automotive and components global report —...

An IMAPINDUSTRIALSReport

Automotive and Components Global Report mdash 2010

From Detroit to Beijingand all points in between

IMAP MampA advisors connect the automotive industry around the world

You put the vehicles on the road Thatrsquos your business And itrsquos our business to ensure that when your company needs to expandinvest divest or restructure the way is paved for you

IMAP KNOWS HOW TO GET THE DEAL DONE

These recent closings demonstrate our reach and expertise in the automotive industry

Undisclosed SellerPress parts manufacturer

for the automotive industryHungary

Acquired the shares of

ADVISED THE SELLER

Wild Manufacturing Group LtdHigh-precision automotive

engineering companyUnited Kingdom

MD Rebuilt Parts Detzen GmbHAutomotive parts remanufacturer

Germany


ADVISED THE SELLER

Remaco Group LLCAutomotive parts remanufacturer

United States

Gong Zhu Lin AutomotiveComponents Co Ltd

Automotive interior trimming components manufacturer

China

Acquired shares in

ADVISED THE BUYER

Antolin Group AutomotiveAutomotive Tier 1 supplier

Spain

TalhinT Plastics CorpAutomotive tool supplier

Canada


ADVISED THE SELLER

RevstoneAutomotive metal fabrication and supplier

United States

Wagon WixomAutomotive roll former

United States

Acquired the assets of

ADVISED THE SELLER

ModineerRoll former of metal parts

United States

IMAPrsquos Automotive and Components Global Report - - 2010 Page 3

Left Peugeot is working with Mitsubishi to develop its own version of the i-MiEV electric

car The four-seater iOn will launch in Europe by the end of 2010 Fitted with lithium-ion

batteries the iOn will have a range of 130km and total power output of 47kW

(64bhp) and 180Nm of torque1

1 Source httpwwwindiaautomotivenet200909peugeot-ion-electric-car-to-be-launchedhtml

An IMAPINDUSTRIALS

Report

IMAP Inc is a Delaware corporation Its regional firms are independently operating in various jurisdictions under a variety of legal forms of organization References to IMAP transactions offices locations and other similar associations should not imply any form of IMAP ownership or agency over the local firms or cause any liability between the local firms and IMAP whatsoever

Contents(Click to Navigate)

Automotive Global Overview 4

MampA Activities in the Automotive Sector 5

Trends and Expected Growth Areas 6

Hybrid Vehicles 6

Low Cost Cars 7

Remanufactured Products 7

Topic Lithium Ion Batteries 8

Governmentsrsquo Role 9

Overall Outlook 9

Statistical Reference (Appendices)Leading Global Players A-i

MampA Metrics B-i

Growth Fundamentals C-i

HOT


Exacerbated by the economic slowdown the global automotive sector including auto manufacturing and auto component manufacturing (comprising engine parts electrical parts drive transmission and steering parts suspension and braking parts equipment and others1) has contracted significantly

The auto manufacturing industry which has always been a major driver of economic growth with 30 percent growth and creating nearly 60 million jobs worldwide between 1995 and 2005 witnessed a severe fall in total revenues with a compound annual growth (CAGR) of ndash075 percent between 2004 and 2008

Similarly automobile components saw a CAGR of a mere 152 percent during the same period The industry shrunk as demand declined and contracted by almost 18 percent during the first half of 20092

1 For detailed sub-segment breakup please refer to Statisti-cal Reference

2 Source httpdesignativeinfo20090818china-socialism-consumer-behavior-the-worlds-biggest-automobile-maker-and-market

The three big players in the US (GM Ford and Chrysler) which represented 518 percent of the US market and 183 percent globally in 2007 were punished under the pressure of the slowdown mdash GM and Chrysler collapsed filed for Chapter 11 bankruptcy and are now in the process of restructuring

Shift in dominance With the US reeling under the economic slowdown there has been a shift in dominance to Asia-Pacific which is fast emerging as the next automobile production hub with a market share of 358 percent in value in 2008 compared to 307 percent by the US As a result Toyota and Nissan are fast gaining market share Toyota surpassed GM as the largest manufacturer of cars in 2008 manufacturing 89 million vehicles against GMrsquos 83 million

In Asia China surpassed Japan with a vehicle production of 79 million (93 million in 2008) compared to Japanrsquos 41 million (115 mil-lion in 2008) for the year ended July 2009 As a result Japanese automakers have restricted capital investment for 2009 fol-lowing earnings deterioration on a global scale Toyota Motors which has always been a forerun-ner in expansion in international markets has decided to reduce capital investments to 830 bil-lion yen (93 billion USD) below 1 trillion yen for the first time in six years Similarly Honda motors intends to reduce invest-

ments by 200 billion yen (22 billion USD) and Mazda Motors plans to keep it at 30 billion yen (337 million USD)

China has been the front runner in the auto marketrsquos recovery recording a year-over-year growth of 48 percent in June 2009 with 7 million units sharply above the 59 million unit peak reached during March 2008 prior to the global economic slowdown3 From 2003 to 2008 China doubled its automobile production whereas the US saw its production decline by 50 percent

This leadership shift has been mainly attributed to increased government emphasis on developing infrastructure and providing subsidies to Chinese automobile manufacturers A cut in retail taxes and increased vehicle subsidies in rural areas in China led to a 38 percent year-over-year rise in vehicle assemblies in June 2009In addition to Asia East European

3 Global Auto Report ndash Scotiabank Group dated July 31 2009

Economic decelerationslowed the auto industry

Source Datamonitor IMAP

3580

3070 2670

680

Asia - Pacific Americas Europe Rest of the World

Global Market Share By Region 2008

18392 18451 19078 22034

17843

5600 5777 5975 6160 6252

809

859

921

981

1045

750

800

850

900

950

1000

1050

1100

500

700

900

1100

1300

1500

1700

1900

2100

2004 2005 2006 2007 2008Auto prodn value (USD mn) Auto components prodn value (USD mn)Auto Prodn Vol (mn) (RHS)


Global Automotive Industry


countries such as Poland Czech Republic and Hungary are becoming favored manufacturing destinations These countries have attracted huge foreign direct investment (FDI) in the recent past due to their close proximity to Western Europe low labor costs and skilled workforce Some Asian companies including Korean car makers such as Hyundai

which sell their automobiles in Western European countries are shifting their manufacturing base to Eastern Europe rather than importing them to avoid tariffs Similarly a majority of automobile component production activities are concentrated in Japan

China India and Thailand due to the availability of cheap raw materials and increasing demand for automotive products from the domestic market As a result companies like Johnson Controls are increasing their focus on emerging markets such as India and China


The global slowdown also led to a decrease in MampA activities in 2009 with the focus shifting to Asia Through the end of September 2009 year-to-date transaction value in the automotive sector was only USD 29 billion comprising 44 deals compared to USD 448 billion with 195 deals during all of 20081

Asia accounted for the highest MampA activities with 749 percent in terms of value while the US and Europe held only 98 percent and 87 percent respectively In 2008 the largest deal worth USD 318 billion took place in the German automobile space between Schaeffler KG and Continental whereas 2009rsquos largest deal valued at USD 107 billion was in Asia between Hyundai Motors and Hyundai Mobis in South Korea This was mainly due to the better position of Asian countries than Western ones amid the current economic slowdown

1 Only MampA deals have been considered Private placements public offerings and share buybacks have been excluded

2 YTD As of Sept 30 2009

MampA declines shifts to Asia

MampA Activities at a Glance

Transaction Value (USD millions) Top 5 deals

2008448065

827

2009 YTD2

28906786

Segment Auto components Automobile manufacturing

of deals3410

Value (USD million)1309615810

Top 5 regions Asia Europe Latin America USCanada Others

of deals15113

141

Value (USD mn21662

250718462831

61

Top 5 countries South Korea United States Russia Brazil China

of deals3

12225

Value (USD mn)17990

2360200518361238

Source Capital IQ IMAP

128 89 81

78

624

Toyota Motor Corporation General Motors Corporation Daimler AG Ford Motor Company Others

Global Market Share By Company 2008


Automotive sector expected to grow in 2010

Hybrid vehicles are next growth area

Future Outlook of Global Automotive Industry

Source Datamonitor estimates IMAP

19824 20027 20498 21353 22199

6119 6174 6232 6312 6415

1020 1089

1175

1276 1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100

2009e 2010e 2011e 2012e 2013eAuto prodn value (USD mn) Auto components value (USD mn)Auto prodn Vol (mn) (RHS)

With the economy showing signs of revival the global auto industry in terms of value is expected to pick up driven by renewed demand mdash automobile production is expected to expand globally at a CAGR of 25 percent and auto components at 029 percent between 2008 and 2013

