the market This overview of Saudi Arabia s commercial vehicles

More information

210 Index. diesel fuel Brazil, 73 Mexico, 99, 108 Thailand, 171, , 183n5 Turkey, 54 7 see also fuel prices

210 Index. diesel fuel Brazil, 73 Mexico, 99, 108 Thailand, 171, , 183n5 Turkey, 54 7 see also fuel prices Index AMIA (Mexican Association of the Automotive Industry), 90, 108 automobile demand ageing of population, 9 emerging economies, 206 7 financing, 8 post-recession, 1 2 role of income distribution and

More information

LEGAL STATEMENT 1 / 2018 NAVIGANT CONSULTING, INC. ALL RIGHTS RESERVED

LEGAL STATEMENT 1 / 2018 NAVIGANT CONSULTING, INC. ALL RIGHTS RESERVED LEGAL STATEMENT The purpose of the information in this presentation is to guide ICA programs and provide members with information to make independent business decisions. 1 ANTITRUST GUIDELINES Antitrust

More information

FISCAL YEAR MARCH 2014 FIRST HALF FINANCIAL RESULTS. New Mazda Axela (Overseas name: New Mazda3)

FISCAL YEAR MARCH 2014 FIRST HALF FINANCIAL RESULTS. New Mazda Axela (Overseas name: New Mazda3) FISCAL YEAR MARCH 2014 FIRST HALF FINANCIAL RESULTS New Mazda Axela (Overseas name: New Mazda3) Mazda Motor Corporation October 31, 2013 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2014 First Half

More information

DOWNLOAD OR READ : CHINA AUTOMOTIVE ASSEMBLER INDUSTRY MARKET RESEARCH REPORTS PDF EBOOK EPUB MOBI

DOWNLOAD OR READ : CHINA AUTOMOTIVE ASSEMBLER INDUSTRY MARKET RESEARCH REPORTS PDF EBOOK EPUB MOBI DOWNLOAD OR READ : CHINA AUTOMOTIVE ASSEMBLER INDUSTRY MARKET RESEARCH REPORTS PDF EBOOK EPUB MOBI Page 1 Page 2 china automotive assembler industry market research reports china automotive assembler industry

More information

II. New Mid-term Business Plan (Apr to Mar. 2011)

II. New Mid-term Business Plan (Apr to Mar. 2011) II. New Mid-term Business Plan (Apr. 2008 to Mar. 2011) 1. Corporate Philosophy and Basic Concept of MBP 2. Business Environment Surrounding Isuzu 3. Positioning of New Mid-term Business Plan 4. Market

More information

BMW Group Investor Relations.

BMW Group Investor Relations. Capital Markets Day China 2010 Beijing September 16, 2010 - Please check against delivery - Statement by Dr. Friedrich Eichiner Member of the Board of Management of BMW AG, Finance Capital Markets Day

More information

Automobile Beyond Summits

Automobile Beyond Summits Automobile 2 Summary: In recent years, China was undergoing automobile market slump, with lower growth rate and price. Moreover, experts estimated that this trend would continue in next few years. The

More information

Automotive Industry. Slovakia. EHSK Analysts team Peter Kellich and Andrej Krokoš. April 2017

Automotive Industry. Slovakia. EHSK Analysts team Peter Kellich and Andrej Krokoš. April 2017 Automotive Industry Slovakia EHSK Analysts team Peter Kellich and Andrej Krokoš April 2017 Overview: Automotive industry in Slovakia key facts Demand context and actual situation Trade-restrictions-related

More information

FISCAL YEAR MARCH 2015 THIRD QUARTER FINANCIAL RESULTS. Updated Mazda CX-5 (Japanese specification model)

FISCAL YEAR MARCH 2015 THIRD QUARTER FINANCIAL RESULTS. Updated Mazda CX-5 (Japanese specification model) FISCAL YEAR MARCH 2015 THIRD QUARTER FINANCIAL RESULTS Updated Mazda CX-5 (Japanese specification model) Mazda Motor Corporation February 4, 2015 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2015

More information

Mercedes-Benz continues upswing in August with sales increase of 7.9 percent

Mercedes-Benz continues upswing in August with sales increase of 7.9 percent Investor Relations Release In the following, please find the release of Mercedes-Benz Cars concerning worldwide vehicle sales in August 2011: Date: September 5, 2011 Mercedes-Benz continues upswing in

