Professional Documents
Culture Documents
Asia-Pacific
Automotive Sectors
A Company and Industry Analysis
CONTENTS
Current Environment
Sector Overview
Sector Performance
Leading Automakers
Strategic Alliances
Industry Profile
Industry Size and Value
Sector Investment
Research and Development
Policy and Regulatory
Environment
Market Trends and Outlook
China Pursues Electric Vehicle
Market
Autonomous Vehicles in the
Asia-Pacific
Small SUVs Revitalize Korean
Recreational Vehicle Market
Market Outlook
Country Profiles
China
India
Japan
Malaysia
South Korea
Thailand
Currency Conversion Table
The Scope of this Report
Key References
Comparative Data
Reports Coverage
August 2015
1
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Asia-Pacific
Publisher
Jonathan Worrall
Director
John Pedernales
Managing Editor
Peter OShea
Research Analyst
Fareez Bin Affandi
Website
http://webreports.mergent.com
Customer Service
1800 342 5647 or 704 559 7601
email: customerservice@mergent.com
Sales Enquiries
For sales inquiries contact your local Mergent Representative
Copyright Statement
Copyright 2015 by Mergent, Inc. All Information contained herein is copyrighted in
the name of Mergent, Inc. and none of such information may be copied or otherwise
reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or
resold, or stored for subsequent use for any such purpose, in whole or in part, in any
form or matter or by any means whatsoever, by any person without prior written consent
from Mergent.
http://www.mergent.com
Disclaimer
All information contained herein is obtained by Mergent, from sources believed by
it to be accurate and reliable. Because of the possibility of human and mechanical
error as well as other factors, however, such information is provided as is without
warranty of any kind. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY,
TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY
PARTICULAR PURPOSE OF ANY INFORMATION IS GIVEN OR MADE BY MERGENT IN
ANY FORM OR MANNER WHATSOEVER. Under no circumstances shall MERGENT
have any liability to any person or entity for (a) any loss or damage in whole or
in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other
circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing,
transcribing, transmitting, communicating or delivering any such information, or (b) any
direct, indirect, special, consequential or incidental damages whatsoever, even if Mergent
is advised in advance of the possibility of such damages, resulting from the use of, or
inability to use, any such information.
www.mergentbusinesspress.com
http://webreports.mergent.com
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
Current Environment
Sector Overview
Asia-Pacific automotive markets saw mixed performances
in the first half of 2015, with the industry helped in
some cases by government incentives to boost national
economies, although this effect is liable to be transitory.
China showed signs of an economic slowdown, with
growth slipping to a five-year low of 7.4% in 2014.
However, automotive production rose by 11% in the
January-to-February period of 2015, compared with
the same period a year ago. It was the fifth straight
month of volume exceeding the two million mark, due
to government initiatives from 2014, a growing middle
class and the popularity of more fuel-efficient vehicles.
Light trucks also performed well, posting the largest yearover-year increase, up 18.2%. The China Association of
Automobile Manufacturers (CAAM) estimates the market
expanded by 7% in 2014, despite the slower economic
growth.
In Japan, new passenger vehicle registrations were down
by 16% in February 2015 and down 18% year-to-date. The
strong contraction is largely due to the first quarter of 2014
being particularly strong, as car buyers brought purchases
forward to avoid a tax increase on April 1, 2014. The
Japan Automobile Manufacturers Association (JAMA)
estimates vehicle sales in the January to February period
fell to 757,200, compared to 924,100 in 2014.
The worlds fifth biggest automotive producer, South
Korea, was affected by the poor sales in the Russian
market, thus the export of cars from South Korea to Russia
dropped by 71.5% year-on-year at the beginning of 2015.