The majority of growth in the global automobile industry is expected to come from Asia Pacific (mainly China and India) and the Middle East with demand remaining flat in the mature US and European markets While demand is expected to be led by China India and the Middle East manufacturing is likely to be concentrated in Eastern Europe due to its close proximity to Western European nationsDemand from India and China is expected to go up driven by rising population increasing per capita income improving infrastructure and lower impact of the global slowdown

Additionally auto-ownership penetration in these countries is much lower than in developed countries indicating a huge potential (the US has a large penetration of 765 vehicles per 1000 people compared to just 401000 in China and 81000 in India)

On the negative side demand from developed economies such as the US and Germany is expected to remain stagnant as this market is already saturated in terms of high penetration and increasing unemployndashment The German Association of the Automotive Industry (VDA) predicts that vehicle sales will drop to 26 million units in 2010 from 35 million estimated for 2009

Hybrid vehicles are expected to witness strong growth supported by environmental legislations by various governments on the use of cleaner and fuel efficient cars The global market for hybrid vehicles is predicted to increase to more than 11 million a year by 2020 which is around 23 times the market size in 20081 The number of models is expected to increase from the current base of 19 models in 2009 to 150 by 2014 and 200 by 20192

1 httpwwwiciscomArticles200907139231220lithium-producers-set-to-benefit-from-growth-in-hybrid-autoshtml

2 httpwwwazomcomnewsaspnewsID=19069

The European Union should be the main demand generator for these vehicles with other developed and emerging economies following suit Due to environmental concerns all Western European countries levy some form of CO2 tax on passenger cars France the UK and Luxembourg use CO2 emissions as the only factor for car taxation whereas other countries apply a combination of factors

including car price engine capacity and CO2

emissions


With flat growth in the US Europe and Japan automakers are targeting emerging markets

by offering no-frill cars to a larger sectionof the population

More remanufactured products Remanufactured products are likely to increase in popularity over the next five to seven years due to their lower price points and competitive warranties (in addition to environmental benefits)

With the emphasis on higher economic contribution per unit of product manufactured remanufacturing regulations are expected to be tightened in the future to promote sustainable manufacturing ie raising productivity with lower resource and energy consumption Moreover among various remanufacturing methods independent remanufacturing (these firms work without cooperation with automotive producers or original product suppliers) is expected to be the most cost effective and have more potential in the future1

Automotive product remanufacturing accounts for two-thirds of all remanufacturing and is a USD 53 billion industry in the US and more than USD 100 billion worldwide2 Around 50 percent of original starter mechanisms are recovered via remanufacturing methods In the US itself this can lead to yearly savings of 82 million gallons of crude oil from steel manufacturing 51500 tons of iron ore and 6000 tons of copper and other metals Rebuilt engines require only 50 percent of the energy and 67 percent of the labor that goes into manufacturing new ones3

1 As per a study done by Hyung-Ju Kim Semih Severengiz Steven J Skerlos and Guumlnther Seliger Independent remanu-facturing is better than independent OEM (these firms produce their remanufactured product by a limited cooperation with au-tomotive producers or original product suppliers) and integrated remanufacturing (these work with a closed cooperation with original product suppliers) based on economic comparison

2 Economic and Environmental Assessment of Remanufacturing in the Automotive Industry - Hyung-Ju Kim Semih Severengiz Steven J Skerlos Guumlnther Seliger

3 httpapraorgAboutRemanasp

Similarly in Israel a green tax was imposed from August 2009 onwards which would make cars that pollute more expensive On the other hand outsourcing of motor components is expected to see an upsurge due to the increase in demand for hybrid vehicles and continuous decrease in prices of these automobiles

Currently due to the limited volume of hybrid vehicles and absence of standardized technology across various companies manufacturing of motors and other hybrid components is done in-house To optimize this opportunity motor component manufacturers must have a deep understanding of the specific automotive requirements and be responsive to the supply-chain operational and technical needs of the hybrid automotive industry

Low cost car (LCC) segment to receive a boost in futureWith flat growth in the US Europe and Japan automakers are targeting emerging markets by offering no-frill cars (LCCs priced at USD 6000 or less) to a larger section of the population Even though margins are razor thin (2ndash3 percent in the case of the Tata Nano) volume potential is huge According to a study by AT Kearney in 20083 cars priced lower than USD 5000 have a very high volume potential in emerging markets such as India This sector has seen incredible growth historically and is expected to reach 175 million units globally by 2020 This growth has been largely driven by Asia especially India

3 httpwardsautocomarultra_cars_study_080828

with the exception of China which experienced a 5 percent decrease in this segment over the past five years due to increasing disposable income As a result companies such as GM Bajaj Nissan and Renault are making substantial investments in this segment

However this segment has its share of concerns very low margins the need for an alternate distribution channel compared to conventional ones and development of tailor-made marketing strategies according to country as well as for exporting to other potential regions such as the Middle East Africa and various countries in emerging markets Hence the chances of complete erosion of margins are high in the event the marketing strategy is not effective enough

In the auto component sector the hybrid segment is conducive for the entry of new firms with lean manufacturing techniques that can give them an advantage over established component players Similarly established auto component manufacturers will have to redesign their existing product portfolio to avoid falling in the low cost trap This entails the designing of components from scratch For example with the aunch of Nano German supplier Robert Bosch had to re-engineer some motorcycle parts into Nano parts viz starter engine with the help of Indian engineers rather than their European counterparts


Lithium ion (Li-ion) batteries are expected to be the next disruptive1 technology in the automotive industry The global Li-ion battery market for automotive application in electric vehicles (EVs) and hybrid electric vehicles (HEVs) is expected to grow to USD 218 billion by 2015 and USD 741 billion by 2020 from USD 319 million in 2009

The main reason behind this growth is the government emphasis on hybrid vehicles to tackle environmental concerns Governments in Japan China and South Korea have been providing subsidies to support their domestic Li-ion battery manufacturers Li-ion batteries have a long driving range (at least 125 miles on a single charge) and increased lifetime (minimum of 10 years)

On similar lines the US government announced a USD 2 billion stimulus package in 2009 to promote the manufacture of advanced batteries in the US as an indirect response to the growing dominance of Asian countries in this segment The National Alliance for Advanced Transportation Battery Cell Manufacture comprising 14 US battery manufacturers was formed in December 2008 The US Department of Energy has set a target price of USD 1700 to 3400 for an all-electric car battery that will go 40 miles on a full chargeSimilarly the introduction of high fuel taxes in European countries

1 This term was coined by Dr Joseph Bower and Dr Clayton Christensen of Harvard University in 1995 for an innovation that fulfils the requirements of some but not most consumers better than the incumbent does That gives it a toehold which allows room for improvement and eventually dominance Source ldquoThe electric-fuel-trade acid testrdquo ndash Economist dated Sep 03 2009

linking of vehicle and sales taxes to carbon emissions and stricter environmental legislations to curb CO2 emissions in the future should spur demand in the hybrid segment Furthermore the European Union is coming out with legislation whereby new vehicles must limit emissions to an average of 120 gkm by 2012 compared with the current average of approximately 160 gkm for diesel- and gasoline-powered cars

The expected rapid decline in current cheaper technologies such as nickel-cadmium and lead-acid batteries by 2013 due to stricter environmental controls over the use of cadmium and lead is also a positive factor for growth in Li-ion technology Currently lead-acid batteries account for majority of the market

However Li-ion technology still has many challenges The high cost of Li-ion batteries acts as a deterrent to its easy adaptability According to a report released by the Department of Energy in January 2009 the current cost of Li-ion based batteries is approximately three to five times higher when compared to currently used technology of lead acid batteries

Lithium ion-battery business expected to grow and NiMH Lightweight high energy density Li-ion batteries that can enable a car to travel up to 300 miles on a single charge can cost as much as USD 35000 which is the replacement cost of a Tesla Motors Roadster2 Durability of Li-ion batteries is still untested as it is a new technology The ability to attain a 15-year life (or 300000 HEV cycles or 5000 EV cycles) is still not proved and could be difficult to achieve

Competition from nickel-metal hydrid (NiMH) batteries in the near term will also act as a hurdle NiMH batteries are much cheaper than Li-ion ones and are being used by many manufacturers to produce cheaper EVs Additionally to protect NiMH and lead acid battery manufacturers the Chinese govern-ment has imposed certain restrictions on the usage of Li-ion battery vehicles3

Companies such as A123 Advanced Battery Technologies (ABAT) Altair Nanotechnologies GS Yuasa (worldrsquos third largest Li-ion battery manufac-turer) China Sun Group (CSCG) Ener1 (HEV) Hong Kong High Power Technol-ogy (HPJ) and Valence Technologies (VLNC) that are currently focusing in the Li-ion sector in addition to NiMH and lead acid batteries are expected to reap the benefits of the exponential growth in this sector