More information

Consolidated sales up 6.8% like for like in the third quarter of 2014

Consolidated sales up 6.8% like for like in the third quarter of 2014 Consolidated sales up 6.8% like for like in the third quarter of 2014 Press release Nanterre (France), October 16, 2014 Faurecia's consolidated sales reached 4,385.6 million in the third quarter of 2014,

More information

THE ELECTRIC VEHICLE REVOLUTION AND ITS IMPACT ON PEAK OIL DEMAND

THE ELECTRIC VEHICLE REVOLUTION AND ITS IMPACT ON PEAK OIL DEMAND THE ELECTRIC VEHICLE REVOLUTION AND ITS IMPACT ON PEAK OIL DEMAND INDONESIAN GAS SOCIETY JAKARTA 20 TH NOVEMBER JUNE 2016 - SELECTED SLIDES JON FREDRIK MÜLLER PARTNER HEAD OF CONSULTING ASIA-PACIFIC When

More information

FISCAL YEAR ENDING MARCH 2012 FIRST HALF FINANCIAL RESULTS

FISCAL YEAR ENDING MARCH 2012 FIRST HALF FINANCIAL RESULTS FISCAL YEAR ENDING MARCH 2012 FIRST HALF FINANCIAL RESULTS Mazda Motor Corporation November 2, 2011 New Mazda CX-5 (European specifications) 1 PRESENTATION OUTLINE Highlights Fiscal Year Ending March 2012

More information

MEXICO AUTOMOTIVE OUTLOOK

MEXICO AUTOMOTIVE OUTLOOK Information Analytics Expertise AUGUST 7, 2014 MEXICO AUTOMOTIVE OUTLOOK Land of Promised Plants Guido Vildozo, Manager Latin America Light Vehicle Sales Forecasts, IHS / ALL RIGHTS RESERVED Agenda Global

More information

Synopsis of the Automotive Industry with a focus on Latin America

Synopsis of the Automotive Industry with a focus on Latin America IHS AUTOMOTIVE Presentation Light Vehicle Forecasts Synopsis of the Automotive Industry with a focus on Latin America November, 2015 ihs.com Mexico City, Mexico Guido Vildozo Manager, Latin America +1

More information

Investor Presentation. January 2019

Investor Presentation. January 2019 Investor Presentation January 2019 Safe Harbor Statement Statements in this presentation may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that

More information

Mercedes-Benz continues record-breaking performance more than half a million vehicles sold in four months

Mercedes-Benz continues record-breaking performance more than half a million vehicles sold in four months Investor Relations Release Mercedes-Benz continues record-breaking performance more than half a million vehicles sold in four months May 6, 2014 Mercedes-Benz handed over 133,077 vehicles to customers

More information

Industria Nacional De Autopartes, A.C.

Industria Nacional De Autopartes, A.C. VISION: Being the most important Organization representing companies in the automotive parts sector with manufacturing interests in Mexico. MISSION: Supporting growth and sustainable development of its

More information

Global Automotive Strategies

Global Automotive Strategies Global Automotive Strategies Past Developments and Future Trends 1 Presentation Jay N., President Holdings, Ltd. Federal Reserve Bank of Chicago/JDPA Conference Detroit June 3, 2004 Auto Industry Strategies

More information

TAKING THE HIGH (FUEL ECONOMY) ROAD WHAT DO THE NEW CHINESE FUEL ECONOMY STANDARDS MEAN FOR FOREIGN AUTOMAKERS?

TAKING THE HIGH (FUEL ECONOMY) ROAD WHAT DO THE NEW CHINESE FUEL ECONOMY STANDARDS MEAN FOR FOREIGN AUTOMAKERS? NOVEMBER 2004 TAKING THE HIGH (FUEL ECONOMY) ROAD WHAT DO THE NEW CHINESE FUEL ECONOMY STANDARDS MEAN FOR FOREIGN AUTOMAKERS? World Amanda Sauer 01-202-729-7689 amanda@wri.org Fred Wellington, CFA 01-202-729-7672

More information

Statement Dr. Norbert Reithofer Chairman of the Board of Management of BMW AG Conference Call Interim Report to 30 June August 2014, 10:00 a.m.

