Automotive Market – China February 2015
SAMPLE
Executive Summary Market
Drivers & Challenges
Automotive market in China witnessed a sale of x mn units in 20-- and will grow at a CAGR of y% to reach z mn units in 20--e In 2013, 22.1 mn automobile units were produced in China Government initiatives and growing demand for electric vehicles and luxury cars are driving market in China Drivers:
Challenges:
- Huge population and low penetration - Rising middle class and increasing income
- Unstable market position of each manufacturer
- Growing luxury car market
- Restrictions imposed on car ownership
- Growing used car market
- Reduced prices led by intensified competition
- Improved public transport infrastructure
- High dependency on depleting oil reserves
- Availability of low-cost skilled labor - Auto dealers to open more outlets Stylish and dynamic products with improved technology and apps
China promotes alternative energy vehicles
Trends
The era of Internet, social media and digital marketing
Increasing focus and investments in R&D Targeting the Tier 2,3,4 and 5 cities
Increasing demand for fuel efficient cars
Major Players
Competition
Player 1
Player 2
Player 3
Player 4
Player 5
Player 6
AUTOMOTIVE MARKET IN CHINA 2015.PPT
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•Macroeconomic Indicators •Introduction •Market Overview •Export-Import •Value Chain •Direct Investment Scenario •Drivers and Challenges •Trends •Government Initiatives •Competitive Landscape •Supplier Scenario •Mergers and Acquisitions •Strategic Recommendations •Appendix AUTOMOTIVE MARKET IN CHINA 2015.PPT
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Macroeconomic Indicators (1/3)
SAMPLE
Current Account Balance USD bn f a
b
c
d
2011
2012
2013e
e
0 2010
2014e
2015e
Exchange Rate: Half Yearly Period Average
USD/INR
Period High
Period Low d1
c1 d3 c2
b1 a1 a2
6.08
a3
1/1/14
e1 d2
b2
e2 e3
c3
b3
2/1/14
3/1/14
AUTOMOTIVE MARKET IN CHINA 2015.PPT
4/1/14
5/1/14
4
SAMPLE
Chinese automotive industry – Overview
Chinese Automotive Industry
Motorcycles
Also comprises of EV and used Cars market
Four Wheelers
Includes EV segment
Two Wheelers
Three Wheelers Multi Utility Vehicles
Passenger Carriers
Goods Carrier
Commercial Vehicles
Passenger Carriers
Goods Carrier
Passenger Cars
Mini vans, Small, Medium Cars
Luxury Cars
Note: EV stands for electric vehicles AUTOMOTIVE MARKET IN CHINA 2015.PPT
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Major passenger car manufacturing hubs are located in the Eastern coast
SAMPLE
Passenger Car Manufacturing Hubs of China Car Manufacturing Base
Text
Car Manufacturing Bases
Many foreign auto makers have entered into Joint Ventures with domestic companies for the production and sale of luxury cars in China
Note: The list of manufacturing base is not extensive nor have all the cities with manufacturing plants been highlighted on the map AUTOMOTIVE MARKET IN CHINA 2015.PPT
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Automobile sales in China has grown consistently although global crisis deterred its pace recently
SAMPLE
Automobile Sales – Market Size & Growth
Automotive Market – Overview • Automotive industry has become a leading industry in China's national economy and is playing a guiding and supporting role in the overall national economic situation • China surpassed Japan to become the world's No. 2 vehicle market in 2006 and passed the United States to be the biggest in 2009
• The year 2013, saw the Chinese automotive industry booming with its production and sales reaching to x and y units respectively, with an increase of a% and b% year on year, up m percentage points and n percentage points from the previous year
mn units X% a
b
e
0 2010
2011
2012
2013
2014*
Automobile Market (Sales) Segment 1 Segment 2
mn units
• Both the sales and production exceeded x mn, setting another world record • In 20--, December was the highest, reaching a units; while February was the lowest, with only b units
d
c
a
c b
g
e
i d
f
h
g
0 20--
AUTOMOTIVE MARKET IN CHINA 2015.PPT
20--
20--
20--
20--*
7