Left Volvo is preparing a plug-in hybrid for release in 2012 but has begun work on a full electric solution known as the BEV (Battery Electric Vehicle) shown

The base for this is the compact C30 which has been left virtually unchanged from its petrol

and diesel siblings The main difference is under the hood an electric motor replaces

the fossil-fuel engine Engineers are still deciding where to put the 24

kWh lithium-ion battery The two most likely places are the prop shaft tunnel and the area normally reserved for a petrol diesel tank4

2 Source httpwwwazomcomnewsaspnewsID=19069

3 Source httpautonewsgasgoocomauto-news1011097China-to-restrict-lithium-battery-vehicles-to-certain-city-roadshtml

4 Source httpwwwworldcarfanscom109091721845volvo-c30-electric-vehicle-project-announced

HOTTopic


Government support to play important roleEven though the automobile sector is expected to see an upswing from 2009 and 2010 onwards government support will remain crucial The governmentrsquos role should not only be limited to reviving automobile demand but also making sure that demand is sustained

In response to the economic downturn governments of most nations have been implementing a wide range of emergency economic measures including tax incentives subsidies low carbon measures and initiatives aimed at local revitalization These measures will need to be continued in the future so that companies can sustain their business activities even amidst declining demand Governments have been providing support through various ways to rejuvenate the sector For example the Japanese government introduced tax incentives and announced a stimulus package On April 1 2009 the government reduced the tax on the purchase of new vehicles that met pre-defined fuel efficiency and emissions criteria In addition EVs and HEVs are exempt from taxes providing a tax reduction of 150000 yen (USD 1685) The government also announced a stimulus package of 568 trillion yen (USD 6266 billion) to

promote old vehicle replacement and subsidies for new vehicle purchases1

The Russian government is offering subsidized auto loans which translates into subsidies on interest payments This amounts to two-thirds of the Central Bank of Russia (CBR)rsquos refinancing rate which currently is 11 percent on car loans The government has also decided earlier to subsidize interest payments on cars worth up to 600000 rubles (USD 20293) instead of 350000 rubles (USD 11837) and lowered the minimum down payment on a car to 15 percent from 30 percent2

Similarly the US government has also announced a stimulus package of USD 24 billion for electric vehicles which is in line with the governmentrsquos goal of putting 1 million plug-in hybrid vehicles on the road by 2015 However government support has not been entirely effective in all countries

Some countries have seen an artificial demand for cars which has now dried up For example the German government provided a USD 713

1 httpwwwjama-englishjpeuropenews2009no_2art3html

2 httpwwwfree-press-releasecomnews2009071248950228html

billion stimulus package in January 2009 where customers received USD 3250 for scrapping their old cars and purchasing new ones As a result 2009 sales picked up in a big way and are estimated to be 35 million cars for the year With the stimulus fund drying up in September 2009 sales are expected to take a hit in 2010 with the number of cars sold falling to 1 million3

Similarly in the US which had set aside USD 1 billion for the Cash for Clunkers Program (USD 4500 discount for a new car) and then had to forcibly add another USD 2 billion to the discount kitty With the funds for discounts dried up and fan fare diminished car makers such as Toyota have cut their production by 10 percent and have even shut down some plants4 These kinds of stimulus packages were more of a temporary upsurge in demand

The role that governments are likely to continue to play in shaping this industry into the future is hard to assess but there is sure to be substantial and active governmental involvement

3 httpwwwspiegeldeinternationalbu-siness0151864671600html

4 httpseekingalphacomarticle159347-why-american-car-manufacturers-fail

Overall outlookThe years 2008 and 2009 were tumultuous with all economies taking a major hit and demand contracting at alarming levels As a result the automotive sector bore the brunt of this collapse in the global economy However this scenario is expected to improve from 2010 onwards albeit at a sluggish rate According to IMF estimates in July and September 2009 economic growth was expected to contract by 14 percent in 2009 and expand by 30 percent in 2010 Similarly growth in the automotive sector is expected to improve from 2010 onwards with emerging markets fuelling the growth story Rising demand for small and fuel efficient cars coupled with government support in the form of tax incentives and subsidies at various levels should also give an impetus to the auto segment

IMAPrsquos Automotive and Components Global Report - - 2010 0

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-i

Appendix A Global overview of automotive industry

Business value chainThe global automotive industry can be classified into

bull Auto manufacturing bull Auto component manufacturing

Auto manufacturing includes the production of passenger cars light commercial vehicles heavy trucks buses and coaches Auto component manufacturing includes the production of all components required for the manufacturing of automobiles Auto components can be sub-divided into the following categories

Sub-division ComponentsEngine Parts Pistons piston rings fuel delivery systems engine valves carburetors (largest

component)Electrical Parts Starter motors spark plugs electric ignition systems (EIS) generators distributors

voltage regulators ignition coils flywheel magnetos Drive Transmission and Steering Parts

Steering systems gears axles wheels clutches

Suspension and Braking Parts Leaf springs shock absorbers brakes brake assemblies brake liningEquipment Switches electric horns headlights halogen bulbs wiper motors dashboard

instruments other panel instrumentsOthers Sheet metal parts pressure die castings plastic moulded components fan belts

hydraulic pneumatic equipmentSource httpwwwautomotive-onlinecomauto-industryhtml

Snapshot of auto manufacturing sectorbull The global auto industry was battered by the economic slowdown as worldwide demand shrunk by almost

18 during the first half of 20091 Even though the auto manufacturing industry has been a major driver of economic growth (30 growth rate between 1995 and 2005 globally and generating 60 million jobs) the industry has been facing a severe downturn

bull The global auto industry generated total revenues of USD 1784 trillion in 2008 representing a CAGR of ndash075 between 2004 and 20082

bull The top four automobile manufacturers constitute 376 of the global market with Toyota as the leader with 128 market share (Market shares of the top four companies are available in the excel file)

bull With regard to automobile production by geography Asia Pacific commanded 358 in value in 2008 compared to 307 by the US China beat Japan (largest in 2008) in 2009 (till July 09) as the largest automobile manufacturer in Asia Pacific with auto production totaling 93 million in 2008 and 79 million in 2009 (till July 09) while auto production in Japan decreased from 115 million to 41 million over the same period Chinarsquos growth in automobile production has been driven by the increased government emphasis on developing infrastructure and providing subsidies to Chinese automobile manufacturers Among western countries Germany is the only developed country which saw an increase in sales (209 on a YOY basis) driven by the German governmentrsquos subsidy policy3

bull The auto manufacturing industry was earlier dominated by the three big players in the US (General Motors Ford and Chrysler) which represented 518 of the US market and 183 globally in 2007 However with the US economy crumbling under the recession and auto companies facing the pressure of the slowdown two of the biggest players (GM and Chrysler) collapsed filed for Chapter 11 bankruptcy and are now in the process of restructuring As a result Toyota and Nissan are fast gaining market share Toyota surpassed GM as the largest manufacturer of cars in 2008 manufacturing 89 million vehicles against GMrsquos 83 million vehicles


2 Source Data Monitor - Global Automobile Report - March 2009

3 httpdesignativeinfo20090818china-socialism-consumer-behavior-the-worlds-biggest-automobile-maker-and-market

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-ii

Future outlook of auto manufacturing sectorbull With developing countries in the East gaining expertise in automobile and component manufacturing and

demand for automobiles increasing in these countries most companies are now shifting their automobile manufacturing from the West to the East China now specializes in components India in two wheelers and small cars Indonesia in utility vehicles and Thailand in pickup trucks and passenger cars Consequently most big automobile companies are setting up operations in these countries to leverage on the growing demand and low cost production capabilities

bull Manufacturing is also shifting towards East European countries due to their lowers costs and better transport facilities Some Asian companies (including Korean car makers such as Hyundai) which sell their automobiles in Western European countries are shifting their manufacturing base to Eastern Europe rather than importing them to avoid tariffs

bull Demand from India and China is expected to increase driven by rising population increasing per capita income improving infrastructure and lower impact of the global slowdown Additionally auto penetration rates in these countries are much lower than those of developed countries indicating huge potential (US 765 vehicles1000 people China 40 vehicles1000 people India 8 vehicles1000 people)

bull With the economy reviving from the global economic slowdown the global auto industry is expected to pick up due to renewed demand and expand globally at a CAGR of 25 between 2008 and 2013 Majority of the demand for automobile is expected to be driven from the Asia Pacific (mainly China and India) and Middle East regions with demand stagnating in the mature US and European markets

bull The contribution of hybrid cars in auto manufacturing is expected to increase in the future Worldwide demand for light hybrid electric vehicles (HEVs) is estimated to reach 4 million units by 20154 Hybrid cars currently form only 25 of total car sales with 15 models being sold in late 2008 Driven by burgeoning energy costs and rising emission restrictions demand for hybrid cars is expected to increase going forward

bull As automotive markets in developed countries have matured emerging economies such as India and China are expected to be the new hub of automotive manufacturing China has already overtaken the US as the largest consumer of automobiles Moreover the recession-hit Big Three are now being overtaken by Japanese car makers such as Toyota and Nissan which are emerging as the new leading players

