China’s Next Revolution: Leading the Transition to Electric Cars
Booz & Company Synergistics Limited
July 2010
Presented at the World Ecological Forum
2 2
Global Trends - Best Timing for New Energy
Driving the Revolution: China Becomes the Largest Car Market
New Energy Vehicles and Applications in China
An New Ecosystem and Strategic Implications
3 3
When the automobile was introduced in late 1800’s, it was not readily apparent which engine technology would prevail
Steam Car (Nicolas Joseph Cugnot 1769)
Steam vs. Electric vs. Internal Combustion
Electric Car (Robert Anderson, 1839)
Gasoline-Powered Car (Carl Benz, 1886)
At the end of 19th century, electrics outsold all other types of cars
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ICE was victorious primarily due to its virtues of speed, power, and range – courtesy of petroleum’s exceptionally high energy density
Energy Density Of Petroleum Vs. Other Fuels
Energy Available (Mega Joules per Liter) Criteria Electric Steam ICE
Clean, free of smoke/odor X X
Quiet X
Reliable, durable X
Simple, easy to maintain X X
Easy to drive and control X
Free of vibration X
Instant starting X
Speed X
Acceleration
Power X
Range, distance X X
Infrastructure X X
�������
�
�
�
�
��
� �
Competitive Advantages of ICE Powertrain
5 x
�
�
�
� � �
Note: ICE = Internal Combustion Engine Source: ANL, DOE, Sion, NRC, Booz & Company analysis
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Key drivers for new era of alternative energy technology
Unsustainable petroleum-based consumption�
1
New Era of Alternative Energy
Technology
Source: Booz & Company analysis
Alternative energy technology reaching threshold
3 Increasing environmental pressure �
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Booz & Company June 25, 10
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Global daily oil consumption is still increasing steadily, of which transportation takes a large part
1 Unsustainable petroleum-based consumption
Global Daily Oil Consumption(1)�
2001– 2020E�Global Daily Oil Consumption Breakdown
By Application, 2007
Million barrels / day
2020E 2010E 2007 2004 2001
Note: (1) Estimation is made based on the assumption that CAGR will be the same to that between 2001-2007 Source: BP reports, Booz & Company analysis
55% Transportation
Residential
35%
3%
Industrial
Commercial
Total Consumption = 85 Million Barrels/Day
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Our climate is going unsustainable with a gradual global warming trend
2 Increasing environmental pressure
Source: World Bank; Booz & Company analysis
Global Warming Trend – Temperature Change 1990-2008
Living Environment Is Worsening
Global warming is a continuous trend
– Average temperature will increase by between 1.4 and 5.8 degrees Celsius by 2100
Rising temperature is likely to cause catastrophic results
– Melting ice caps in North and South Poles
– Sea level has risen 4 to 8 inches
– More frequent natural disasters, i.e. floods, droughts, etc.
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Cost is still the major barrier in EV, but recent progress has pushed the technology to the minimum threshold of consumer acceptance
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Cost Curve of EV Battery
1,000 RMB per KwH Key Assumptions
Toyota Prius is one of the most popular hybrid models in the world and use Ni-Li battery that generates energy at a rate of 12 KwH
We assume that the cost curve of the battery used by Toyota Pirus is identical with that of general Li-ion battery
For the cost at experimental stage, we assumed that the cost in year 1995 before the commercialized production is representative
Source: Prius Report; BYD interview notes; China Investment industry report; Gasgoo Auto; Booz & Company analysis
Minimum Line of Acceptance by
Consumers
0.01 0.1 1
1
10
100
0.001
(now)
(2012)
Experimental Stage (excluding scale effect)
10
Experimental Stage Toyota Pirus BYD
Alternative energy technology reaching threshold
0.1
Cumulative production (Million Units)
9 9
Global Trends - Best Timing for New Energy
Driving the Revolution: China Becomes the Largest Car Market
New Energy Vehicles and Applications in China
An New Ecosystem and Strategic Implications
China's_Electric_Car_Development_100618 v2.ppt June 25, 10 Booz & Company 10
China’s auto market has been experiencing explosive growth
Total China Vehicle Sales 2005 - 2009, in Million Units
+23%
Mar Feb Jan
2010Q1
4.62
1.74 1.21
2009 2008 2007 2006 2005
1) Data does not include heavy truck Source: Global insight, CAAM auto market press release, Literature research, Booz & Company analysis
Number of Vehicles2) on Road 1980-2020, in Million Units
Vehicle sales in the 1st quarter of 2010 in China rose 71.8% from the same period last year to 4.62 million
1980 2009 1990 2020 2000 2015
Forecast
China's_Electric_Car_Development_100618 v2.ppt June 25, 10 Booz & Company 11
China’s Urban Population 1980-2020 Mil.