Automobile market has various sub-segments and includes different types of products
SAMPLE
Automobile Market – Overview & Segment
Automobile Market (Production) Segment 2
Types of Passenger Vehicles (Less than 9 seats) • Basic passenger cars Sedan
Segment 1 0
mn units a
MPV
• Multipurpose vehicle
SUV
• Sport utility vehicle
Minibus
• displacement<1.0L, length≤3.5m
Mini-truck
• weight≤1.8 tons; length≤3.5m
LCV
• Any vehicles that can transport passengers but do not belong to sedan, MPV and SUV
b
Types of Commercial Vehicles : Bus & Trucks respectively Mid heavy • 7m≤length≤10m; length≥10m Light
• 3.5m≤length≤7m
Mid heavy
• 6 tons≤weight≤14 tons; weight≥14 tons
Light
• 1.8 tons≤ weight≤6 tons
c
d
x1
x2
x3
20--
y2
20--
y3
x4
20--
y4
e x5
AUTOMOTIVE MARKET IN CHINA 2015.PPT
y1
20--
y5
20--*
8
Though the production and sales of motorcycles have declined, the increase in exports show a positive…
SAMPLE
Motorcycle Market – Overview & Segment Two-wheeler Motorcycle Three-wheeler
Motorcycle Market China (Production and Sales) Segment 1
Segmnet 2
mn units
30
a
b
a
b
20 10 0 2012
AUTOMOTIVE MARKET IN CHINA 2015.PPT
2013
9
SAMPLE
â&#x20AC;Ś trend, specially the three wheeler segment
Motorcycle Market (Sales)
Motorcycle Market (Production) mn units
0
Segment 1
Segment 2
Segment 1
mn units
Segment 2
a
b
a
b
x1
x2
x1
x2
y1
y2
y1
y2
Period 1
Period 2
Period 1
Period 2
0
Motorcycle Exports in China +3%
mn units a
b
20--
20--
0
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SAMPLE
Four-wheeler vehicles segments â&#x20AC;&#x201C; Summary
Used Car Market
Four-wheeler Vehicles
Electronic Vehicle Market
Luxury Car Market
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China’s used car market has witnessed a dramatic growth affecting the entire automotive industry
SAMPLE
Used Car Market – Overview • Used car market in China has witnessed a rapid growth in China as compared to the new car market in the last two years • Growing at about a CAGR of x %, the used car market has surpassed the growth of new cars market • The market is still in its initial stages and is expected to outgrow the sales of new cars in terms of volume by 2020 • In 2012, for every 3 new cars sold, one used car was sold
Used Cars – Segments The used car market comprises passenger vehicles including the premium cars Some dealers are also involved with the sale of used commercial vehicles including utility vehicles and trucks Both the segments are witnessing a positive growth in the Chinese market
AUTOMOTIVE MARKET IN CHINA 2015.PPT
Growth Potential In 2012, a third of people planning to buy a car said they would consider a second-hand car To further drive the sales of used car, Alibaba is planning to launch a platform for used cars
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Used car segment is expected to constitute a major chunk of the market both in terms of value and volume by 2020
SAMPLE
Used Car Sales – Market Size & Growth (Volume) mn units f X%
a
b
20--
20--e
e d
c
0 20--e
20--e
20--e
20--e
Used Car Sales – Market Size & Growth (Value) USD bn
f X%
a
b
20--
20--e
c
e d
0 20--e
20--e
AUTOMOTIVE MARKET IN CHINA 2015.PPT
20--e
20--e 13
In spite of its drawbacks, China’s used car market will outgrow the new car market in the coming decade
SAMPLE
Drivers
Challenges
• Purchasing pattern of the consumers is changing and more than 50% of the Chinese consumers replace their cars every 3 years • Fast changing demand of the wealthy Chinese is another factor for the growth of the used car market, as sometimes cars which have barely been used enter the market and attract consumers • Change in the attitude of people and cheaper prices is further leading to the growth of the used car market
• Trust issues, opaque pricing and lack of integrity are some of the major challenges faced by the market • Extremely fragmented market with no price uniformity is another reason why the market is lagging behind that of the US • Lack of a criteria based on which the used cars can be evaluated, as well as absence of proper polices and regulations acts a another hindrance for the market
Challenges
Drivers