Snapshot of auto component manufacturingbull Like the automobile manufacturing sector the auto components segment has also seen declining growth

rates between 2006 (34 YOY) and 2008 (15 YOY)

bull The global auto component sector increased from USD 560 billion in 2004 to USD 6252 billion in 2008 representing a CAGR of 28

bull The market for auto parts and equipment is highly fragmented with the top four players (Affinia Valeo Delphiand Federal Morgul) accounting for less than 2 of aggregate global revenues On the other hand the top four players in the tire and rubber market namely Bridgestone Michelin Goodyearand Continental hold more than 64 of global revenues5

bull Majority of automobile production activities are concentrated in Japan China Indiaand Thailand due to the availability of cheap raw materials and increasing demand for automotive products from the domestic market

Future outlook of auto component manufacturingbull The auto component sector is expected to increase at a CAGR of 03 between 2008 and 2013 with

Asia being a major contributor to the growth story on account of increased manufacturing activity in India China and Thailand This sector is expected to fall in terms of value by 21 YOY in 2009 on account of the decline in automobile demand particularly from the US and Europe caused by the global economic slowdown However driven by demand for fuel efficient cars auto component manufacturers in emerging economies are likely to flourish

4 Source Factiva Toyota presentation

5 Source Factiva Datamonitor

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-iii

Thumbnail summaries of top 10 vehicle manufacturers1 Toyota (Japan)Product portfolio Passenger cars recreational and sports utility vehicles (SUVs) minivans and trucks Toyota is the market leader

in hybrid cars and its Prius model is the worldrsquos best selling hybrid car Toyota sells 13 hybrid vehicle models in 50 countries The company has 50 manufacturing facilities in 27 countries and is the leader in hybrid cars

Geographic coverage (2008) Japan (363) North America (297) Europe (14) Asia (12) and Central and South America Oceania Africa and the Middle East (8)

Future plans Emphasis on hybrid sales as the company plans to sell 1 million cars a year from 2010 onwards Total sales of hybrid cars till August 2009 were 201 million (cumulative total from 1999) Launched an iQ ultra-efficient package vehicle in Japan and Europe in 2008 The iQ was specifically designed to reduce CO2 emissions and realize higher fuel efficiency The company also plans to launch lithium-ion battery equipped plug-in hybrid vehicles for fleet customers in the US and elsewhere by 2010

Cars manufactured (2008) 809 million (-40 YOY)Financials (2008) Revenue USD 2299 billion (123 YOY) Operating Profit USD 199 billion (37 YOY) Net Income USD 15

billion (69 YOY)

2 Volkswagen (Germany)Product Portfolio Low consumption small cars to luxury class vehicles Company has nine brands from seven European countries

In the commercial vehicles sector the company makes pickups buses and heavy trucks Leading brands include Volkswagen Audi Bentley Bugatti Lamborghini Scania SEAT and Skoda

Geographic coverage (2008) Target market is 150 countries Germany (243) North America (112) South America (86) AsiaOceania (74) Africa (15) Rest of Europe (47)

Future plans The company has no eco-friendly car in its portfolio and plans to introduce E-UPp in 2013 This car is planned to be an electric small car for the masses The car will have a 500-lb lithium-ion battery pack stored in the floor Supplementing that is a 15-foot roof mounted solar array as well as another 3 sq ft of solar cells mounted on the back of the vehiclersquos sun visors The car can function for 63 miles between five hour charges The company opened a plant in Pune in March 2009 to build the Skoda Fabia compact car later in 2009 The hatchback version of Volkswagen Polo specially developed for the Indian market will be added from 2010 onwards

Cars manufactured (2008) 63 million cars produced in 2008 (21 YOY)Financials (2008) Revenue USD1665 billion (118 YOY) Operating Profit USD 977 billion (29 YOY) Net Income USD 696

billion (234 YOY)

3 General Motors (US)Product portfolio Cars trucks vans and utility vehiclesGeographic coverage (2008) America (593) Europe (218) Latin America (96) Asia Pacific (84) Others (1)Cars manufactured (2008) 81 million (-123 YOY)Financials (2008) Revenue USD 14898 billion (ndash177 YOY) Operating Profit ndashUSD 2128 million (439 million in 2007) Net

Income ndashUSD 3086 billion (ndash3873 billion in 2007)Additional points Company filed for Chapter 11 bankruptcy in June 2009 The company received USD 20 billion from the US government

before the filing and will get another USD 30 billion post filing to see it through its restructuring and exit from bankruptcy protection After providing aid the Canadian and Ontario governments will have a 125 stake in the company

4 Ford Motor Company (US)Product Portfolio Cars in small medium large and premium segments trucks busesvans full size pick ups SUVs and vehicles

for the medium and heavy segmentsGeographic coverage (2008) North America (485) Europe (388) other regions (127)Future plans In 2009 Ford plans to introduce upgraded gas and new hybrid versions of the Ford Fusion midsize sedan a

high-performance Taurus SHO with an EcoBoost engine an upgraded Mercury Milan and new Milan Hybrid an upgraded Lincoln MKZ a Ford Flex and Lincoln MKS with a fuel-efficient EcoBoost engine and an all-new Lincoln MKT premium crossover with EcoBoost In 2010 Ford plans to deliver a commercial battery powered vehicle for fleet customers and a battery-powered passenger vehicle in 2011 In 2012 Ford intends to deliver its third generation of hybrid vehicles including a plug-in version1

Cars manufactured (2008) 55 million (-156 YOY)Financials (2008) Revenue USD 14628 billion (-152 YOY) Operating Profit ndashUSD 1187 billion (ndashUSD 644 million in 2007 ) Net

Income ndashUSD 1467 billion (ndashUSD 272 billion in 2007)

5 Daimler (Germany)Product Portfolio Premium passenger cars (Mercedes Benz is the largest contributor to revenue with 485 in 20082) cars Daimler

trucks Mercedes-Benz vans and Daimler buses Geographic coverage (2008) Germany (228) Western Europe (251) US (187) Asia (144) Other American Countries (8) and

Other Countries (111)Future plans Moving towards hybrid vehicles To reduce CO2 emissions the company is working on lightweight components

alternative propulsion systems such as hybrid drive and fuel cells and electronic systems The company also makes hybrid buses In June 2008 the company launched a new-generation van Sprinter Plug-In-Hybrid a diesel HEV

Cars manufactured (2008) 21 million (-08 YOY)Financials (2008) Revenue USD 14029 billion (32 YOY) Operating Profit USD 799 billion (ndash250 YOY) Net Income USD

197 billion (ndash638 YOY)Additional points Pioneer in luxury cars The company has also developed eco-friendly electric cars in which the electric motor of

the purely battery-powered BlueZERO E-CELL is combined with an additional three-cylinder turbocharged petrol engine These cars use fuel cell technology

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-iv

6 Honda (Japan)Product portfolio Passenger cars SUVs commercial vehicles special need vehicles utility vehicles and motorcycles The

company has two plants in Japan and other plants at the US (Ohio Alabama) Canada (Alliston) UK (Swindon)and Thailand (Ayutthaya)

Geographic coverage (2008) North America (508) Japan (171) Europe (125) Asia (109) and Rest of the World (87)Future plans The company is moving towards developing hybrid cars Launched Civic Hybrid first hybrid car in India in 2008Cars manufactured (2008) 39 million (15 YOY)Financials (2008) Revenue USD 10497 billion (107 YOY) Operating Profit USD 837 billion (144 YOY) Net Income USD

525 billion (36 YOY)

7 Nissan Motors (Japan)Product portfolio Passenger cars trucks SUVs light utility vehiclesand mini vans Company is in a partnership with Renault for

automobile manufacturing Renault holds a 443 stake in Nissan while Nissan owns 15 of Renault sharesGeographic coverage (2008) North America (408) Japan (232) Europe (199) and Rest of the World (161)Future plans Alliance with Indian auto manufacturer Bajaj to introduce ultra low cost cars from 2011Cars manufactured (2008) 35 million Nissan (23 YOY)Financials (2008) Revenue USD 9467 billion (58 YOY) Operating Profit USD 693 billion (41 YOY) Net Income USD 422

billion (70 YOY)

8 Fiat (Italy)Product Portfolio Automobiles trucks wheel loaders excavators tele-handlers tractors The company has 10 plants of which 6

are in Italy and 1 each in Poland India Argentina and BrazilGeographic coverage (2007) Italy (241) Europe excluding Italy (401) North America (95) Mercosur (168) Others (96)Future plans NACars manufactured (2008) 21 million (-36 YOY)Financials (2008) Revenue USD 8689 billion (85) Operating Profit USD 492 billion (ndash112 YOY) Net Income USD 236

billion (ndash117 YOY)

