China, India, Russia, Ukraine and Brazil:
Is There Sufficient Further Growth Potential to Offset
Weakness of Mature Markets ?
Tim ArmstrongDirector
Asia, Middle East & Africa
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Will the BRICs Save World Growth ?
0
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20000
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35000
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45000
19
96
19
98
20
00
20
02
20
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20
08
20
10
Th
ou
sa
nd
s
TRIAD
REST OF WORLD
Of which: BRICS+UKRAINE
Global Light Vehicle Sales
BRICS & Ukraine make up 26% of global sales in 2008
Note: Triad comprises USA, Japan & W.Europe
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
China and India —Where to Now?
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
China — Key Factors Affecting Passenger Car Market
Price CompetitionPrice cut continues regardless of rising cost
Price CompetitionPrice cut continues regardless of rising cost
New Model Launches •Local brands delay new model launches•More new models in the Q4 to avoid the Olympic impact
New Model Launches •Local brands delay new model launches•More new models in the Q4 to avoid the Olympic impact
Passenger Car Market to Slow
Down In 2008 with Growth Rate of
8.1%
Passenger Car Market to Slow
Down In 2008 with Growth Rate of
8.1%
Oil PriceGasoline and Diesel retail prices increased by 16% in June 2008
Oil PriceGasoline and Diesel retail prices increased by 16% in June 2008
Macro EconomicGDP expected to grow by 9.8% in 2008 & 8.4% in 2009Export growth slow downDomestic consumption is picking up and government is likely to boost investment to prevent recession
Macro EconomicGDP expected to grow by 9.8% in 2008 & 8.4% in 2009Export growth slow downDomestic consumption is picking up and government is likely to boost investment to prevent recession
Policy & Regulatory•Consumption tax to penalize large engine displacement vehicles•Fuel tax in the future could have further negative impact
Policy & Regulatory•Consumption tax to penalize large engine displacement vehicles•Fuel tax in the future could have further negative impact
Other Factors•Snow disaster, earth quake•Olympic games
Other Factors•Snow disaster, earth quake•Olympic games
Other Factors•Property and stock market correction
Other Factors•Property and stock market correction
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
China SAAR Sales Get Worrying
Cars MPVs, SUVs
HCVs
LCVs
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4
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5
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5
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6
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6
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7
Jul-0
7
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8
Jul-0
8Seaso
nall
y A
dju
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nn
ual
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ing
Rate
Sale
s
(SA
AR
) (u
nit
s)
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3
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4
Jan-0
5
Jul-0
5
Jan-0
6
Jul-0
6
Jan-0
7
Jul-0
7
Jan-0
8
Jul-0
8
Seaso
nally A
dju
ste
d A
nn
ual R
un
nin
g R
ate
Sale
s
(SA
AR
) (u
nit
s)
0
200000
400000
600000
800000
1000000
1200000
1400000
Ja
n-0
1
Ju
l-01
Ja
n-0
2
Ju
l-02
Ja
n-0
3
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l-03
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n-0
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Ju
l-04
Ja
n-0
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Ju
l-05
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n-0
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n-0
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n-0
8
Ju
l-08
Se
aso
nall
y A
dju
ste
d A
nn
ua
l R
un
nin
g R
ate
Sale
s
(SA
AR
) (u
nit
s)
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Key Factors Affecting China’s Demand and Production
Positives
• Pent up demand post Olympics
• Limited exposure to credit based purchases
• Model launches in Q4 2008 & 2009
• New product momentum
• Movement of automobile demand away from coastal provinces
• Government ability to stimulate consumption growth
• Institutional demand can be manipulated