People
Urban
Rural
2020E
58%
2015E
52%
2009
47%
2000
36%
1990
26%
1980
19%
Urbanization has been a major driver of income growth and demand for personal mobility in China
Forecast
Source: National Bureau of Statistics, UN, Booz & Company
At start of reform era, more than 80% of China’s population was in rural areas
Majority of China’s population will reside in urban areas by 2015
Creation of urban middle class fuels demand for personal mobility
Global Urban Population 2000-2050
70.0% Urban
49.5% 50.7% 46.7%
Rural
2007 2000
Mil. People
2050E 2008
Forecast
More than half of the global population live in urban area since 2008
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China has a clear and compelling need to reinvent the propulsion technology of the automobile
Air Pollution – Bejing, Xi’an, Shenyang, Shanghai and Guangzhou have been listed among the
Top 10 cities with the worst air pollution. The massive growth of the automotive market only adds to the problem
– The rapid growth of the automotive market worsens the problem. For example, Beijing’s automobile industry contributed 73% of the overall pollution problem in 2003
Energy Consumption – China imports two-thirds of its oil, and its ever-increasing thirst has had a dramatic
impact on global energy prices – The gasoline and diesel consumption has accounted for half of the total
consumption of petroleum products
Traffic Congestion – In the light of the current rate of development and gas consumption level, China
will have over 150 million vehicles and petroleum consumption will exceed 250 million tons in 2020
For alternative propulsion technologies such as clean diesel, hybrid and electric vehicles, China does not lead the technological development
Source: Synergistics, Booz & Company analysis
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Comparing to mature markets, China appears ready to address the challenges in introducing electric vehicles
Technology
Consumer Acceptance
Infrastructure & Legacy
Key Forces in China
Ample resources to achieve low cost production More battery manufacturing experience with larger scale, i.e. lithium
battery for cell phone
Relatively short driving history makes it easier to cross over to new products
Less stringent requirement on performance due to short commuting distance and traffic density
China faces much greater environmental pressure, there is huge need to switch into cleaner energy
The Chinese government has been a strong driving force behind the development of industry technology and infrastructure
Local VMs are looking to leverage EV to get ahead in the automotive market, thus resistance from market incumbents is low
Readiness for EV
Mature Market China 1
2
3
Source: Booz & Company analysis
14 14
Global Trends - Best Timing for New Energy
Driving the Revolution: China Becomes the Largest Car Market
New Energy Vehicles and Applications in China
An New Ecosystem and Strategic Implications
Booz & Company 15
Passenger Vehicles Sales Projection by Powertrain Technology 2000 - 2050, Unit Mn
Globally powertrain technologies of vehicle are moving towards alternative energies
Source: International Energy Agency; Booz & Company analysis
ILLUSTRATIVE
In next decades, powertrain is available and accepted by alternative energies
Among them, electricity driven powertrain is the most significant trend
By 2050, EV and Hybrid EV will account for almost 50% of the total market
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Environmental vehicles must offer customer benefits or they will fail, GM’s EV1 provides us with a good example
Forcing Revolutionary Technology into the Market Can be Counterproductive…
GM EV1
600 kg vehicle with 400 kg lead acid batteries = 1000 kg
102 kW Motor - 90 miles range (in California) - 40 miles in the NE states in the winter
Cost GM $350 m to develop
Lease cost = $399/month
About 1000 made in total
“These environmentally friendly vehicles are great… I hope my neighbor buys one!” Source: RICARDO, Booz & Company analysis
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The Chinese government has been a strong driving force, starting 10 years ago, CNG And LPG vehicles were promoted…