In addition, the Korea-Canada Free Trade Agreement
became effective in 2014, with Canada phasing out its
6.1% tariff on imports of South Korean passenger cars over
three years, and similar annual cuts for South Koreas 8%
tariff on imported cars.
http://webreports.mergent.com
Current Environment
Table 1: Stock Performances of Major Asia-Pacific Automakers
Automakers
Toyota
Honda
Nissan
Hyundai
Shanghai Automotive Industry
Corporation
Dongfeng Motor Cooperation
Maruti Suzuki
Tata Motors
Country
Japan
Japan
Japan
South Korea
Change
36.8%
18.9%
28.3%
-3.7%
China
RMB17.15
RMB24.68
43.9%
China
India
India
RMB11.94
Rs.3,171
Rs.517.00
RMB11.96
Rs.3,610
Rs.535.35
0.17%
13.8%
3.5%
Source: Mergent analysis
4
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Current Environment
In November 2014, Lectra SA (LSS.PA), the world
leader in integrated technology solutions for soft material
industries, formed a strategic alliance with Jiangsu
Kuangda Automobile Fabric Group (002516: CH), one of
Chinas largest producers of automotive interior fabrics
and car seat covers, and will open three new factories in
2015. The venture will reduce production costs, help to
develop new technology, and will supply best-practice
expertise and process optimization consulting.
On March 2015, Toyota Motor Corporation announced
it has entered into a sponsorship agreement with the
International Olympic Committee (IOC) to become part of
The Olympic Partner (TOP) program. The agreement runs
through to the end of 2024 in the mobility category, which
includes sponsorship of vehicles (including passenger
cars, urban mobility vehicles and commercial vehicles),
mobility services (including vehicle and road safety and
transportation support systems and services) and certain
transportation and mobility support products.
On January 2015, SAIC Motor Corporation signed a
strategic cooperation agreement with STGCON New
Energy Technology, which shows that the business will
provide 1,000 new energy cars for the latter to launch
lease business. In addition, the two sides will jointly build
charging piles, the first large new energy car order SAIC
Motor gained in 2015. The order includes the Roewe E50
all-electric car and the Roewe 550 plug-in hybrid car.
Nissan has formed a joint venture with Dongfeng Motor
Corp (0489.HK) in China on September 2014, which
will be called Dongfeng Infiniti Motor Co, dedicated to
producing premium Infiniti vehicles in the worlds biggest
automobile market. Nissan and Dongfeng each will control
50% of the venture that will sell locally produced vehicles
bearing the Dongfeng Infiniti badge and imported models
with the Infiniti emblem. The new partnership is aiming to
sell 100,000 cars in China by 2018, over half of which will
be locally made.
5
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Industry Profile
Industry Size and Value
The Asia-Pacific has one of the worlds fastest growing
automotive markets, thanks to the rise of its middle class
and growing disposable income, and is home to five of
the worlds six leading auto producing countries. The
International Organization of Motor Vehicle Manufacturers
(OICA) estimates that vehicle output from the regions top
seven producing countries: China, Japan, South Korea,
India, Thailand, Indonesia and Malaysia, totaled more than
40 million in 2014, with the Asia-Pacific producing half of
the worlds vehicles.
In 2014, China was the worlds biggest auto producer
and market for the fifth consecutive year, producing 23.7
million vehicles, 7.3% up from 22.1 million the previous
year. Its strong performance started with it surpassing
Japan in 2009, when auto production plunged because
of reduced inventories during the global financial crisis.
The remarkable performance was due not only to robust
demand in China, augmented by government incentives,
but also to a number of joint ventures between local
automotive companies and international players such as
General Motors, Ford Motor (NYSE: F) and Volkswagen.
Japan held its position as the second largest automotive
manufacturer in 2014, which it regained in 2012 after
slipping from second to third in 2011 due to unexpected
events. The March 2011 earthquake and tsunami disrupted
key supply chains and forced manufacturers to cease
operations for months, while massive floods in Thailand
affected major Japanese automakers local assembly
plants.
As a result, Japanese auto behemoth Toyota, which had been
the top automaker for three consecutive years, dropped to
fourth in global sales in 2011, but made a great comeback
to the top global ranks in 2013. The US regained its status
as the second largest producer in 2011, and maintained it in
2014, when it produced 11.6 million vehicles.
Sector Investment
The Asia-Pacific has absorbed much of global automobile
investment in recent years as it is one of the hottest
markets, attracting new global automakers, while those
who already have a foothold in the region expand their
6
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Industry Profile
Chinese auto maker SAIC Motor Corp Ltd is joining
forces with e-commerce giant Alibaba Group Holding Ltd
(NYSE: BABA) to invest RMB1 billion (US$161 million)
to develop internet-connected cars using cloud computing,
aiming to launch their first car in 2016.