Used Sedans and SUV’s are the most popular choice of the consumers
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With the new trends observed in the market transaction volume of used cars will further accelerate the market
SAMPLE
Trends observed in the used car market • Purchase of second-hand cars online is a trend which is being observed in China • Online purchase of second –hand cars has gained popularity in China with the number reaching as high as 82,070 units • Provision of warranty and after sale services is another trend currently being observed in the used car industry in China • Demand for second-hand premium cars is increasing as most of the cars that enter the used car segment have not been used much
• Opportunity for growth in this sector is huge as currently used vehicles make up only 19.1% of total car sales volume in China, compared to 72.4% in the US
• Guangdong, Shandong, Sichuan, Beijing, Shanghai are the main car trade areas in China
• Government has introduced and is further planning to launch strong policies and regulations to support the used car market in China
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SAMPLE
Pure-electric car models sold in China Maker
Model
Battery Type
Range
Top Speed
Market Release
Beijing Auto (BAIC
C30 EV
Lithium Ion
200
160
N.A.
Beijing Auto (BAIC
E150 EV
Lithium Ion
140
125
H1 2013
BMW Brilliance
1E
Lithium iron phosphate
150
130
Mar, 2014
BYD
e6
LiFePO4
330
160
Limited Release in 2010
BYD-Daimler
DENZA EV
LFP
253
150
Apr, 2014
Note: The table is not exhaustive AUTOMOTIVE MARKET IN CHINA 2015.PPT
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Chinese automobile market for cars is dependent on imports thoughâ&#x20AC;Ś
SAMPLE
Car Imports (HS Code 8703)
China Car Imports (Value terms) HS Code
Imports 2013
HS Code Description
870323
Automobiles with reciprocating piston engine displacing > 1500 cc to 3000 cc
a
870324
Automobiles with reciprocating piston engine displacing > 3000 cc
b
870333
Automobiles with diesel engine displacing more than 2500 cc
c
870322
Automobiles with reciprocating piston engine displacing > 1000 cc to 1500 cc
d
870332
Automobiles with diesel engine displacing more than 1500 cc to 2500 cc
e
870321
Automobiles with reciprocating piston engine displacing not more than 1000 cc
f
870310
Snowmobiles, golf cars and similar vehicles
g
870390
870331
USD mn c
d
e
20--
20--
b a 0 20--
20--
20--
Country-wise Imports (20--) Region 1 X1%
Region 2 X2%
Region 3 Region 4 Region 5
X5%
Automobiles nes including gas turbine powered
h
Automobiles with diesel engine displacing not more than 1500 cc
X3% X4%
i
Note: Import value in USD thousand Source: International Trade Centre; AUTOMOTIVE MARKET IN CHINA 2015.PPT
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Automotive industry – Value chain
SAMPLE
FIRST TIER SUPPLIERS
SECOND TIER SUPPLIERS
OEM’s
DEALERS
THIRD TIER SUPPLIERS
SERVICE PROVIDERS
ALLIED COMPONENTS
AUTOMOTIVE MARKET IN CHINA 2015.PPT
CUSTOMERS
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SAMPLE
Direct Investments Scenario – Summary
Total Investments – Sector-wise
• The section summarizes the total number of investments made by the company across industry sectors, so far
CD Investments – Geography-wise
• The section summarizes the total number of Consumer Discretionary investments made by the company across various geographic regions, so far
CD Investments – Segment-wise
• The section summarizes the total number of Consumer Discretionary investments made by the company across Consumer Discretionary subsegments, so far
Note: • The section highlights investments made by major domestic companies between the year 2010 to 2013 • The list of investments comprise both current and pending investments • CD stands for Consumer Discretionary AUTOMOTIVE MARKET IN CHINA 2015.PPT
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SAMPLE
Direct Investments – Player 1
CD Investments – Geography-wise
Total Investments – Sector-wise A%
X%
D% Sector 1 B%
Sector 2 Sector 3
C%
Y%
Sector 4
Region 1 Region 2
CD Investments – Segment-wise