Milestone in Phase 1: Clean Auto Action (1999-2002)
Investment: 100 Million RMB
Background
The government then did not put forward specialized requirement for new energy vehicles
New energy vehicles did not serve for national strategy
Main Tasks
In 1999, Beijing, Xi’an, Shenyang, Shanghai and Guangzhou were listed in the World Top 10 Cities with Worst Air Condition
Improving the air pollution in big cities by: Improving the emission of fossil fuel vehicles to meet
Euro II Standard CNG and LPG vehicles’ R&D and demonstration Other CAFV’s R&D
Source: MOST; Booz & Company analysis
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… since 2002, A 3×3 R&D mechanism was initiated to develop EVs through the 863 program…
Milestone in phase 2: Electric Vehicle Key Project in 863 Program during 10th five-year Plan (2002-2006)
Government Investment: 880 Million RMB
3×3 R&D Mechanism Achievements
26 national standards established 796 patents applied
Vehicle Development
Demonstration
Others
BEV and HEV started demonstration in 7 cities
Prototypes of BEV, HEV and FCV developed
BEV and HEV are qualified to be produced
Powertrain Control System
FCEV
Electric Drive Motor
Traction Battery
Whole Vehicle Platform
Key
Tech
HEV BEV
Source: MOST; Synergistics Limited analysis
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… since 2006, all types of new energy vehicles are listed on the new round of 863 program and a new R&D mode is framed…
Milestone in phase 3: Energy Saving and New Energy Vehicle Key Project in 863 Program during 11th five-year Plan (2006-2010)
Government Investment: 1.1 Billion RMB (for 2006-2008)
New R&D Mode of 863 Project in 11th Five-Year-Plan
Electric Drive System
Vehicle Platform
Product Development All types of vehicle products
FCEV HEV BEV
Fuel cell engine, traction battery, ultracapacitor...
Drive motor, motor driving system, engine...
New material, new component, infrastructure...
Key Technology
for CAFV Basic Technology
Public Support Platform
Test, standard, policy, demonstration, financing, intellectual property, technology Information
Battery Technology
CAFV
Source: MOST; Synergistics Limited analysis
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…Since 2009, a number of policies demonstrate China’s dedication in the development of “New Energy Vehicles (NEVs) ”
Source: Synergistics, Synergistics Limited analysis, China Association of Automobile Manufactures, Literature Search
2009 Apr.
Recent Policies and Strategies on NEV Development
2010 May Jun
Prof. Wan Gang announced an ambitious plan in cooperation with the Ministry of Finance & the NDRC – Promote the use of NEVs initially
targeting 13 pilot cities, expanding to 20 pilot cities in 2010
– Support the development of energy-saving technology for use in government fleets, including buses, postal, and sanitation vehicles.
– Deploy 60,000 energy saving vehicles in China by 2012
New Energy Automobile Manufacturer Alliance (formed by top 10 Chinese auto makers, coordinated by China Association of Automobile Manufacturers) announced its plan – Number of pure electric
vehicles to reach 500,000 by 2015
– Electric technology to be widely used in conventional cars
– hybrid vehicles to account for 30% of annual production
– whole vehicle and key component production for new energy automobiles to reach a world advanced level
– New car average fuel consumption to drop by 30%, reaching international levels
Ministry of Industry & Information Technology, Ministry of Science & Technology, Ministry of Finance, and NDRC jointly released a pilot program to subsidize the sale of plug-in hybrids and electric vehicles in five cities – Purchasers of plug-in
hybrids will receive up to RMB 50,000 ($7,321)
– Purchasers of pure electric vehicles will receive up to RMB 60,000 ($8,785)
– Five cities are Shanghai, Changchun, Shenzhen, Hangzhou and Hefei, which are corporate homes of six domestic automakers
Jul.~
An ambitious plan will be submitted to the State Council in Jul. and is expected to be released in late 2010 or 2011
If approved, it will be the biggest ever development plan for energy saving and new energy automobiles
Expected
Booz & Company