9 BMW (Germany)Product portfolio Automobiles and motorcycles The company owns three brands BMW MINI and Rolls RoyceGeographic coverage (2008) US (213) Germany (202) AfricaAsiaOceania (159) UK (92) Rest of Europe (297) Rest of

America (37)Future plansCars manufactured (2008) 14 million (-66 YOY)Financials (2008) Revenue USD 7784 billion (16) Operating Profit USD 116 billion (ndash789 YOY ) Net Income USD 474

million (ndash889 YOY)

10Hyundai (South Korea)Product portfolio Passenger vehicles recreational vehicles and commercial vehiclesGeographic coverage (2007) South Korea (547) North America (215) Europe (15) and Asia (88)Future plans Electric version of i10 a small car which has already been launched in India The company also plans to

introduce a hybrid version that runs on LPG and lithium ion polymer batteries for ElantraCars manufactured (2007) 16 million (-19 YOY)Financials (2008) Revenue USD 2925 billion (ndash112 YOY) Operating Profit USD 171 billion (ndash185 YOY) Net Income USD

132 billion (ndash273 YOY)

Source Factiva Capital IQ Datamonitor Bloomberg

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-v

Thumbnail summaries of top 20 auto component manufacturers6

1 Denso Corp (Japan)Brief description Japanese company engaged in the manufacture and sale of automobile partsParts manufactured Thermal systems powertrain control systems electric systemsCustomers Toyota accounted for 30 of salesGeographic coverage (2008) Japan (569) Americas (174) Europe (129) Asia and Oceania (128)Future plans Focus on parts for hybrid vehiclesFinancials (2008) Revenue USD 352 billion (141 YOY) Operating Profit USD 305 billion (177 YOY) Net Income USD


2 Johnson Controls (US)Brief description Manufacturer of automotive interior systems and power solutions that optimize energy usage in batteries for

automobiles and hybrid carsParts manufactured Automotive interiors products that optimize energy usage in batteries for automobiles and HEVsCustomers Ford GM Chrysler Toyota Nissan Geographic coverage (2008) US (351) Germany (105) Other European Countries (288) Other Foreign Countries (256)Future plans Increasing focus on emerging markets such as India and ChinaFinancials (2008) Revenue USD 3806 billion (99 YOY) Operating Profit USD 196 billion ( 92 YOY) Net Income USD

979 million (-218 YOY)

3 Bridgestone Corp (Japan)Brief description Japan based manufacturing company in the tire segmentParts manufactured TiresCustomers Acushnet Company American Tire Distributors Holdings Toyota Geographic coverage (2007) Americas (442) Japan (278) Europe (13) Other (13)Future plans NAFinancials (2008) Revenue USD 3128 billion (87 YOY) Operating Profit USD 127 billion (-401 YOY) Net Income

USD 1006 million (-91 YOY)

4 Continental AG (Germany)Brief description Germany based automotive industry supplier It is the fourth largest player in the tire market and market

leader in Europe in passenger and light truck tires winter tires and industrial tiresParts manufactured Chassis hydraulic and electronic brake systems sensor systems telematicsCustomers GM Ford AB Volvo DaimlerChrysler Maserati Cayman Audi AG Mercedes-Benz BMW Volkswagen

Paccar Porsche Toyota Kia Fiat and Suzuki Geographic coverage (2008) NAFuture plans NAFinancials (2008) Revenue USD 3547 billion (560 YOY) Operating Profit USD -365 million (-1015 YOY) Net Income

USD -165 billion (-2177 YOY)

5 Aisin Seiki Co (Japan)Brief description Japanese company manufacturing auto components and housing related equipmentParts manufactured Drivetrain components automatic transmissions manual transmissions car navigation systems brake and

chassis-related products and automobile body related productsCustomers Toyota Geographic coverage (2008) Japan (69)Future plans NAFinancials (2008) Revenue USD 2362 billion (161 YOY) Operating Profit USD 158 billion (409YOY) Net Income

USD 8015 million (401 YOY)

6 Magna International Inc (Canada)Brief description Diversified global automotive supplierParts manufactured Automotive systems assemblies modules and components Customers Aston Martin BMW Chery Automobile Daimler Ferrari Fiat Honda Hyundai Mercedes BenzGeographic coverage (2008) North America (499) Europe (477) Rest of the World (24)Future plans NAFinancials (2008) Revenue USD 237 billion (-91 YOY) Operating Profit USD 530 million (-533YOY) Net Income USD


6 Includes only listed companies and hence Robert Bosch (private company) which is one of the major players in this sector has been excluded

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-vi

7 Michelin (France)Brief description French based company which manufactures tires for passenger cars two-wheelers trucks agricultural equip-

ment and aircraft Largest tire manufacturer in the world with a 171 market share in 2008Parts manufactured TiresCustomers NAGeographic coverage (2008) Europe (497) North America (314) Others (189)Future plans NAFinancials (2008) Revenue USD 2401 billion (40 YOY) Operating Profit USD 136 billion (-254 YOY) Net Income


8 Toyota Auto Body Co (Japan)Brief description Japanese based company engaged in the manufacture and sale of automobiles automobile bodies

components and accessoriesParts manufactured Automobile partsCustomers NAGeographic coverage (2008) NAFuture plans NAFinancials (2008) Revenue USD 1374 billion (122 YOY) Operating Profit USD 195 million (176 YOY) Net Income


9 Goodyear Tire and Rubber Co (US)Brief description Leading tire maker in North America and Latin America and second largest tire maker in Europe owns the

two strongest brands in the tire industry Goodyear and DunlopParts manufactured TiresCustomers NAGeographic coverage (2007) US (377) Germany (12) and Other Countries (503)Future plans NAFinancials (2008) Revenue USD 1949 billion (-08 YOY) Operating Profit USD 749 million (-221 YOY) Net Income

USD -77 million (-128 YOY)

10 Delphi Corp (US)Brief description Leading supplier of auto componentsParts manufactured Vehicle electronics transportation components integrated systems modules other electronic equipmentCustomers Ford Chrysler Renault Nissan Hyundai and VolkswagenGeographic coverage (2008) North America (425) Europe the Middle East and Africa (40) Asia Pacific (112) South America (63)Future plans NAFinancials (2008) Revenue USD 1806 billion (-19 YOY) Operating Profit USD -1295 billion (02 YOY) Net Income

USD 304 billion (-1991 YOY)

11 ZF Friedrichshafen AG (Germany)Brief Description Germany based automotive supplierParts manufactured Driveline and chassis productsCustomers Audi BMW Daimler Trucks Nissan Geographic coverage (2008) NAFuture plans NAFinancials (2007) Revenue USD 1731 billion

12 Faurecia (France)Brief description Largest automotive seat maker in EuropeParts manufactured SeatsCustomers PSA Peugeot Citroen SA (24 of sales) Volkswagen (21) Renault-Nissan (12) Ford (11) BMW (8)

GM (6) Daimler (6) Chrysler (4) Hyundai (3) Toyota (2) and Other Vehicle Manufacturers (3) Geographic coverage (2008) NAFuture plans NAFinancials (2008) Revenue USD 17575 billion (15 YOY) Operating Profit USD 133 million (-195 YOY) Net Income

USD -841 million (USD-324 million 2007)

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-vii

13 TRW Automotive (US)Brief description Diversified supplier of automotive systems modules and componentsParts manufactured Chassis systems engine valves body controls and engineered fasteners and componentsCustomers Volkswagen (178 of sales) GM (135) Ford (121) Chrysler (96)Geographic coverage (2008) US (24) Germany (191) UK (4) Rest of the World (529)Future plans NAFinancials (2008) Revenue USD 14995 billion (29 YOY) Operating Profit USD 464 million (-313YOY) Net Income


14 Lear Corporation (US)Brief description Manufacturer of seating systemsParts manufactured Seat systemsCustomers GM (288 of sales) Ford (206) BMW (192) Other customers Daimler Chrysler PSA Volkswagen

Fiat Renault Nissan Hyundai Mazda Subaru and ToyotaGeographic coverage (2008) NAFuture plans NAFinancials (2008) NAAdditional points The company has filed for Chapter 11 bankruptcy in 2009

15 Toyota Boshoku Corporation (Japan)Brief description Japanese manufacturer of automobile parts and textile productsParts manufactured Automobile interior components such as floor carpets and seats floor silencers door trims fender lines

bumpers engine undercovers automotive filters and power train componentsCustomers Aisin Seiki Honda Toyota Geographic coverage (2008) NAFuture plans NAFinancials (2008) Revenue USD 1079 billion (165 YOY) Operating Profit USD 574 million (387 YOY) Net Income USD