Investment Snapshot
0%
• Maximum number of investments were seen in the sector 1 followed by sector 2
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
A total of 3 investments were made in the sector 2 X%
Y%
• Maximum number of investments were seen in the region 1 • In terms of the sector 2investments, the company invested mostly in segment 1
Segment 1
• ‘Segment 1’ includes Automobiles segment only
Segment 2
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Drivers & Challenges â&#x20AC;&#x201C; Summary Drivers Huge population and low penetration
Challenges
Rising middle class and increasing income
Unstable market position of each manufacturer
Growing luxury car market
Restrictions imposed on car ownership
Growing used car market
Reduced prices led by intensified competition
Auto dealers to open more outlets
High dependency on depleting oil reserves
Improved public transport infrastructure Availability of low-cost skilled labor
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Increasing population and unsaturated market implies ample opportunities for growth
SAMPLE
Huge population and low penetration
Impact
• China has been the world’s most populous country and makes up one-fifth of the world’s population • Ever increasing population base of China acts as a driver for the growing demand of automobile in the country • Currently China is lagging behind the US and Japan in terms of the number of cars owned and has immense scope for growth Total Population
mn
Country
Cars per 1000 people
U.S.
x
Japan
y
China
z
X% a
b
c
d
0 20--
20--
20--
20--
AUTOMOTIVE MARKET IN CHINA 2015.PPT
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Intensified competition in automotive market leads to uncertainty of performance
SAMPLE
Unstable market position of each manufacturer
Impact
• Competition is heating up in China’s automotive market • Continued rapid growth of the Chinese market has attracted a vast number of new companies wishing to enter the market, and there are now more than 100 manufacturers participating Furthermore, there is no single manufacturer seen as a dominant leader in the Chinese market
• Market positions of participating companies are relatively vulnerable Only companies that can adapt to changes in the market are able to sustain in the market, irrespective of past performance or brand power To gain an edge over the rivals, the ability to perform low cost manufacturing has now become a crucial issue for car manufacturers
• The government’s effort to consolidate the industry has not been a huge success so far, and the industry still remains fragmented with many players operating in the market
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SAMPLE
Trends - Summary
China promotes alternative energy vehicles
The era of internet, social media and digital marketing
Stylish and dynamic products with improved technology and apps ` Key Trends
Increasing demand for fuel efficient cars
Increasing focus and investment in R&D
Targeting the Tier 2, 3, 4 and 5 cities
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China is capitalizing on the major opportunities in the electric vehicles market
SAMPLE
China promotes alternative energy vehicles • China's electric vehicles (EV) market has been growing at a tremendous pace due to strong support from the Chinese government • Chinese government plans to produce and sale cumulatively 500,000 EV and PHV by 2015 • The FAW Group launched nine new green vehicles in 2014 and has announced its plans to spend USD 1.52 bn on developing 16 environment-friendly passenger and business models by 2015 • Finnish battery maker European Batteries Oy will build an EV battery production center in Tianjin, China. The new production center will be built in the Binhai New Area of Tianjin and invest around USD 318 mn in the manufacture of lithium-ion batteries for hybrid and electric vehicles
Companies
Q1 2014 Sales
BYD Qin (PHEV)
a
Chery QQ EV (Pure-electric)
b
BYD e6 (Pure-electric)
c
JAC iEV (J3 EV) (Pure-electric)
d
Zotye Zhidou E20 (Pure-electric)
e
AUTOMOTIVE MARKET IN CHINA 2015.PPT