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Source: Booz & Company analysis
In line with government mandate, almost all of China’s top ten local OEMs are developing NEV solutions…
OEM OEM Sales Volume in 2009
Sales Volume in 2009
2,720,000
1,940,000
1,897,700
1,869,800
1,243,000
606,000
500,300
448,400
348,300
329,100
Activities about hybrid Activities about hybrid
750 hybrid
Production in 2010
Besturn hybrid
Production in 2009
Production in 2010
S30-BSG
Jiexun hev
Production in 2009
Prototype
AHEV
A5 BSG
Production in 2009
F6
Zunchi hybrid
Production in 2010
Kingkong
1
2
3
4
5
6
7
8
9
10
Production in 2010
B90
Prototype Production in
2010
Booz & Company 22 Booz & Company DATE 22
…and Local OEMs are also building capacities for NEV production
Manufacturing Capacity of Local OEMs NEV Project
Source: Literature search, Booz & Company analysis
SAIC BAIC
BYD
GAC
BAIC BYD
Wanxiang
FAW
Besturn B70 Capacity - 11,000 Great Wall
GWPERI HAVAL Kulia
BYD
F3DM, F6DM, F3e, E6 Capacity - 200,000 (Xi’an);
600,000 (Shenzhen)
SAIC
LaCrosse Hybrid Roewe 750 Hybrid with
capacity of 10,000
Chery
A5, BSG, ISG, S11, S18
DongFeng
Fengsheng BSG; Fengxing MPV Capacity - 8,500 (2010); 20,000
(2014)
Chang’An
Jie Xun Hybrid Capacity - 300,000 (2010); -
600,000 (2014)
QingYuan
B6; A0 Capacity - 20,000
Booz & Company 23
China also offers favorable manufacturing environment with ample resources and established general battery manufacturers
Top-ranking Li-ion Battery OEMs in China
Shenzhen BYD Co., Ltd. Tianjin Lishen Battery Co., Ltd. CITIC Guo’an MGL Harbin Guangyu Power Supply Group
Co., Ltd. Henan Huanyu Power Supply Co., Ltd. Huizhou Desai Energy Technology Co.,
Ltd. Shenzhen Huitong Tianxia Technology
Co., Ltd. Shenzhen Beeke Battery Co., Ltd. Henan Haipusai Energy Technology
Co., Ltd.
Other Countries
Argentina
China 21%
Chile 54%
Total Global Production in 2007 = 79.4 K Tons
2007 Distribution of Global Lithium Carbonate Production Capacity
83%
China
17%
Other Countries
Total Global Production in 2008 = 9.3 Bn Units
China is the Largest Lithium Battery Production Base Globally
Source: China galaxy securities, Booz & Company analysis
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BYD has introduced the first mass produced plug-in EV to use a home outlet, yet market acceptance remains challenging
Convertible between EV and HEV modes Market launch in Dec. 2008 (Fleet orders only) Retail sales to begin in 9/2009 MSRP: RMB 149.8K Combined total power output: 125kW Acceleration 0-100km/h: 9 sec. Charging time: 7 hours with normal household power outlet Max. distance for one charge: 100 km Sales available in 14 1st-tier and 2nd-tier cities in China
Source: Synergistics, Booz & Company analysis
F3DM E6 Pure EV Field testing in Shenzhen, 40 taxis US Market launch in late 2010 (expected) MSRP: 40,000 $ (estimated) Four different power combinations: 75kW (101hp),
160+40kW (215+54hp) Acceleration 0-100km/h: 10 sec. Normal charge: 220V/10A household electric power socket 3C fast charge: 80% capacity in 15 minutes Max. distance for one charge: 300 km
Booz & Company 25
Global EV Market Growth (2008 Vs. 2020F, in thousand units )
By 2020, it’s expected 25% of new cars could be EV around the world, and China EV market could reach ~6 million
Chinese EV Market Growth (2008 Vs. 2020F, in thousand units)
21,000
20,000
2020F
1,000
2008
Hybrid EV
Pure EV
0.9%
24.7%
300
2020F
5,900
2008
Hybrid EV
Pure EV
0.2%
28.1%
Source: 1) Total sales number: Commercial Times; Average electric vehicle price: Toyota Prius price (due to the majority sales are Prius), 2)China Statistics Bureau, 3) International Energy Agency, 4) CICC, 5) Literature research
% = Global EV/ Vehicle
% = Chinese EV/ Global EV
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Global Trends - Best Timing for New Energy
Driving the Revolution: China Becomes the Largest Car Market
New Energy Vehicles and Applications in China
An New Ecosystem and Strategic Implications
27
Innovations in both technology and business models will be needed to succeed in the EV industry
Cost
Performance
Infrastructure
Winning Consumers
Technology Innovation
To provide a solution that balances performance (power, range, etc) and cost