Statement Dr. Norbert Reithofer Chairman of the Board of Management of BMW AG Conference Call Interim Report to 30 June August 2014, 10:00 a.m. - Check against delivery - Statement Dr. Norbert Reithofer Chairman of the Board of Management of BMW AG Conference Call Interim Report to 30 June 2014, 10:00 a.m. Ladies and Gentlemen! Since July, Europe

More information

Investor Presentation. November 2018

Investor Presentation. November 2018 Investor Presentation November 2018 Safe Harbor Statement Statements in this presentation may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that

More information

European Bank for Reconstruction and Development

European Bank for Reconstruction and Development European Bank for Reconstruction and Development EBRD Strategy in Automotive Sector Russia Alexei Sheloukhin Principal Banker, Corporate Sector, Russia Head of Automotive 13 April 2011 Kaluga Automotive

More information

Initiatives for Strengthening Competitiveness of Powertrain Business

Initiatives for Strengthening Competitiveness of Powertrain Business Initiatives for Strengthening Competitiveness of Powertrain Business April 27, 2018 Yasumori Ihara, President of Aisin Seiki Co., Ltd. Basic Stance of Powertrain Business Strategies I Initiatives to Increased

More information

The auto industry and NAFTAlinks between the U.S. and Mexico

The auto industry and NAFTAlinks between the U.S. and Mexico The auto industry and NAFTAlinks between the U.S. and Mexico U.S.-Mexico ties in the 21 st century: trade and immigration in a new era Federal Reserve Bank of Dallas May 12, 2017 Thomas Klier Senior Economist

More information

Chinese FDI in Brazil A Case Study on Chery. Andre Soares Research Coordinator China Brazil Business Council

Chinese FDI in Brazil A Case Study on Chery. Andre Soares Research Coordinator China Brazil Business Council Chinese FDI in Brazil A Case Study on Chery Andre Soares Research Coordinator China Brazil Business Council Brazil - China Economic Relations: a Deepening Trend China: Brazil s largest trading partner

More information

LEGAL STATEMENT / NAVIGANT CONSULTING, INC. ALL RIGHTS RESERVED

LEGAL STATEMENT / NAVIGANT CONSULTING, INC. ALL RIGHTS RESERVED LEGAL STATEMENT The purpose of the information in this presentation is to guide ICA programs and provide members with information to make independent business decisions. 1 ANTITRUST GUIDELINES Antitrust

More information

Continuity in internationalization: BOGE Rubber & Plastics on track for further growth

Continuity in internationalization: BOGE Rubber & Plastics on track for further growth Page 1/6, 28.04.2017 Automotive supplier reports record sales Continuity in internationalization: BOGE Rubber & Plastics on track for further growth Sales grew by 3.2 percent to EUR 763.4 million in 2016

More information

LPG shipping rates heading for a fall

LPG shipping rates heading for a fall LPG shipping rates heading for a fall 7 December 2015 London, UK, 7 December 2015 LPG shipping rates are expected to decline from the second half of 2016 as a bloated orderbook for VLGCs (very large gas

More information

J.D. Power Asia Pacific Reports: After-Sales Dealer Service Satisfaction in China Plateaus After Six Consecutive Years of Increases

J.D. Power Asia Pacific Reports: After-Sales Dealer Service Satisfaction in China Plateaus After Six Consecutive Years of Increases J.D. Power Asia Pacific Reports: After-Sales Dealer Satisfaction in China Plateaus After Six Consecutive Years of Increases Japanese Brands Rank in the Top Three Positions, with Guangqi Honda Achieving

More information

FISCAL YEAR MARCH 2014 FINANCIAL RESULTS

FISCAL YEAR MARCH 2014 FINANCIAL RESULTS FISCAL YEAR MARCH 214 FINANCIAL RESULTS Mazda CX-5 Mazda Atenza Mazda Motor Corporation April 25, 214 New Mazda Axela 1 PRESENTATION OUTLINE Highlights Fiscal Year March 214 Results Fiscal Year March 215

More information

Progress of the Global Hybrid Market

Progress of the Global Hybrid Market Progress of the Global Hybrid Market Lonnie Miller, Director Industry Analysis R. L. Polk & Co. November 10, 2008 Discussion Review of global hybrid vehicle market Growth regions Forecast U.S. Insights

More information

Faurecia Targeting profitable growth

Faurecia Targeting profitable growth Faurecia 2011 2015 Targeting profitable growth DB Conference Detroit January 10, 2012 Profitable growth Core strategic priorities 1 4 Keep our focus on 4 core businesses Adequate growth and profit potential