356 million (383 YOY)

16 Valeo SA (France)Brief description French industrial company focusing on auto components and modules for cars and trucksParts manufactured Lighting systems wiper systems interior controls electrical systems security systems engine management

systems compressors climate control engine cooling and transmissionCustomers Ford GM PSA Peugeot Citroen Renault-Nissan Volkswagen (615 of revenues in 2007)Geographic coverage (2007) Europe (676) North America (135) Asia (13) South America (59)Future plans NAFinancials (2008) Revenue USD 1268 billion (-30 YOY) Operating Profit USD -76 million (-1174YOY) Net Income


17 Hyundai Mobis (Korea)Brief Description Korea based auto component manufacturer It has merged with Hyundai Autonet CoParts manufactured Chassis cockpit front-ends safety parts braking components combination parts injection parts and

wheel and deck modulesCustomers Daimler Mercedes Benz Old Carco VolkswagenGeographic coverage (2008) NAFuture plans NAFinancials (2008) Revenue USD 852 billion (-68 YOY) Operating Profit USD 108 billion (224YOY) Net Income USD


18 Visteon Corporation (US)Brief Description Diversified company manufacturing electronic productsParts manufactured Chassis powertrain and drive train productsCustomers NAGeographic coverage (2008) North America (352) Europe (253) South America (02)Future plans NAFinancials (2008) Revenue USD 954 billion (-153 YOY) Operating Profit USD -94 million (USD -63 million 2007) Net

Income USD -681 million (USD -372 million)

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-viii

19 Calsonic Kansei Corporation (Japan) Brief description Japan-based comprehensive automotive parts manufacturer Parts manufactured Module parts system productsCustomers BMW Honda Jaguar Land Rover Nissan Toyota Geographic coverage (2008) NAFuture plans NAFinancials (2008) Revenue USD 723 billion (217 YOY) Operating Profit USD 124 million (185 YOY) Net Income


20 Sumitomo Electric Industries Ltd (Japan)Brief description Japanese manufacturing companyParts manufactured Wire harnesses rubber cushions hoses for automobiles automobile electrical parts and othersCustomers Toyota Geographic coverage (2008) Japan (619) Asia (147) Americas (13) Europe (104)Future plans NAFinancials (2008) Revenue USD 2222 billion (1089 YOY) Operating Profit USD 13 billion (1184 YOY) Net Income

USD 7679 million (1181 YOY)Source Factiva Capital IQ Datamonitor Company websites Bloomberg

Country Profiles1 ChinaAutomobile production 88 million (2007) 93 million (2008) 82 million (till Aug 09)Automobile exports 06 million (2007) 068 million (2008) 02 million (till Aug 09)Share in global auto manufacturing in 2008 (in volume) 89Vehicle penetration rate 401000 peopleMajor automobile companies SAIC FAW Car Co Beiqi Foton Mortors Dongfeng and BYDMajor factors driving auto industry (Positivenegative) High population emphasis on infrastructure by Government lower manufacturing

costs due to cheap raw material and labour costs lower vehicle penetration rates

2 GermanyAutomobile production 2008 62 million (2007) 604 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 58Vehicle penetration rate 5501000 peopleMajor automobile companies Volkswagen Audi BMW Daimler Porsche and OpelMajor factors driving auto industry (Positivenegative) Leader in European auto industry and state of the art technology but the negative factor is

the already higher penetration rate which has made the market a bit saturated

3 IndiaAutomobile production 2008 223 million (2007) 23 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 22Vehicle penetration rate 71000 peopleMajor automobile companies Maruti Hyundai motors GM Ford Tata Bajaj MahindraMajor factors driving auto industry (Positivenegative) High population lower manufacturing costs due to cheap raw material and labour

costs lower vehicle penetration rates increase in per capita income

4 ItalyAutomobile production 2008 13 million (2007) 102 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 10Vehicle penetration rate 5981000 peopleMajor automobile companies Fiat (70 domestic market share) Ferrari Lamborghini and MaseratiMajor factors driving auto industry (Positivenegative) Dominant luxury car maker in Europe However most consumers are unable to

get the desired financing for purchasing new automobiles and this is impacting the industry Italy like most other European countries enjoys a relatively high car penetration rate of 598 cars 1000 people

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-ix

5 JapanAutomobile production 116 million (2007) 115 million (2008) 41 million (till Jul 09)Automobile exports 65 million (2007) 67 million (2008) 17 million (Till July 2009)Share in global auto manufacturing in 2008 (in volume) 106Vehicle penetration rate NAMajor automobile companies Toyota Honda Nissan Suzuki Mitsubishi and KawakasiMajor factors driving auto industry (Positivenegative) Recession has led to a huge decline in production in Japan and auto production has

fallen Also exports have seen a drastic decline in 2009

6 KoreaAutomobile production 408 million (2007) 38 million (2008) 207 (till Aug 09)Automobile exports 28 million (2007) 26 million (2008) 12 million (Till August 2009)Share in global auto manufacturing in 2008 (in volume) 36Vehicle penetration rate NAMajor automobile companies Hyundai Motors (25 market share) and Kia MotorsMajor factors driving auto industry (Positivenegative) Low cost of production expertise in auto component manufacturing However

recession has hit the industry which has resulted in drastic reduction in exports (-293 in 2009 year to date)

7 USAAutomobile production 2008 73 million (2007) 87 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 83Vehicle penetration rate 7501000 peopleMajor automobile companies GM Ford ChryslerMajor factors driving auto industry (Positivenegative) Market is saturated No future growth expected Two of the three major companies GM

and Chrysler (who were global leaders in the past years) have filed for bankruptcy Fi-nancial aid has been given by the Government to help restructure these companies

8 RussiaAutomobile production 2008 16 million (2007) 17 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 75Vehicle penetration rate 1881000 peopleMajor automobile companies AvtoVAZ Sollers GAZ Auto PlantMajor factors driving auto industry (Positivenegative) Low penetration rate of 188 cars per 1000 people

9 CanadaAutomobile production 2008 26 million (2007) 207 million(2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 2Vehicle penetration rate NAMajor automobile companies General Motors Chrysler Zenn Motor CompanyMajor factors driving auto industry (Positivenegative) Hit by recession due to which there has been slowdown in production

10 BrazilAutomobile production 2008 29 million (2007) 32 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 31Vehicle penetration rate NAMajor automobile companies General Motors Volkswagen Fiat Renault and TrollerMajor factors driving auto industry (Positivenegative) Cheap availability of raw material and labour support by Brazilian Government

proximity to USA

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-x

11 SloveniaAutomobile production 2008 19 million (2007) 19 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 18Vehicle penetration rate 6151000 peopleMajor automobile companies Renault through an agreement with local manufacturer RevozMajor factors driving auto industry (Positivenegative) Highly technologically developed auto industry Export oriented automotive

component industry

12 Czech RepublicAutomobile production 2008 094 million (2007) 095 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 09Vehicle penetration rate NAMajor automobile companies Hyundai Motors Skoda Auto and TPCA( JV between Toyota and PSA Peugeot Citroen)Major factors driving auto industry (Positivenegative) Very strong auto component sector has attracted a lot of FDI proximity to Western

Europe makes it a good destination for manufacturing due to low cost of inputs

13 HungaryAutomobile production 2008 033 million (2007) 035 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 03Vehicle penetration rate 3001000 peopleMajor automobile companies Audi Opel and SuzukiMajor factors driving auto industry (Positivenegative) Hungarian automotive industry is expected to become a major automotive hub in

Europe due to its central position in EU This has resulted in high FDI investments Major auto companies such as Daimler Renault and others are investing in Hungary

14 PolandAutomobile production 2008 079 million (2007) 095 million (2008)Automobile exports NAShare in global auto manufacturing in 2008 (in volume) 09Vehicle penetration rate 3831000 peopleMajor automobile companies Honda BMW Peugeot OpelMercedes VolkswagenPorsche Lamborghini Nissan

VolvoToyota Isuzu Fiat Citroen Rolls-Royce and FerrariMajor factors driving auto industry (Positivenegative) Low labour costs skilled workforce and close proximity to the western European

marketSource OICA Bloomberg ACEA Datamonitor SIAM

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix B-i

Appendix B Automotive Sector MampA Deals Summary

Automobile sector saw a total transaction value of USD 289 billion comprising of 44 deals in 2009 YTD compared to USD 4481 billion with 195 deals during 2008 witnessing a decline of 935 Total number of deals1 in 2009 is 149 compared to 424 during the full year of 2008 but transaction details are not available for all the deals There has also been a major decline in the largest deal and shift from Europe to Asia (effect of global economic slowdown) In 2008 the largest deal of USD 318 billion was in German automobile space between Schaeffler KG and Continental whereas 2009rsquos largest deal was in Asia between Hyundai Motors and Hyundai Mobis in South Korea valued at USD 107 billion