Business Model Innovation
To meet the needs of consumers while benefiting all stakeholders in the industry value chain
Consumers’ Greatest Concerns about EV over ICE
Combined Innovation Solutions
+
The logic flow – To win over consumers, EV manufacturers will need to address their greatest concerns, of
which only a combined technology and business model innovation solutions can solve The action flow
– From the EV manufacturers’ viewpoint, they have to start from setting up appropriate technology and business innovation models and work backwards to win over consumers
Source: Booz & Company analysis
The Action Flow The Logic Flow
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The value chain of the EV industry – a new ecosystem
R&D
Key Stakeholders of the EV Industry
Sourcing Assembly Distribution Retail After-Market Services
R&D
Consumer
Government
VM
Utility
Battery OEM
Auto Part OEM
Distributor Dealership
Source: Booz & Company analysis
Battery Leasing & Recharging
Government may have more active engagement over the value chain – Enact relevant industry policies – May take the initiative to invest in the construction of EV infrastructure, i.e. charge stations
Product Flow Cooperation or Contract
1 2
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Consumer acceptance of new energy vehicles is major challenge – While the infrastructure investments already described will help tip the scales in favor of new energy vehicles,
consumers must also be convinced that the price and performance of the new energy vehicle can in fact meet their expectations
– As a national priority, we can expect the China government to help by offering incentives for the retail consumer to purchase new energy vehicles
– Chinese consumers have less experience with gasoline-powered cars, and are already accustomed to short distance, low-speed commuting – conditions very favorable for electric cars
The China government’s willingness to invest in the infrastructure to support alternative propulsion technology will ultimately help drive demand side market acceptance – This is where China has the opportunity to take the lead, and that will drive supply side investment in new
technology – For the development of NEVs, the infrastructure must come first - and this will drive supply-side innovation
It takes a combination of business and government working together to make this revolutionary change possible and nowhere in the world is there a closer link between business and government than in China
Conclusions: Driving Market Acceptance
Thank You!
Booz & Company 31 Booz & Company 6/25/10 31
Driven by environmental and energy pressure, China government has shown strong commitment to capture EV opportunity
(1) Demonstration Catalogue comprise 110 vehicle models, including 27 passenger car models; EV in the catalogue are in line with certain technology requirements, that they can enjoy government subsidiaries Source: China Association of Automobile Manufacturers, Literature Research, Booz & Company analysis
Government’s Support
In 2010, latest detailed subsidy plan for EV in the Demonstration Catalogue (1): up to 60,000 RMB per car ( central government)/ up to 80,000 RMB per car (Shenzhen government)
In March 2009, Revitalization Policy of Auto Industry To establish 500,000 production capability of BEV,
HEV and FCV To make the EV sales accounts for 5% of the total
PV sales Government also promoted the construction for
Infrastructure for EV in China. Shenzhen: 6 stations has come into use,13 is under
construction.10,000 charging pillars and 200 stations are planed to be established by 2012
Beijing plan to finish the first charging station by June 2010
Other cities are also planning to or currently building charging station. e.g. Tangshan, Wuxi, Yangzhou, Wuhu, Chengdu, Urumqi, etc.
Air Pollution
Energy Consumption
Bejing, Xi’an, Shenyang, Shanghai and Guangzhou have been listed among the Top 10 cities with the worst air pollution
The rapid growth of the automotive market worsens the problem
China imports two-thirds of its oil, and its ever-increasing thirst had a dramatic impact on global energy prices.