More information

PRESS RELEASE 9:30 GMT, 20 th February 2018 London, UK

PRESS RELEASE 9:30 GMT, 20 th February 2018 London, UK PRESS RELEASE 9:30 GMT, 20 th February 2018 London, UK GLOBAL CAR SALES UP BY 2.4% IN 2017 DUE TO SOARING DEMAND IN EUROPE, ASIA-PACIFIC AND LATIN AMERICA Analysis of 52 markets found that 86.05 million

More information

Indian PV Product and Market Analysis ACG. All rights reserved

Indian PV Product and Market Analysis ACG. All rights reserved Our Global Clients (East Africa) India will be second largest Car Market by 23 Germany USA Largest EV Car market, 4% market share in 216 Japan Indian and China are having around 4% market share in Global

More information

(Page 1 of 3) 1 Source: Sales data from LMC Automotive for 2011 (October 2010-June 2011) and 2012 (October 2011-June 2012)

(Page 1 of 3) 1 Source: Sales data from LMC Automotive for 2011 (October 2010-June 2011) and 2012 (October 2011-June 2012) J.D. Power Asia Pacific Reports: Domestic Brands in China Narrow Initial Quality Gap with International Brands, As Industry-Wide Problem Rate Declines to Historic Low Lexus Ranks Highest in Initial Quality;

More information

FISCAL YEAR MARCH 2015 FIRST QUARTER FINANCIAL RESULTS. Mazda Roadster 25 th Anniversary Model

FISCAL YEAR MARCH 2015 FIRST QUARTER FINANCIAL RESULTS. Mazda Roadster 25 th Anniversary Model FISCAL YEAR MARCH 2015 FIRST QUARTER FINANCIAL RESULTS Mazda Roadster 25 th Anniversary Model Mazda Motor Corporation July 31, 2014 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2015 First Quarter

More information

Perspectives on the Auto Industry

Perspectives on the Auto Industry Perspectives on the Auto Industry 7th Annual State of the Region Conference Center for Regional Development at BGSU Perrysburg, Ohio January 28, 2009 Thomas Klier Senior Economist Federal Reserve Bank

More information

It s Time to Make a Trade-off, Traditional Powertrain or xevs?

It s Time to Make a Trade-off, Traditional Powertrain or xevs? AUTOMOTIVE It s Time to Make a Trade-off, Traditional Powertrain or xevs? Oct 27, 2016 Shanghai Vivian Wang, Senior Analyst, vivian.wang@ihsmarkit.com Jiajia Wang, Senior Analyst, jiajia.wang@ihsmarkit.com

More information

Q SALES Strong outperformance in all regions. April 20, 2018

Q SALES Strong outperformance in all regions. April 20, 2018 Q1 2018 SALES Strong outperformance in all regions April 20, 2018 Q1 2018 Sales - Key Facts Impact from IFRS15 implementation In 2017, Faurecia had already partly anticipated IFRS15 through the presentation

More information

Mercedes-Benz achieves best-selling November

Mercedes-Benz achieves best-selling November Investor Relations Release Mercedes-Benz achieves best-selling November December 4, 2015 Mercedes-Benz delivered 161,953 vehicles to customers in November (+7.4%) more than ever before in a November. Unit

More information

Q SALES Strong organic growth, confirmed momentum. October 12, 2017

Q SALES Strong organic growth, confirmed momentum. October 12, 2017 Q3 2017 SALES Strong organic growth, confirmed momentum October 12, 2017 Q3 2017 Sales Key facts Sales Since January 1, 2017, Faurecia reports on value-added sales, which are total sales less monolith

More information

Future of Mobility and Role of E-mobility for Future Sustainable Transport. Petr Dolejší Director Mobility and Sustainable Transport

Future of Mobility and Role of E-mobility for Future Sustainable Transport. Petr Dolejší Director Mobility and Sustainable Transport Future of Mobility and Role of E-mobility for Future Sustainable Transport Petr Dolejší Director Mobility and Sustainable Transport ACEA MEMBERS 3 KEY FIGURES ABOUT THE INDUSTRY 12.1 million direct and

More information

Report on Toyota North America

Report on Toyota North America Toyota North America Report on Toyota North America [Type the document subtitle] Author Name 13 Contents Introduction... 3 Production and Sales: 2011-2012... 4 Toyota Foreign Direct Investment... 6 Toyota