Research and Development
Customer preferences are diversifying rapidly, and
businesses are increasingly offering products to meet
individual tastes, addressing consumer needs in safety,
environmental impact and perceived value, and providing
services that cater to their individual requirements.
Auto giants such as Volkswagen, GM, Hyundai and BMW,
already have R&D centers in China to collect information
about Chinas auto market and other factors to incorporate
them into their car designs. French automaker Peugeot was
the first international automaker to have a wholly owned
R&D center in China. The center, in Shanghai, with an
initial investment of RMB1 billion, (US$161 million),
develops cars specifically for Chinese consumers rather
than adapting European models. PSA Peugeot plans to
launch 12 new models and six new engines between 2011
and 2015.
Chinese automaker Dongfeng Motor is heavily committed
to build on in its newly restructured passenger vehicle
brands, Fengshen, Fengxing and Fengdu. It plans to spend
RMB15.65 billion (US$2.5 billion) in R&D from 2013 to
2020 on building its own passenger vehicle unit, employing
international technologies to develop and launch at least
two to three new passenger vehicle models annually up to
2020.
Toyota is offering its Toyota Safety Sense P active
safety package on some new models in 2015. The package
is compatible with advanced vehicle-infrastructure
cooperative systems that use a wireless frequency reserved
for intelligent transport systems (ITS) to gather information
at intersections with poor visibility, information about
oncoming vehicles and pedestrians detected by sensors. The
information is conveyed via road-to-vehicle and vehicleto-vehicle communication, giving audio and visual alerts.
In addition, Toyotas newly-developed Communicating
Radar Cruise Control feature will use millimeter wave
radar to keep the vehicles apart at safe distances.
Hyundais next generation of products, starting with the allnew 2015 Genesis, will allow owners to connect with their
7
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
8
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
9
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Country Profile
China
Sector Overview
China over the last six months maintained its position as
the world largest car market and vehicle manufacturer, with
IHS Automotive reporting that in 2014, China contributed
about 59% of net profit at Volkswagen AG, 45% at BMW
AG and 37% at General Motors Co.
The Government, which has been promoting energy
efficient cars since 2010, has expanded its pilot program
to put more efficient vehicles on the streets of 40 major
cities, providing a subsidy of RMB60,000 (US$9,674)
on purchases of battery powered cars and RMB35,000
(US$5,643) for hybrid cars. Chinese authorities
announced plans to boost the number of electric, hybrid
and other alternative fuel-powered vehicles used for public
transportation, aiming to add 200,000 buses and 100,000
taxis powered by alternative fuels by 2020.
The Shenzhen City Government alone allocated RMB5
billion (US$806 million) to stimulate green vehicle sales
and energyinfrastructure throughout the city. By creating
charging stations and financially assisting purchasers
Shenzhen hopes to reduce the cost of owning a green
vehicle, and put 35,000 of them on the road by 2017.
Sector Performance
The China Association of Automobile Manufacturers
(CAAM) estimates auto sales for January and February
2015 of 3,912,900, a 4.3% increase from 3,752,900 a year
earlier. Passenger car sales rose by 8.7% to 3,434,700,
from 3,049,300, thanks to the SUV and MPV segment, but
commercial vehicle sales fell by 19.5% to 478,200, from
593,900. Production volumes rose by 11.4%, bringing
the first two months of 2015 total to 3,688,800, up from
3,268,276. Electric vehicle sales continued to grow rapidly
thanks to government subsidies, with production rising by
2.8% from 12,493 in January-February 2014 to 12,853 and
sales by 2.9% from 12,079 to 12,440.
Leading Companies
Leading carmaker Shanghai Automotive Industry Corp
(SAIC) sold 4.19 million vehicles in the first nine months
of 2014, 10.75% up from 3.7 million a year earlier, and
generated net profit of RMB20.41 billion (US$3.2 billion),
10
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Production
Sales
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
2008
2009
2010
2011
2012
2013
2014
11
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Country Profile
India
Sector Overview
The Indian auto industry is the worlds seventh-largest
producer of automobiles, accounts for close to 7% of the
economy and employs about 19 million people directly
and indirectly. Annual production of 3.9 million vehicles
in 2013, and 3.8 million in 2014, propelled India to sixth
among the worlds largest car markets, behind China, the
US and Japan but ahead of Mexico.