• Car prices can still come down
• Government supports Chinese OEM production investment
Negatives
• High oil has seen increases in fuel prices
• Stock market bubble has burst
• Recession in US and Europe could seriously damage China’s export trade—knock on effect on autos
• Export markets offer limited support for production
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
0
5
10
15
20
25
Consumer
Demand
ST Interest
rates
Inflation
WPI
Ind. Prod Real GDP Real
Export
Growth
2006 2007 2008 2009 2010
Global Slowdown Hits China
% growth
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Wealth Destruction — The Stock Market Bubble Has Burst
Shanghai 180 index
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
East
Gu
an
gd
on
g
Sh
an
gh
ai
Tia
njin
i
Zh
ejia
ng
Jia
ng
sh
u
Fu
jian
Be
ijing
Ha
ina
n
Sh
an
do
ng
He
be
i
An
hu
i
Sh
an
xi
Jia
ng
xi
Hu
be
i
Hu
na
n
He
na
n
Nin
xia
ng
Xin
jian
g
Ch
on
gq
ing
Qin
ha
i
Yu
na
n
Sh
aa
nx
i
Sic
hu
an
i
Gu
an
gx
i
Tib
et
Ga
ns
hu
Gu
izh
ou
Inn
er M
on
go
lia
He
ilon
gjia
ng
Lia
on
ing
Jilin
Central
West
Northeast
East Coast Provinces Are Most Reliant on External Trade
Percentage of Total Export in GDP (2006)
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Sales in Eastern Provinces Are Already Slowing Down
Heilongjiang
Hunan
NingxiaShanxi
Shaanxi)
Xinjiang
Gansu
Jilin
Liaoning
Taiwan
Tibet
Sichuan
YunnanGuangxi Guangdong
Fujian
Shandong
Hubei
Jiangxi
Hainan
Inner Mongolia
Qinghai
Hebei
Henan
Anhui
Zhejiang
Jiangsu
Guizhou
Tianjin
Shanghai
Beijing
0
10
20
30
40
50
60
National
Jia
ngxi
Hunan
Henan
Hubei
Shanxi
Anhui
Zhejia
ng
Guangdong
Jia
ngshu
Shandong
Shanghai
Economic growth shows regional discrepancy:In the first 7 months of 2008, industrial production growth slow down in east provinces (Beijing,Shanghai, Zhejiang and Guangdong etc)Growth in central provinces are more impressive
Industry Production Growth Rate by Province(1-7, 2008)
Above Average National Average 16.1%
Below Average
Demand in south-eastern provinces is now slow down, and the growth in car sales is being sustained mainly by the development of motorisation in central provinces.
Passenger Car Sales Growth Rate (1-5, 2008)
National Average 14.3%
(Percent)
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Product Model Launch Momentum Increases
24
6
15
31
30
10
1
77
CHINA JAPAN EUROPE US KOREA
Number of Completely New Model Launches by Country of Origin
2007: 46 models2008: 49 models2009: 55 models
2008 2009
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Car Price Decline Trend by Segment … C-SegmentCompact Cars Experiencing Biggest Falls
Price Declines: Jan 2004~ July 2008• Segment A: 19.6%• Segment B: 26.8%• Segment C: 34%• Segment D: 27.9%• Segment E/F: 14.3%
Outlook:• Local companies putting further pressureon prices
•Weak brands and older models mostvulnerable
• Contemporary models, stronger brands and luxury segments less vulnerable
65
69
73
77
81
85
89
93
97
101
Jan-0
4M
ar-0
4M
ay-0
4Ju
l-04
Sep-0
4N
ov-04
Jan-0
5M
ar-0
5M
ay-0
5Ju
l-05
Sep-0
5N
ov-05
Jan-0
6M
ar-0
6M
ay-0
6Ju
l-06
Sep-0
6N
ov-06
Jan-0
7M
ar-0
7M
ay-0
7Ju
l-07
Sep-0
7N
ov-07
Jan-0
8M
ar-0
8M
ay-0
8Ju
l-08
Luxury Standard Compact Small Micro
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
14.1%
26.3%
32.4%
9.6%
29.9%
33.7%
7.8%
28.6%26.3%
14.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
CH U.S EU JP KR
Market Share Adjustments Continue …Japanese Carmakers the Main Beneficiaries of the Current Hike in Fuel Prices
Jan-July 2007 Jan-July 2008
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
China Light Vehicles Sales Forecast
4000
5000
6000
7000
8000
9000
10000
11000
12000
20
07
20
08
20
09
20
10
Th
ou
sa
nd
s
August/September
2008 forecast
October 2008
forecast
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Government Support for Chinese OEMs
• China’s 11th Five-Year Plan (2006-2010) emphasizes the need to foster independent R&D capabilities
• Government support for Chinese auto OEMs includes:
– Government Loans: e.g. China State Development Bank lent Chery 8.2 Billion RMB in 2005-2007 to help it develop its R&D capability
– Tax Credit: 150% of annual R&D cost can be deducted from EBIT as tax credit
– Setting Up National Lab: e.g. a National Lab for developing energy-efficient and environmentally friendly technology was set up by Chery with government funding in 2007