More information

Q RESULTS. 24 th April 2018

Q RESULTS. 24 th April 2018 Q1 2018 RESULTS 24 th April 2018 DISCLAIMER This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, PEUGEOT SA ( Company ) shares. This presentation may contain forward-looking

More information

Eberspächer Exhaust Technology. ASEAN Strategy. prepared by Babak Niazi. DRIVING THE MOBILITY OF TOMORROW Eberspächer

Eberspächer Exhaust Technology. ASEAN Strategy. prepared by Babak Niazi. DRIVING THE MOBILITY OF TOMORROW Eberspächer Eberspächer Exhaust Technology ASEAN Strategy DRIVING THE MOBILITY OF TOMORROW prepared by Babak Niazi ASEAN Member Countries Production Forecast Top Ten Countries Global Rank Country Production Vol. in

More information

The global EV market: where to from here?

The global EV market: where to from here? The global EV market: where to from here? Colin McKerracher Head of Advanced Transport Bloomberg New Energy Finance @colinmckerrache July 10, 2017 Analysis to help you understand the future of energy Solar

More information

Mercedes-Benz Achieves Best May Sales Figure in its History

Mercedes-Benz Achieves Best May Sales Figure in its History Investor Relations Release In the following please find the release of the Mercedes-Benz Cars concerning worldwide vehicles sales in May 2011: Date: June 6, 2011 Mercedes-Benz Achieves Best May Sales Figure

More information

Mercedes-Benz Starts Second Half of 2011 with Record Sales

Mercedes-Benz Starts Second Half of 2011 with Record Sales Investor Relations Release In the following please find the release of the Mercedes-Benz Cars concerning worldwide vehicles sales in July 2011: Date: August 3, 2011 Mercedes-Benz Starts Second Half of

More information

This presentation may contain statements that are forward looking. These statements are based on current expectations and assumptions that are

This presentation may contain statements that are forward looking. These statements are based on current expectations and assumptions that are This presentation may contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual

More information

Automotive Industry Insights Summary: Q1 2012

Automotive Industry Insights Summary: Q1 2012 Automotive Industry Insights Summary: Q1 2012 Jeffrey Anderson, Director of Consulting & Analytics 2012 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are

More information

YULON MOTOR CO., LTD. Investor Conference

YULON MOTOR CO., LTD. Investor Conference TW:2201 YULON MOTOR CO., LTD. Investor Conference 2017/11/23 人 車 生活 Disclaimer Statement 1. This document is provided by Yulon Motor Co., Ltd. (the Company"). Except for the numbers and information included

More information

2003 fourth quarter and full-year results

2003 fourth quarter and full-year results Dinesh Paliwal Member of Group Executive Committee, Head of Automation Technologies Division 2003 fourth quarter and full-year results Automation Technologies Copyright 2003 ABB. All rights reserved. -

More information

Quality Perception Gap Emerges in Chinese Auto Consumer Market, J.D. Power Finds

Quality Perception Gap Emerges in Chinese Auto Consumer Market, J.D. Power Finds Quality Perception Gap Emerges in Chinese Auto Consumer Market, J.D. Power Finds BMW Emerges as Most Desirable Manufacturer among Consumers in China Who Intend to Buy New Vehicles Within Next 12 Months

More information

FISCAL YEAR END MARCH 2013 FIRST HALF FINANCIAL RESULTS. New Mazda6 (Atenza)

FISCAL YEAR END MARCH 2013 FIRST HALF FINANCIAL RESULTS. New Mazda6 (Atenza) FISCAL YEAR END MARCH 2013 FIRST HALF FINANCIAL RESULTS New Mazda6 (Atenza) Mazda Motor Corporation October 31, 2012 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2013 First Half Results Fiscal Year

More information

Research and Investment Forecast of China Automotive Aluminum Wheel Industry, (Sample)

Research and Investment Forecast of China Automotive Aluminum Wheel Industry, (Sample) Research and Investment Forecast of China Automotive Aluminum Wheel Industry, 2014-2018 (Sample) Huidian Research Publication Date: Feb 2014 5. Market Supply and Demand of China s Automotive Aluminum Wheel

More information

2010 1Q Investor Meeting. May 2010

2010 1Q Investor Meeting. May 2010 2010 1Q Investor Meeting May 2010 This presentation contains preliminary figures which may be materially different from the final figures. While the statements in this presentation represent our current