After two consecutive hikes in February and March 2015,
petrol prices fell to Rs60 per liter and diesel to Rs48.50
per liter in April, from Rs64.25 per liter for petrol and
Rs53.35 per liter for diesel, reflecting the recent sharp
fall in global oil prices. Lower fuel prices will increase
demand for vehicles as Indian auto buyers are fuel price
sensitive.
Before the General Election in May 2014, the Indian
Government slashed indirect taxes on cars and twowheelers in a bid to boost economic growth, and the new
Government extended the cuts on four-wheel and twowheel vehicles from December 31, 2014 to March 31
2015. The cuts were aimed at helping the sector, which had
shown some revival signs after a two-year slowdown.
Sector Performance
Economic growth, fuel price cuts, low inflation, the
extended automobile tax cuts and high level infrastructure
activity have strengthened the Indian auto sector. The
Society of Indian Automobile Manufacturers (SIAM)
estimates that from April 2014 to February 2015, sales of
passenger and commercial vehicles, three wheelers and
two wheelers increased by 9.28% to 21,468,103, from
19,645,555 a year earlier, while in January 2015 sales of
medium commercial vehicles increased by 5.68% to 9,073
from 8,556, and of light commercial vehicles by 26.1%,
from 4,588 to 5,733.
Leading Automakers
During the fourth quarter of 2014, the countrys largest
automaker Maruti Suzuki India Ltds (MSIL: IN) sales
totaled 323,911 up 12.4% from 283,746 in the fourth
quarter of 2013. Sales revenue of Rs122,631 million
(US$1.9 million) was 15.5% up from Rs103,623 million
12
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
13
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Country Profile
Japan
Sector Overview
Japans economy struggled over the past six months,
creating an unfavorable operating environment for
automakers that was exacerbated by a sales tax rise. The
increase underlined the tight correlation between sales tax
and consumer sentiment, and a second planned sales tax
increase to 10% is likely to be delayed until April 2017.
Japan is becoming a regional hub for production of energyefficient vehicles and has more battery charging points than
gas stations, 40,000 compared to 34,000 fuel stations, and
numbers are increasing. In addition, the Government plans
to spend US$385 million on hydrogen fuel infrastructure
ahead of the 2020 Olympic Games in Tokyo to construct
35 hydrogen fueling stations in and around Tokyo. The
Government wants Toyota and Honda to have at least
6,000 hydrogen fuel cell vehicles on the road in Japan by
the time the Games open.
Japans big three car makers, Toyota, Nissan, and Honda
will team up with electronics giants, Panasonic, Hitachi
and the government to propel the country into the front
ranks of self-driving car technology. The private and public
sectors may invest 10 billion (US$84 million) to build test
courses, a focal point in international competition, aiming
to commercialize self-driving cars by around 2020.
Sector Performance
The Japan Automobile Manufacturers Association (JAMA)
estimates that new vehicle registrations in January and
February 2015 at 1,595,046, down by 7.4% from 1,724,306
a year earlier. Domestic sales fell by 14.5% from 1,033,005
to 883,469, while domestic passenger car sales dropped by
8.8% to 1,349,014, from 1,479,352. Mini-vehicles with
engine displacement of up to 660cc, which have been
hugely popular over the past few years, were hit hard in
2014, sales falling by 3.9% from 1,828,640 in 2013 to
1,760,000.
Leading Companies
In the nine-months to December 31, 2014, Toyotas net
revenues totaled 20.11 trillion (US$169 billion), 5.2% up
from 19.1 trillion (US$160 billion) a year earlier, thanks
to increased vehicle sales in Europe and North America.
14
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
15
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Country Profile
Malaysia
Sector Overview
Malaysia is one of the growing automobile markets in the
world, and now makes quality cars, which it exports to the
rest of the world. The International Organization of Motor
Vehicle Manufacturers (OICA) estimates the Malaysian
automotive industry delivered 596,600 vehicles in 2014,
of which 547,130 were cars and 43,610 commercial
vehicles.