Particulars 2008 2009 YTDTotal Number of deals (includes only MampA) 424 151Deals with available transaction value 195 44Total Transaction Value (USD million) 448065 28906Largest Deal Deal between Schaeffler KG and

Continental worth USD 318 billionDeal between Hyundai Motors and Hyundai Mobis worth USD 107 billion

Top 5 deals as a of total deal value 827 786Source Capital IQ

In terms of distribution of deals by business segments in 2009 auto components saw the majority of the deals both in terms of volume (773) and value (590)

Segment of deals Value (USD million) Largest Deal in terms of ValueAuto Parts and Equipment 34 13097 Hyundai Mobis buying Hyundai Autonet Co Ltd for USD

7007 millionAutomobile Manufacturers 10 15810 Hyundai Mobis acquired additional 584 stake in Hyundai

Motor Co for USD 10758 millionSource Capital IQ

In 2009 South Korea saw the highest transaction value of USD 1799 million with a total of 3 deals while US with 12 deals (maximum in volume) was at second position with USD 236 million in transaction value Asia was the leader among the regions with USD 21662 million

Top 5 Countries of deals Value (USD million)South Korea 3 17990United States 12 2360Russia 2 2005Brazil 2 1836China 5 1238

Region of deals Value (USD million)Asia2 15 21662 Europe3 11 2507 Latin America 3 1846 USCanada 14 2831 Others4 1 61

Source Capital IQ


2 Includes China India Hong Kong Indonesia Malaysia Russia

3 Includes France Netherlands Poland Romania Slovakia UK

4 Includes Australia

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix Bii

Summary of Deals in the Automotive Sector in 2009 by Country

Country of

Transactionsin 2009

Total Transaction Value (USD

million)

Average EVRevenue (x)

Average EVEBITDA (x)

South Korea 3 17990 08

116

United States 12 2360 -

-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70

Netherlands 1 1112 02

-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906

Summary of Deals in the Automotive Sector in 2009 by Business Segments

Segments of Transactions in 2009

Total Transaction Value in USD

million



Automobile Manufacturers 10 1581 14 116

Auto Parts and Equipment 34 1310 04 41

Total 44 28906

Summary of Deals in the Automotive Sector in 2009 by Region

Continents of Transactionsin 2009


million



Asia 15 21662 08 60

Europe 11 2507 04 -

Latin America 3 1846 06 -

USCanada 14 2831 - -

Others 1 61 04 -

Total 44 28906

Source Capital I

Note Only the deals where transaction value is available have been considered

IMAPrsquos Automotive Industry Global Report -- 2010 Appendix C-i

Appendix C Growth Drivers

Drivers for the automobile sector

bull Environmental legislations on the use of cleaner and fuel efficient cars

o Due to environmental concerns all Western European countries levy some form of CO2 tax on passenger cars France UK and Luxembourg use CO2 emissions as the only factor for car taxation whereas other countries apply a combination of factors including car price engine capacity and CO2 emissions

o Similarly in Israel a green tax has been imposed from August 2009 onwards which would make polluting cars expensive

o These environmental regulations in turn have spurred growth in hybrid vehicles Annual production of electric vehicles is expected to increase from the current base of 19 models in 2009 to 150 by 2014 and 200 by 20191 The global market for hybrid vehicles is predicted to increase to over 11 million vehicles a year by 2020 which is around 23 times the market size in 20082

o Currently due to the limited volume of hybrid vehicles and absence of standardized technology across various companies manufacturing of motors and other hybrid components is done in-house However with the expected upsurge in demand for hybrid vehicles and continuous decrease in prices of these automobiles outsourcing of motor requirements is round the corner To actualize this opportunity motor component manufactures must have a profound understanding of the specific automotive requirements and be aware of the operational supply chain and technical needs of the hybrid automotive industry

bull Growth in emerging market

o Majority of growth in the global automobile industry is expected to come from India China and Eastern Europe While demand is expected from China and India manufacturing is likely to be concentrated in Eastern Europe due to its close proximity to Western European nations

o China has been the front runner in the auto marketrsquos recovery recording a YOY growth of 48 in June 2009 with 7 million units much above the 59 million unit peak reached during March 2008 prior to the sharp global economic slowdown3 From 2003 to 2008 China doubled its automobile production whereas US saw its production decline by 50

o Government stimulus and tax incentives coupled with rising disposable income are major catalysts behind the revival in China and other emerging markets A cut in retail taxes and increased vehicle subsidies in rural areas in China led to a 38 YOY rise in vehicle assemblies in June 2009 Similarly tax breaks in Brazil saw sales climb to 31 million units in June 09 a YOY rise of 21

bull Low cost car (LCC) segment

o With stagnant growth in the US Europe and Japan automakers are targeting emerging markets by offering no-frill cars (LCCs priced at USD 6000 or less) to a larger section of the population Even though margins are razor thin (2ndash3 in the case of Tata Nano) volume potential is huge As a result companies like GM Bajaj Nissan and Renault are quickly venturing into this segment

o According to a study by AT Kearney in 20084 cars priced lower than USD 5000 have a very high volume potential in emerging markets such as India This sector has seen incredible growth historically and is expected to reach 175 million units globally by 2020 largely driven by Asia especially India with the exception of China which has experienced a 5 decrease in this segment over the past five years due to increasing disposable income

o While there are immense opportunities in terms of volume considering the lower number of existing players there are also numerous hurdles the foremost being very low margins and development of an alternate distribution channel compared to conventional ones The market development strategy needs to be tailored for the particular country as well as for exporting to other potential regions such as the Middle East Africa and various countries in emerging markets So any wrong calculation during the launch of the product can erase margins completely

o The scope for established auto component manufacturers is the redesigning of their existing product portfolio so as to avoid falling in the low cost trap This would entail designing of components from scratch For example





IMAPrsquos Automotive Industry Global Report -- 2010 Appendix C-ii

for the launch of Nano German supplier Robert Bosch had to re-engineer some of the motorcycle parts into Nano parts viz the starter engine with the help of Indian engineers rather than their European counterparts Similarly the scope for startup component suppliers to enter this segment is to learn new and lean manufacturing techniques that can give them an advantage over other established component players

bull Trend towards remanufactured products

o With the emphasis on higher economic contribution per unit of product manufactured remanufacturing regulations are expected to be tightened in future to promote sustainable manufacturing ie creating more productivity with lower resource and energy consumption Remanufacturing helps in conserving energy raw material and landfill space and reducing air pollution

o Automotive product remanufacturing accounts for two-thirds of all remanufacturing and is a USD 53 billion industry in the US and more than USD 100 billion worldwide5

o Around 50 of the original starter is recovered via remanufacturing methods In the US itself this can lead to yearly savings of 82 million gallons of crude oil from steel manufacturing 51500 tons of iron ore and 6000 tons of copper and other metals

o Rebuilt engines require only 50 of the energy and 67 of the labor that goes into manufacturing new engines

o Remanufactured products are likely to increase in popularity over the next 5ndash7 years due to their lower price points and competitive warranties in addition to environmental benefits Moreover the growing demand for remanufactured engine control units higher priced technologically advanced products such as electric power steering rack and pinion steering gears and higher priced diesel engines would also drive the remanufacturing trend upward

o Moreover among various remanufacturing methods applied independent remanufacturing is expected to be the most cost effective and would have more potential in the future6

Government support for this sectorAs a response to the economic downturn governments of all the nations have been implementing a wide range of emergency economic measures including tax incentives subsidies low carbon measures and measures aimed at local revitalization These measures will have to be continued even in the future so that these companies are able to sustain their business activities amidst declining demand in sales Governments of each of the countries have been providing support in its own ways with the sole aim of rejuvenating the lost growth in the sector

bull Japanese government has gone for tax incentive measures and stimulus package On April 1 2009 tax reductions were provided for the purchase of new vehicles meeting defined fuel efficiency and emissions criteria Also Electric vehicles (EVs) and Hybrid Electric vehicles (HEVs) are exempt from taxes which provide a tax reduction of 150000 yen or about 1125 Euros The government has also gone for a stimulus package of 568 trillion yen (427 billion Euros) for initiatives on old vehicle replacement and subsidies for new vehicle purchases7

bull Russian government has provided subsidized auto loans translating into subsidies on interest payments This amounts to two-thirds of the Central Bank of Russias (CBR) refinancing rate which currently is 11 on car loans It has also decided to subsidize interest payments on cars worth up to 600000 rubles instead of 350000 rubles earlier and lowered the minimum size of the down payment on a car to 15 from 308