China is swiftly becoming an EV powerhouse
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After the onset of the global financial crisis in late 2008, the Chinese authorities moved quickly to…
SAMPLE
Support Programs of the Government 2009-10(1/2)
• State Council reduced the vehicle purchase tax to 5% for consumers who purchase passenger cars with displacement of 1.6L and below from Jan 20, 2009 to Dec 31, 2009 • Such tax reduction policy greatly boosted the confidence of the automobile industry, as well as consumers' enthusiasm in purchasing cars, which has facilitated the cultivation of automobile consumption market • According to China Association of Automobile Manufacturers (CAAM), for the first eight months of 2009,
Tax Reduction
• China's automobile production volume and sales volume reached 8.25 mn and 8.33 mn respectively, representing Y-o-Y rise of 26% and 29% respectively • Specifically, passenger cars with displacement of 1.6L and below witnessed a 55% increase in sales volume, and their market share increased to 68.55%, representing a Y-o-Y rise of 7.8%
• Small vehicle sales were 7.2 mn in 2009, 53% of total sales • According to the preliminary statistics from provinces, municipalities, autonomous regions and cities specifically designated in the State plan, Vehicle purchase tax to the amount of USD 1.67 bn had been exempted by the end of Aug 2009 • Sales tax rate on cars with engine capacity of 1.6 liters and below was set at 7.5% from Jan 1 2010, but market watchers said that the figure is still considered a cut because it is reduced from the original 10%
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SAMPLE
Joint venture scenario in China (1/3)
• China’s auto industry is dominated by Joint Ventures between global automakers and China’s State Owned Enterprises (SOEs) • Recently independent Chinese automakers including Chery and Geely have entered into joint ventures with foreign car makers • Foreign automakers can have a maximum share of 50% under the current regulations imposed by the government • Each foreign automaker can partner with two local groups for a joint venture • Strict regulations were laid down by the government in respect to these joint venture where the majority stake would remain with the Chinese partner AIM
Aim of the government to promote the joint ventures was to allow foreign automakers to enter the market, at the same time facilitating the transfer of technical know-how and skilled resources
Benefits for the Foreign automakers Foreign automakers readily entered into these joint ventures as it would not only help them to foray into the biggest market for their automobiles, but at the same time enable them to reap the benefits of low labor cost and earn huge profits in an economy where people were fascinated with foreign cars
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Porter’s Five Forces Analysis
SAMPLE Impact High
Threat of New Entrants • Text
Impact Medium to High
Bargaining Power of Suppliers • Text
Impact Medium
Competitive Rivalry
Impact High
Bargaining Power of Buyers • Text
• Text
Impact Low Threat of Substitutes • Text
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Competitive Benchmarking (1/4)
SAMPLE
Public Trading Comparables (FY 2013) BYD Company Ltd.
DongFeng Motor Group Company Ltd.
SAIC Motor Corporation Ltd.
Market Capitalization (USD mn)
Share Price (USD)
EV/EBITDA (x)
EV/Revenue (x)
PE Ratio Note: Major 3 Public companies based on the Market Capitalization; Market Capitalization, Share Price and PE ratio is as of 24/09/2014 AUTOMOTIVE MARKET IN CHINA 2015.PPT
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Competitive Benchmarking (2/4)
SAMPLE
Key Ratios of Major 3 Companies – Operational Basis (FY 2013) (1/3) Gross Margin
%
Operating Margin
Net Margin c2
a1
a3
a2 b1
0
b3
c1
c3
-b2
-10 Player 1
Player 2
Player 3
• Text
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Public: Domestic Company – BYD Company Ltd. (1/4)
SAMPLE
Company Information
Locations – China
Corporate Address
No.abc, z Road,, Shenzhen, 518118, P.R.China
Tel No.
xxx
Fax No.