The gasoline and diesel consumption has accounted for half of the total consumption of petroleum products
Driving Forces for China Government to Promote EV
Government’s Intention to Promote Automobile Industry
Local Chinese manufacturers are lagging behind global leaders under ICE technology for many years
EV technology migration provides China a great opportunity to leapfrog from ICE-based vehicles to EV
Booz & Company 32 32
Chinese government is very supportive for EV and already set targets for its development �
In April 2009, Prof. Wan Gang, the minister of the Ministry of Science and Technology China, announced an ambitious plan in cooperation with the Ministry of Finance & the National Development and Reform Commission – to promote the use of NEVs initially targeting 13 pilot cities, including Beijing, Shanghai, Chongqing, Changchun,
Dalian, Hangzhou, Jinan, Wuhan, Shenzhen, Hefei, Changsha, Kunming, and Nanchang – to support the development of energy-saving technology for use in government fleets, including buses, postal, and
sanitation vehicles – to deploy 60,000 energy saving vehicles in China by 2012
In March 2009, Revitalization Policy of Auto Industry – to establish 500,000 production capability of BEV, HEV and FCV – to make the EV sales accounts for 5% of the total PV sales
Key Objectives of Ministry of Science & Technology – to promote industrial development and expansion of 863 project and HEV & EV development plan – to technically support the development of NEV, R&D for NEV, and their promotion and industrialization
Tenth Five Year Plan introduced goal to commercialize and industrialize EVs – 3 Vertical Plans: force assembly, driving electric motor and dynamic battery; 3 Horizontal Plans: FCEV, HEV and EV
(1) “Revitalization plan of auto industry” released by the State Council: aim to make EV accounts for 5% of total PV sales and 500,000 production capability Source: China Association of Automobile Manufacturers, Literature Research, Booz & Company analysis
Booz & Company 33
Source: 2008 statistic; literature research; China automotive industry yearbook, Booz & Company analysis
2008 Per Capita PV Ownership Units
China Japan US Germany
Observation
Passenger ownership per capita in China suggest a very low penetration of vehicle in China
Consumer habit in China is still in the forming process due to relatively short driving history
Thus consumer acceptance to EV is comparatively high than mature markets (e.g. US with approx. 20-year driving history)
Meanwhile, the switch cost is expected to be low
Additionally, due to relatively short driving history, Chinese consumers are more likely to accept EV with a lower switch cost
Booz & Company 34
However, EV products still needs to improve price competitiveness and performance to win mass market consumers
Consumer Position
Currently hybrid car price is too high for mass market acceptance
Current low gas price makes little difference between petrol engine and new fuels
Inconvenience of battery charging is also a constraint for electric cars operation
Families on a tight budget is less likely to pay extra for environmentally sustainable green products
Consumers must be convinced that the price and performance of the new energy vehicle can in fact meet their expectations
Higher tax incentive and price reduction are essential to generate real demand
Booz & Company 35
Foreign OEMs take part in China’s HEV market competition
Product Introducing Jointly R&D
2006 2007 2005 2008
Camry Hybrid
GS450h
Civic hybrid
LS600h RX400h
Prius
Touran (Hybrid)
Lacrosse (Hybrid)
Japanese Companies introduce their products actively
Joint ventures take a cautious attitude in hybrid R&D, partly because of the IP concerns
Source: Synergistics, Booz & Company analysis
Booz & Company 36
China Market Is a Significant Opportunity
Mass Production Environment
China possesses ample resources to achieve low cost production
Established battery manufacturers with large-scale capacity, especially supply lithium battery to cell phone/laptop industry
Driven by greater environmental pressure and energy consumption, China government has stronger incentive to promote cleaner technologies in automobile industry
Meanwhile, China’s automobile industry has lagged behind foreign leaders under internal combustion engine era, and the emergence of EV provide great opportunity for China to catch up
Passenger ownership per capita in China suggest a very low penetration of vehicle in China
Consumer habit in China is still in the forming process due to relatively short driving history
Thus consumer acceptance to EV is comparatively high than mature markets (e.g. US with approx. 20-year driving history)
Meanwhile, the switch cost is expected to be low
Key Forces in China
Comparing with mature markets, China stands out as a significant opportunity and seems more ready to introduce EV
Government Support
Consumer Acceptance
Source: Booz & Company analysis
37
In order for the technology innovation to achieve performance and cost balance, the co-op model will be a good way to go
VM
Utility
Battery OEM
Why Adopt Co-op Model
Shortfalls in going alone
– Potential compatibility issues may greatly impair vehicle performance
– Lack of standardization will have a negative impact on achieving critical mass, thus makes it difficult to drive down costs
Advantages from working together
– Joint R&D opportunities to leverage the “Know-How” of each party to improve vehicle performance
– Able to reach critical mass and drive down cost Working together to improve performance
while gaining scale to drive down costs
The Co-Op Model
Source: Booz & Company analysis
38
BYD made the price step from ICE to EV transparent with the similarly-named F3 and F3DM
Note: (1) The price for BYD F3 is based on F3 G-I model Source: Literature research, Booz & Company analysis
BYD - F3
BYD F3 Specification
Engine: L4/16 Valve, Water cooling, SOHC Displacement: 1.5L Max. Power: 78/6000 (Kw/rpm) Max. Torque: 134/4500 (N*m/rpm) Compression ratio: 10 Max. Speed: 180Km/h Transmission: 5MT Tank Capacity: 50L Min. Fuel Consumption: 4.7L/100km
There is a huge Price Difference between F3DM and F31)
*
*
*
1,000 RMB
2 Case Study: BYD’s success with the co-op model