However government backing has not seen positive synergy effects in all the countries Some of the countries have seen only artificial demand for cars and which have now dried up For example German government provided a USD 713billion stimulus package in January 2009 where customers received USD 3250 for scraping out their old cars for purchase of new cars Due to this sales for 2009 picked up big time and are estimated to be around 35 million cars But with the stimulus fund drying up by September 2009 sales are expected to take a hit in 2010 with number of cars falling to 1 million units9 Similarly US adopting the same strategy like Germany car makers like Toyota have cut their production by 10 and have closed a plant down10

The governmentrsquos role should not only be limited to reviving the demand for automobile but making sure that demand is permanent Else the after effects are more damaging than beneficial with huge job losses


6 As per the study done by Hyung-Ju Kim Semih Severengiz Steven J Skerlos and Guumlnther Seliger Independent remanufacturing is better than Independent OEM and Integrated remanufac-turing based on economic comparison


httpwwwfree-press-releasecomnews2009071248950228html

9 httpwwwspiegeldeinternationalbusiness0151864671600html



Every business daysomewhere in the world

an IMAP Advisor is closingan MampA transaction

wwwimapcom


IMAPrsquos Industrials Team

For a comprehensive list of IMAP advisors and to discover how IMAP can help you with your MampA transaction go to wwwimapcom

Argentina Mario Hugo AzulaymarioazulayimapcomArmando Fejler armandofejlerimapcomDiego Galiana diegogalianaimapcomEduardo Rodriacuteguez eduardorodriguezimapcom

Brazil Andre Pereira andrepereiraimapcom

Finland Terhi Alanko terhialankoimapcom

France Michel Champsaur michelchampsaurimapcom

Germany Alexander Bolz alexanderbolzimapcomJohannes Eckhardjohanneseckhardimapcom

Christoph Kloberdanz christophkloberdanzimapcomPeter Mueller petermuellerimapcomJan SteinbaecherjansteinbaecherimapcomWolfgang Wagnerwolfgangwagnerimapcom

Italy Filippo Avidano filippoavidanoimapcom Toni Ferrante toniferranteimapcom

Spain Francisco Asiacutes Gomez Ruiz franciscogomezimapcom

United Kingdom Constantine Biller constantinebillerimapcomRobert Britton robertbrittonimapcomJon Hustler jonhustlerimapcomPaul Jones pauljonesimapcom

United States Brad Harse bradharseimapcomScott Isherwoodsisherwoodimapcom Ted Johnstontedjohnstonimapcom


Cross-border MampA requires local knowledge and experience IMAP advisors located around the world have successfully completed thousands of MampA transactions Let IMAP help you with your MampA project in 2010

Other industry reports available from IMAP Alternative Energy Industry Global Report 2010 Computing amp Internet Software Global Report 2010 Food amp Beverage Industry Global Report 2010

For copies visit the ldquoIndustriesrdquo page of wwwimapcom

wwwimapcom

copy COPYRIGHT 2010 IMAP INC THIS REPORT AND THE INFORMATION HEREIN IS THE EXCLUSIVE DOMAIN OF IMAP AND MAY NOT BE USED OR REPRINTED WITHOUT PERMISSION CONTACT INFOIMAPCOM

From Detroit to Beijingand all points in between

IMAP MampA advisors connect the automotive industry around the world

You put the vehicles on the road Thatrsquos your business And itrsquos our business to ensure that when your company needs to expandinvest divest or restructure the way is paved for you

IMAP KNOWS HOW TO GET THE DEAL DONE

These recent closings demonstrate our reach and expertise in the automotive industry

Undisclosed SellerPress parts manufacturer

for the automotive industryHungary


ADVISED THE SELLER

Wild Manufacturing Group LtdHigh-precision automotive

engineering companyUnited Kingdom

MD Rebuilt Parts Detzen GmbHAutomotive parts remanufacturer

Germany


ADVISED THE SELLER

Remaco Group LLCAutomotive parts remanufacturer

United States

Gong Zhu Lin AutomotiveComponents Co Ltd

Automotive interior trimming components manufacturer

China

Acquired shares in

ADVISED THE BUYER

Antolin Group AutomotiveAutomotive Tier 1 supplier

Spain

TalhinT Plastics CorpAutomotive tool supplier

Canada


ADVISED THE SELLER

RevstoneAutomotive metal fabrication and supplier

United States

Wagon WixomAutomotive roll former

United States

Acquired the assets of

ADVISED THE SELLER

ModineerRoll former of metal parts

United States







An IMAPINDUSTRIALS

Report






Hybrid Vehicles 6

Low Cost Cars 7




Overall Outlook 9


MampA Metrics B-i


HOT
















3580

3070 2670

680



18392 18451 19078 22034

17843

5600 5777 5975 6160 6252

809

859

921

981

1045

750

800

850

900

950

1000

1050

1100

500

700

900

1100

1300

1500

1700

1900

2100
















2008448065

827

2009 YTD2

28906786


of deals3410



of deals15113

141

Value (USD mn21662

250718462831

61


of deals3

12225

Value (USD mn)17990

2360200518361238


128 89 81

78

624








19824 20027 20498 21353 22199

6119 6174 6232 6312 6415

1020 1089

1175

1276 1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100











emissions




































HOTTopic





























































billion (69 YOY)






billion (234 YOY)























billion (70 YOY)





















































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











































IMAPrsquos Automotive and Components Global Report - - 2010 5



wwwimapcom


















wwwimapcom


IMAPrsquos Automotive and Components Global Report - - 2010






An IMAPINDUSTRIALS

Report






Hybrid Vehicles 6

Low Cost Cars 7




Overall Outlook 9


MampA Metrics B-i


HOT
















3580

3070 2670

680



18392 18451 19078 22034

17843

5600 5777 5975 6160 6252

809

859

921

981

1045

750

800

850

900

950

1000

1050

1100

500

700

900

1100

1300

1500

1700

1900

2100
















2008448065

827

2009 YTD2

28906786


of deals3410



of deals15113

141

Value (USD mn21662

250718462831

61


of deals3

12225

Value (USD mn)17990

2360200518361238


128 89 81

78

624








19824 20027 20498 21353 22199

6119 6174 6232 6312 6415

1020 1089

1175

1276 1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100











emissions




































HOTTopic





























































billion (69 YOY)






billion (234 YOY)























billion (70 YOY)





















































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom

















3580

3070 2670

680



18392 18451 19078 22034

17843

5600 5777 5975 6160 6252

809

859

921

981

1045

750

800

850

900

950

1000

1050

1100

500

700

900

1100

1300

1500

1700

1900

2100
















2008448065

827

2009 YTD2

28906786


of deals3410



of deals15113

141

Value (USD mn21662

250718462831

61


of deals3

12225

Value (USD mn)17990

2360200518361238


128 89 81

78

624








19824 20027 20498 21353 22199

6119 6174 6232 6312 6415

1020 1089

1175

1276 1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100











emissions




































HOTTopic





























































billion (69 YOY)






billion (234 YOY)























billion (70 YOY)





















































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom














2008448065

827

2009 YTD2

28906786


of deals3410



of deals15113

141

Value (USD mn21662

250718462831

61


of deals3

12225

Value (USD mn)17990

2360200518361238


128 89 81

78

624








19824 20027 20498 21353 22199

6119 6174 6232 6312 6415

1020 1089

1175

1276 1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100











emissions




































HOTTopic





























































billion (69 YOY)






billion (234 YOY)























billion (70 YOY)





















































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom







19824 20027 20498 21353 22199

6119 6174 6232 6312 6415

1020 1089

1175

1276 1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100











emissions




































HOTTopic





























































billion (69 YOY)






billion (234 YOY)























billion (70 YOY)





















































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom





































HOTTopic





























































billion (69 YOY)






billion (234 YOY)























billion (70 YOY)





















































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom






























































billion (69 YOY)






billion (234 YOY)























billion (70 YOY)





















































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom









billion (70 YOY)





















































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom












































































proximity to USA



component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom




component industry





















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom















Source Capital IQ







Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom




Country of

Transactionsin 2009


million)




116


-

Russia 2 2005 -

-

Brazil 2 1836 06

-

China 5 1238 09

70


-

Slovakia 1 670 -

-

UK 3 587 -

-

Canada 2 471 -

-

Thailand 1 181 03

-

Vietnam 1 147 13

-

France 2 104 -

-

Australia 1 61 04

-

Indonesia 1 47 05

33

Hong Kong 1 45 20

-

Poland 1 31 01

-

Argentina 1 10 -

-

India 2 05 02

21

Malaysia 1 05 00

-

Romania 1 04 -

-

Total 44 28906




million





Total 44 28906




million



Asia 15 21662 08 60

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I














































wwwimapcom


















wwwimapcom














































wwwimapcom


















wwwimapcom



















wwwimapcom


automotive and components global report —...

Documents