xxx
Website
www.byd.com.cn
Year of Incorporation
xxx
Ticker Symbol
xxx
Stock Exchange
Stock Exchange of Hong Kong (SEHK) Shenzhen
Products and Services Category
Headquarters Products/Services
Key People Automobile
Text
Name
Designation
Person 1
Text
Person 2
Text
Person 3
Text
Person 4
Text
Note: List of products is not exhaustive AUTOMOTIVE MARKET IN CHINA 2015.PPT
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SAMPLE
Public: Domestic Company – Player 1(2/4) Financial Snapshot Total Income USD mn
Key Ratios
Total Income
a
b
Net Profit/Loss
b1
400
d
c
a1
Profit USD mn
d1
c1
0
200 0
20--
20--
20--
20--
Financial Summary
• The company reported total Income of USD xx mn in FY 20--, registering an increase of xx % over FY 20-• The company earned an operating margin of xx% in FY 20-- an increase of xx percentage points over FY 20--
• The company reported debt to equity ratio of xx in FY 20--, an increase of xx % over FY 20--
Key Financial Performance Indicators Market Capitalization (USD) Total Enterprise Value (USD) EPS (USD) PE Ratio (Absolute)
y-o-y change (20--)
20--
20--
20--
20--
Profitability Ratios Operating Margin Net Margin Profit Before Tax Margin Return on Equity Return on Capital Employed Return on Working Capital Return on Assets Return on Fixed Assets
Cost Ratios
• The company earned a net profit of USD xx mn in FY 20--, as compared to a net profit of USD xx mn in FY 20--
Indicators
Particulars
Value (24/09/2014) xx xx xx xx
Operating costs (% of Sales) Administration costs (% of Sales) Interest costs (% of Sales)
Liquidity Ratios Current Ratio Cash Ratio
Leverage Ratios Debt to Equity Ratio Debt to Capital Ratio Interest Coverage Ratio
Efficiency Ratios Fixed Asset Turnover Asset Turnover Current Asset Turnover Working Capital Turnover Capital Employed Turnover Improved
AUTOMOTIVE MARKET IN CHINA 2015.PPT
Decline
32
SAMPLE
Public: Domestic Company Player 1 (3/4) Key Business Segments Segment 1
Segment 2
Segment 3
Segment 4
a A1% A2%
0%
Key Geographic Segments
10%
b B1% B2%
A3%
-50% 20--
Region 1 x c
12%
C1% C2%
B3% 20--
14%
d D1% D2%
C3% 20--
12%
C4%
x
Y%
Y%
Z%
Z%
20--
20--
0%
20--
Region 2
Key Recent Developments Description
News
Overview
Text
Latest Developments
Text
Partnership
Text
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SAMPLE
Public: Domestic Company – Player 1(4/4)
• Text
• Text
S
W
Strength
Weakness
O
T
Opportunity
Threat
• Text
• Text
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SAMPLE
Private: Domestic Company – Player 2(1/3) Company Information
Locations – China
Corporae Address
No. a xyz Area (BDA), Beijing, 100176,China
Tel No.
xxx
Fax No.
xxx
Website
www.bbac.com.cn
Year of Incorporation
xxx
Beijing
Products and Services Category
Headquarters Products/Services
Key People Automobiles
Text
Name
Designation
Person 1
Text
Person 2
Text
Person 3
Text
Person 4
Text
Note: List of products is not exhaustive AUTOMOTIVE MARKET IN CHINA 2015.PPT
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SAMPLE
Private: Domestic Company – Player 2(2/3) Key Recent Developments Description
News
Overview
• Text
Latest Developments
• Text
AUTOMOTIVE MARKET IN CHINA 2015.PPT
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SAMPLE
Private: Domestic Company – Player 2(3/3)
• Text
• Text
S
W
Strength
Weakness
O
T
Opportunity
Threat
• Text
• Text
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Supplier Scenario â&#x20AC;&#x201C; (1/20)
Supplier
Customer
SAMPLE Primary Industry
AUTOMOTIVE MARKET IN CHINA 2015.PPT
Business Description
38
SAMPLE
Mergers & Acquisitions (2011-2014) â&#x20AC;&#x201C; (1/6) Announced Date
Closed Date
Target
Buyer/Investors
AUTOMOTIVE MARKET IN CHINA 2015.PPT
Sellers
Size (USD mn)
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Strategic Recommendations (1/3) Strategy
SAMPLE Adoption Area
Expand Research and Product Development
• Text
Brand Building
• Text
Regional Growth Government Focus
• Text
• Investment in automotive R&D to built alternate fuel cars, electronic vehicles and cars with better technology is the need of the hour
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