In 2014, Malaysia announced a new National Automobile
Policy (NAP), which could be a game changer for local
and foreign manufacturers, aiming to make Malaysia
the regional hub for energy efficient vehicles (EEVs) as
national automaker develop its first Energy Efficient
Vehicle (EEV), Perodua Axia. This year (2015) Sunway
Kuala Lumpur will introduce a new public transport
service, the Bus Rapid Transit (BRT), using 15 electric
buses to carry 2,400 passengers an hour on dedicated lanes
to minimise congestion, improve time management and
provide seamless connectivity for commuters.
The Government will also spend RM3 million
(US$845,976) in 2015 to create 300 electric vehicle (EV)
charging stations nationwide in a bid to boost demand for
EVs. Currently, there are only 40 EV charging stations in
major cities, not enough to cope with expected growing
popularity of EVs.
With the Goods and Service Tax (GST) implemented
in April 2015, national and international automakers
announced the cutting price of its models by 3.25% for
Proton, 0.1% to 1.6% for Perodua, 2% for Toyota and
Honda enjoy reduction in prices between RM500 (US$141)
and RM2,500 (US$704) on selected variants, due to 6%
GST superseded the existing sales tax imposed on new
vehicles. Furthermore Buyers of used cars not affected by
the prices as the GST will be imposed only on the dealers
based on the profit from a sale.
Sector Performance
Malaysian carmakers are competing well with foreign
marques, their market share having increased to 55.9% in
January 2015, from 43% in January 2014. The introduction
of new models and attractive offers from car companies
seeking to clear stock boosted sales. The Malaysian
16
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
17
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Country Profile
South Korea
Sector Overview
South Koreas automotive industry, the worlds fifthlargest by production and export volume, began by merely
assembling parts imported from foreign companies but is
today now one the most advanced globally. Production of
nearly 4.6 million vehicles and record sales of 1.7 million
in 2014 (up by 10.9% on the previous year) have put South
Korea ahead of India and Mexico but behind China, the
US and Japan.
The capital, Seoul, is increasing the number of high-speed
electric vehicle (EV) chargers in the city by 136 in 2015,
by 270 in 2016, and to 600 by 2018, to make at least one
charger available within a five-minute drive anywhere in
the city. The city government is also planning to set up an
industrial complex specializing in EVs, while at the same
time providing services for EV sharing, and producing
electric trucks and electric motorcycles.
Despite a 25% fall in gasoline prices in 2015, South Korean
drivers are still flocking to buy fuel efficient hybrid and
diesel-powered cars. In 2014, hybrids accounted for more
than 4% of total sales, a record high, thank to aggressive
discounts by automakers.
Sector Performance
Although production fell to 4.9%, from 729,343 in 2013
to 693,764 in 2014, the automotive sector appears to be
leading the way in South Koreans economic recovery.
Domestic demand grew in the first two months of 2015,
with newly released models proving popular and exports
to North America and the Asia-Pacific increased. The
Korea Automobile Manufacturers Association (KAMA)
estimates that domestic sales increased by 7% year on year
to 214,822, from 213,347, while imported car sales jumped
by 27% to 36,689, from 28701. Eight out of ten foreign
cars sold during the period came from Europe, with the
Overseas Sales
Domestic Sales
Global Sales Total
2013
7,492,774
1,453,811
8,946,585
18
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
19
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Country Profile
Thailand
Sector Overview
Thailands automotive industry suffered a downturn in 2014
and in early 2015, with slowing vehicle sales, particularly
of taxis, pick-ups and light passenger vehicles. Automotive
sales were one of the most dynamic components of Thai
industrial activity up to 2010, when they rose by 64.6%, but
have slowed subsequently. The International Organization
of Motor Vehicle Manufacturers (OICA) estimates sales
totaled 1.9 million vehicles in 2014, compared with 2.5
million in 2013, due to an economic slowdown, delayed
budget disbursement and the expiry of the governments
first-car subsidy scheme.
Following the success of its Eco-Car Program Phase 1,
the Thai Government launched Phase 2 to encourage
production of automobiles with low fuel consumption.
Vehicle requirements include a fuel consumption of less
than 4.3 liters per 100 km, CO2 emissions of less than 100
grams per km, engines displacing 1.3 liters and below
(petrol) or 1.5 liters and below (diesel), and Euro 5, R94
and R95 compliance. Ten car manufacturers, including
five existing eco-car producers, will invest B139 billion
(US$4.2 billion) to manufacture 1.58 million vehicles
under Phase 2, which will begin in 2016 and requires
participants to start production in 2019.