More information

University of Michigan China Automotive Conference

University of Michigan China Automotive Conference Inside China: Understanding China s Current and Future Automotive Industry University of Michigan China Automotive Conference 4/8/2008 Bruce M. Belzowski Assistant Research Scientist Automotive University

More information

FISCAL YEAR MARCH 2015 FIRST HALF FINANCIAL RESULTS. New Mazda Demio

FISCAL YEAR MARCH 2015 FIRST HALF FINANCIAL RESULTS. New Mazda Demio FISCAL YEAR MARCH 2015 FIRST HALF FINANCIAL RESULTS New Mazda Demio Mazda Motor Corporation October 31, 2014 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2015 First Half Results Fiscal Year March

More information

Annual Press Conference 2011 Results

Annual Press Conference 2011 Results Annual Press Conference 2011 Results Dr. Dieter Zetsche Chairman of the Board of Management Head of Mercedes-Benz Cars February 09, 2012 2 Last year s outlook Daimler results in 2011 Set all-time sales

More information

FISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS

FISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS FISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 First Quarter Results Fiscal Year March 2018 Full Year Forecast Structural Reform Stage 2 Progress

More information

What s steering the UAE s automotive aftermarket?

What s steering the UAE s automotive aftermarket? 7 9 May 2017 Dubai World Trade Centre www.automechanikadubai.com What s steering the UAE s automotive aftermarket? The factors that matter As part of a series of reports provided by Automechanika Dubai

More information

Closer Ties to the Customer

Closer Ties to the Customer Closer Ties to the Customer EVEN THE BEST PRODUCT CAN T SELL ITSELF; SALES IS THE PLACE WHERE THE ONE-TO-ONE CONNECTION IS MADE WITH THE CUSTOMER. NISSAN S NEW RANGE OF EXCITING, ATTRACTIVE PRODUCT CAN

More information

Developing Asia: To infinity and beyond..? AUTOFACTS Global Automotive Outlook Q2 Executive Briefing

Developing Asia: To infinity and beyond..? AUTOFACTS Global Automotive Outlook Q2 Executive Briefing VERSION Developing Asia: To infinity and beyond..? AUTOFACTS Global Automotive Outlook 2003 Q2 Executive Briefing PwC 2003. refers to the individual member firms of the world-wide organisation. All rights

More information

Fast growing markets / Special focus Asia

Fast growing markets / Special focus Asia Fast growing markets / Special focus Asia Market update Key market drivers Manufacturing footprint Engineering footprint Successful business Ulrich Selig Director, Automotive Asia Passenger car production

More information

Selected insights into road transport trends Ian Kershaw Managing Director, Ricardo Strategic Consulting

Selected insights into road transport trends Ian Kershaw Managing Director, Ricardo Strategic Consulting Ricardo plc 2017 Selected insights into road transport trends Ian Kershaw Managing Director, Ricardo Strategic Consulting Seventh IEA IEF OPEC Symposium on Energy Outlooks IEF Secretariat, Riyadh, Saudi

More information

Perspectives of Vehicle Production

Perspectives of Vehicle Production Perspectives of Vehicle Production Germany and Beyond Björn Hütter, Senior Analyst, European Light Vehicle Production February 03 rd, 2011 Agenda Review 2010 and Short-Term Outlook Output drivers Sourcing

More information

Meeting Materials for FY2011

Meeting Materials for FY2011 Meeting Materials for FY2011 (Year ended March 31, 2012) May 17, 2012 Masao Usui Representative Director, President Executive Officer KYB Corporation Meeting Materials for FY2011 May 17, 2012, KYB Corporation

More information

PKC Group establishes Joint Venture with JAC. Matti Hyytiäinen, President & CEO

PKC Group establishes Joint Venture with JAC. Matti Hyytiäinen, President & CEO PKC Group establishes 50-50 Joint Venture with JAC Matti Hyytiäinen, President & CEO 1 PKC Group makes a major breakthrough in China and establishes JV with JAC PKC Group has signed an agreement to establish

More information

World Geographic Shares

World Geographic Shares World Geographic Shares North America South America Europe Africa Asia Australia/ Oceania 18% 13% 7% 22% 33% 6% World Population Shares North America South America Europe Africa Asia Australia/ Oceania

More information