Sector Performance
Since the first car tax rebate scheme ended on December
31, 2012, Thailands auto market has been on a downward
trend. Lower prices for agricultural produce, and stricter
bank procedures on loans due to high household debt
and the number of non-performing loans (NPL) have
affected the market. In first quarter 2015, domestic vehicle
sales and production plunged by 11.8% to 123,670, from
138,263 a year earlier and down 27% to 524,540 from
533,562 in 2014. However, exports increased by 12.6%
Production
Domestic Sales
Export (CBU)
Jan-March
2014
533,562
221,026
286,776
Jan-March
2015
524,540
197,787
328,232
Growth
YTD
-1.72 %
-11.75%
12.63%
Source: Thailand Automotive Institute
20
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
21
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Currency Unit
US Dollar (US$)
1.00
1.00
6.21
0.16
63.6
0.016
13016.49
0.00007
3.6
0.28
Japanese Yen ()
120.13
0.0083
1083.04
0.00092
33.37
0.03
22
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
23
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Key References
Global
International Organization of Motor Vehicle Manufacturers (OICA)
OICA is a federation of 41 national trade associations around the world and represents all major automobile manufacturing
countries; it develops industrial and economic policy, deals with technical affairs, and collects and publishes industry
statistics.
http: //www.oica.net/
International Confederation of Free Trade Unions (ICFTU)
The ICFTU is a confederation of 215 national trade union centers, representing 125 million members and has 241
affiliated organizations in 156 countries and territories on all five continents; it organizes and directs campaigns on labor
issues worldwide.
http: //www.icftu.org/
World Trade Organization (WTO)
WTO is the global organization dealing with the rules of trade between nations.
http: //www.wto.org/
Association of Southeast Asian Nations (ASEAN)
ASEAN is a geopolitical and economic organization of ten Southeast Asian countries that promotes economic growth,
social progress and cultural development.
http: //www.aseansec.org/
China
China Association of Automobile Manufacturers (CAAM)
The CAAM is a national, non-profit association of automotive, motorcycle and parts companies.
http: //www.caam.org.cn/ (in Chinese)
National Development and Reform Commission (NRDC)
NRDC is a government-controlled macroeconomic regulatory department that develops national economic strategies,
long-term economic plans as well as annual economic plans.
http: //www.nrdc.gov.cn
China Council for the Promotion of International Trade (CCPIT)
Endorsed by the Chinese Government, CCPIT is the most important and the largest institution that promotes foreign trade
in China.
http: //www.ccpit.org
India
Society of Indian Automobile Manufacturers (SIAM)
An apex national association formed in 1998 to represent the Indian auto industry, with an emphasis on environmental
and safety-related issues and the advancement of vehicular technology in India.
http: //www.siamindia.com
24
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Japan
Japan Automobile Manufacturers Association (JAMA)
JAMA is a non-profit trade association of manufacturers of passenger cars, trucks, buses and motorcycles.
http: //www.jama.or.jp
Malaysia
Malaysian Automotive Association (MAA)
MAA is a voluntary organization that looks after the interests of local motor vehicle franchise holders and oversees the
interests of all assembly plant operators.
http: //www.maa.org.my
Department of Statistics Malaysia
A government department that is responsible for compiling various industrial, business and social data in Malaysia.
http: //www.statistics.gov.my
South Korea
Korea Automobile Manufacturers Association (KAMA)
A non-profit organization established in 1988 comprising the five manufacturers of passenger cars, buses and trucks in
South Korea, with the main objective of overseeing growth of the automobile industry, the promotion of cooperation
among member companies and the development of the national economy.
http: //www.kama.or.kr
Korea Automobile Importers and Distributors Association (KAIDA)
KAIDA represents 13 importers and distributors of imported automobiles in South Korea. Established in 1995, KAIDA
lobbies to support of its members for government deregulation of the South Korean import auto market, and helps manage
and coordinate joint events for sales promotions and other activities for automobile importers and distributors.
http: //www.kaida.co.kr
Thailand
Thai Automotive Institute (TAI)
TAI conducts research for the formulation of suitable policies and prepares comparative facts on the Thai automotive
industry.
http: //www.thaiauto.or.th
Thai Ministry of Industry (TISI)
TISI is the countrys leading agency for standardization with a commitment to the promotion and development of the
industry, maximizing benefits for entrepreneurs, consumers and the nation as a whole.
http: //www.tisi.go.th
Office of Industrial Economics (OIE)
The OIE is Thailands official source for economic statistics.
http: //www.oie.go.th
25
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Comparative
Data
| ASIA-PACIFIC
Follow the Industry Company
Reports headline
news feed
on Twitter @MergentIndustry
Company
Country
Ticker
Exchange
Primary SIC
Japan
7203
TSE
3711
3714
3537
3713
Japan
7267
TSE
3711
3751
3524
3621
Other SICs
6141
Japan
7201
TSE
3711
3713
3537
3519
4493
South Korea
5380
KSE
3711
3713
3714
7549
5599
6141
South Korea
270
KSE
3711
7532
3714
3541
5511
Denso Corp
Japan
6902
TSE
3694
3714
3585
3625
3679
3599
Japan
7269
TSE
3711
3751
3621
Japan
7259
TSE
3714
3593
3585
3561
3571
3639
Japan
7261
TSE
3711
3713
3714
3713
8734
6411
7514
Japan
7211
TSE
3711
EBITDA - FYE - 1
EBITDA - FYE - 2
EBITDA - FYE - 3
$248,905,902,112
$235,418,520,409
$226,546,443,903
$34,839,903,758
$25,959,958,195
$17,356,531,839
$114,730,895,237
$105,394,825,581
$96,892,287,972
$14,651,677,926
$11,371,509,711
$9,620,686,978
$101,555,742,467
$93,224,666,769
$114,701,957,731
$11,018,038,317
$10,741,420,682
$13,789,455,879
$83,020,103,394
$79,113,244,579
$67,142,399,481
$7,986,920,405
$8,303,124,004
$6,972,768,051
$45,260,443,546
$44,247,118,006
$37,275,346,354
$3,257,793,832
$3,500,800,265
$2,989,389,959
Denso Corp
$39,681,746,800
$38,207,408,382
$38,456,928,158
$5,924,391,767
$5,024,024,803
$4,306,340,164
$28,466,691,203
$27,509,893,554
$30,625,130,846
$2,975,207,007
$2,536,542,064
$2,728,311,830
$27,341,912,033
$26,993,981,088
$28,089,260,306
$3,322,486,778
$3,215,210,280
$3,296,541,491
$26,082,681,358
$23,529,590,411
$24,784,258,517
$1,928,727,093
$1,006,729,776
$385,577,447
$20,281,163,812
$19,366,728,536
$22,032,040,861
$1,795,554,417
$1,603,198,550
$1,486,830,228
Company
Company
5511
EPS - FYE - 1
EPS - FYE - 2
EPS - FYE - 3
$17,662,566,220
$10,265,999,763
$3,456,762,946
$5.57
$3.24
$1.10
$5,562,008,242
$3,917,373,197
$2,578,098,883
$3.09
$2.17
$1.43
$3,769,001,797
$3,639,619,317
$4,162,283,485
$0.90
$0.87
$1.00
$8,551,841,340
$8,486,538,651
$6,994,790,145
$29.90
$29.53
$24.34
$3,629,609,589
$3,619,631,617
$3,037,228,056
$8.96
$8.94
$7.40
Denso Corp
$2,784,244,792
$1,938,494,173
$1,088,598,907
$3.50
$2.42
$1.35
$1,041,316,155
$857,727,282
$656,916,497
$1.86
$1.53
$1.17
$872,791,589
$827,094,546
$676,543,411
$3.10
$2.93
$2.40
$1,314,666,006
$366,013,717
-$1,313,333,177
$2.20
$0.61
-$3.52
$1,013,995,702
$405,214,230
$291,697,403
$1.52
$0.70
$0.05
$152,274,768,158
$147,080,772,674
$150,203,060,325
$82,803,351,756
$78,292,450,913
$73,659,165,258
$55,912,624,408
$56,795,429,505
$57,772,445,528
$31,331,967,296
$28,923,928,824
$27,246,070,978
$83,407,579,417
$76,976,801,036
$80,580,944,206
$34,888,450,846
$32,263,739,972
$30,025,022,687
$55,965,779,700
$51,369,537,325
$42,225,211,066
$32,319,676,144
$28,578,231,579
$23,421,466,422
$12,810,779,560
$10,433,045,589
$9,558,287,276
$1,603,912,713
$2,299,293,982
$2,140,511,008
Denso Corp
$22,686,119,338
$24,347,060,879
$25,845,452,888
$2,989,535,713
$3,747,714,145
$5,648,455,420
$17,349,747,034
$16,647,040,908
$18,402,548,874
$2,026,421,932
$2,351,518,630
$821,148,668
$11,124,878,726
$10,709,784,993
$12,331,590,588
$2,964,133,504
$2,864,720,991
$3,647,180,591
$10,972,039,199
$10,962,881,174
$12,065,030,266
$5,085,246,963
$5,480,656,363
$7,481,304,499
$9,073,471,174
$9,378,429,304
$9,254,785,209
$665,301,468
$1,142,992,637
$1,967,445,829
Date FYE - 1
Date FYE - 2
Date FYE - 3
12.60
7.10
31-Mar-2014
31-Mar-2013
31-Mar-2012
9.70
4.85
31-Mar-2014
31-Mar-2013
31-Mar-2012
8.12
3.71
31-Mar-2014
31-Mar-2013
31-Mar-2012
17.32
10.30
31-Dec-2013
31-Dec-2012
31-Dec-2011
18.85
8.02
31-Dec-2013
31-Dec-2012
31-Dec-2011
Denso Corp
11.87
7.02
31-Mar-2014
31-Mar-2013
31-Mar-2012
8.33
3.66
31-Mar-2014
31-Mar-2013
31-Mar-2012
10.42
3.19
31-Mar-2014
31-Mar-2013
31-Mar-2012
23.05
5.04
31-Mar-2014
31-Mar-2013
31-Mar-2012
17.70
5.00
31-Mar-2014
31-Mar-2013
31-Mar-2012
Company
Company
Definitions
- Total Revenue = All revenues, including net sales, operating revenues, interest income, royalties, excise taxes etc.
- Long Term Debt = Debt due to be paid at a date more than one year in the future.
- Return on Equity = The companys earnings divided by its equity (book value).
- EPS Cont Operations = Earnings Per Share as reported by company excluding extraordinary items.
- Total Current Assets = All assets expected to be realized within the next year, includes cash, accounts receivable and inventories.
26
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Notes
Follow the Industry Reports headline news feed on Twitter @MergentIndustry
Industry
Industry Report
Report -- Automotive
Automotive -- August
August 2015
2015
27
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Notes
Follow the Industry Reports headline news feed on Twitter @MergentIndustry
28
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Notes
Follow the Industry Reports headline news feed on Twitter @MergentIndustry
Industry
Industry Report
Report -- Automotive
Automotive -- August
August 2015
2015
29
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Heavy Construction
Hospitality & Tourism
Insurance
IT & Technology
Media
Medical Instruments &
Equipment
Metal Works
Mining
Oil & Gas
Pharmaceuticals
Precious Metals
Property & Development
Retailing
Telecommunications
Insurance
Metal Works - Iron and Steel
Mining
Europe
Automotive
Aviation
Banking
Biotechnology
Chemicals
Asia-Pacific
Automotive
Aviation
Banking
Biotechnology
Chemicals
Latin America
Automotive
Banking
Chemicals
Food and Beverage
www.mergent.com
34
30
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
Print Products
TM
FACTSHEETS
INTERNATIONAL FACTSHEETS
FACTSHEETS EXPRESS
INDUSTRY REPORTS
INDUSTRY REVIEW
MERGENT ACTIVE
TM
MERGENT EVENTSDATA
TM
EX-DATE SERVICE
CORPORATE NEWS
FIXED INCOME
MERGENT WEBREPORTS
TM
TM
TM
TM
www.mergent.com
http://webreports.mergent.com
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.
http://webreports.mergent.com
EMISPDF in-xlri2011 from 115.113.198.226 on 2015-11-25 07:28:22 GMT. DownloadPDF.
Downloaded by in-xlri2011 from 115.113.198.226 at 2015-11-25 07:28:22 GMT. EMIS. Unauthorized Distribution Prohibited.