– Setting Up Export Base: Government offers subsidy for auto manufacturers located in auto export base
– Export Tax Reimbursement: Government offers 9% tax reimbursement rate for auto export
– Export Buyer Credit: China Import and Export Bank offer Buyer Credit for auto export
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Passage to the West — Rocky Road
Exports to the West Can Be Expected Only After 2013
Emission
EU: EURO V (2009)/EURO V+(2011)
U.S: Tier II/California (ZEV)
Safety Warranty
EURONCAP/NHTSA
/IIHS
Anti-Corrosion WarrantyPowertrain Warranty
Emission Warranty
No Chinese vehicle ever received EURO
NCAP 3 Star
Chinese OEMs
No EURO IV Engine Available
No Anti-Corrosion
Warranty
No Powertrain Warranty
No Emission Warranty
After Sales Service
Dealer Management System
Brand Building
Plus
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Chinese OEM Exports Will Rely on “Soft” Markets
222
401
472
603
524
172
324
0
100
200
300
400
500
600
700
2007
2008
2009
2010
2011
2012
2013
Export
(,000 Units)
In 2009-2011, Chinese OEMs will launch around 102 new models, most of which can be exported to countries/regions such as Russia, Ukraine, South America and Middle East
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
2.2 2.53.1
4.3
5.45.9
6.57.3
8.08.6
9.2
1.72.0
2.1
2.4
2.7
2.9
3.2
3.4
3.7
4.0
4.2
0.5
0.6
0.5
0.6
0.8
1.0
1.0
0.9
1.0
1.1
1.1
28.1%
15.8%
12.5%
26.8%
22.1%
9.8%9.5% 8.5%
7.6%
5.7%
9.3%
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0%
5%
10%
15%
20%
25%
30%
CAR LCV HCV Growth Rate %
Million Vehicles Growth Rate
Vehicle Production Forecast in China — October 2008 Forecast
CAGR:18.1% CAGR:8.1%
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
India — Key Factors Affecting Passenger Car Market
Price CompetitionPrice cuts difficult in small car market
Price CompetitionPrice cuts difficult in small car market
New Model Launches •Tata Nano launch subject to delay• Maruti Splash, A-Star•Tata Indica Vista
New Model Launches •Tata Nano launch subject to delay• Maruti Splash, A-Star•Tata Indica Vista
LV Market to Slow Down in 2008 to
4.3%
LV Market to Slow Down in 2008 to
4.3%
Oil PriceFuel subsidies reducedFuel prices rise 11% petrol, 9% diesel in June 2008
Oil PriceFuel subsidies reducedFuel prices rise 11% petrol, 9% diesel in June 2008
Macro EconomicGDP expected to grow by 7.2% in 2008Sharp slowdown in consumer spending to 5.7% growth
Macro EconomicGDP expected to grow by 7.2% in 2008Sharp slowdown in consumer spending to 5.7% growth
Policy & Regulatory•WTO & Tariffs•Excise taxes change — fall on small cars, rise on large cars
Policy & Regulatory•WTO & Tariffs•Excise taxes change — fall on small cars, rise on large cars
Other Factors•Super inflation in commodities prices
Other Factors•Super inflation in commodities prices
Other Factors•Stock market correction
Other Factors•Stock market correction
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
SAAR Analysis Shows Slow-down in Indian Vehicle Demand
800000
1000000
1200000
1400000
1600000
1800000
2000000
2200000
2400000
Jan
-03
Ma
y-0
3
Sep
-03
Jan
-04
Ma
y-0
4
Sep
-04
Jan
-05
Ma
y-0
5
Sep
-05
Jan
-06
Ma
y-0
6
Sep
-06
Jan
-07
Ma
y-0
7
Sep
-07
Jan
-08
Ma
y-0
8
Seas
on
all
y A
dju
ste
d A
nn
ua
l R
un
nin
g R
ate
Sa
les
(SA
AR
) (u
nit
s)
All Vehicles
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
Ja
n-0
4
Ap
r-04
Ju
l-04
Oct-0
4
Ja
n-0
5
Ap
r-05
Ju
l-05
Oct-0
5
Ja
n-0
6
Ap
r-06
Ju
l-06
Oct-0
6
Ja
n-0
7
Ap
r-07
Ju
l-07
Oct-0
7
Ja
n-0
8
Ap
r-08
Ju
l-08
Se
as
on
ally
Ad
jus
ted
An
nu
al R
un
nin
g R
ate
Sa
les
(S
AA
R)
(un
its
)
Passenger cars (Excl. MPV,SUV)
Total vehicle sales growth 1-8/2008 = 7.7%
Total passenger car sales 1-8/2008 = 6.8%
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Key Factors Affecting India’s Demand and Production
Positives
• Economic growth slows but remains high by world standards
• Indian economy not excessively exposed to trade slump
• Nano launch will (eventually) support sales
• Still a target for world investment plans
• Increasing economies of scale of production
Negatives
• High oil has seen increases in fuel prices
• Inflation has led to tighter monetary policy
• High proportion of vehicles need finance
• Stock market bubble has burst
• Slowdown means reduced export potential to Europe
• Nano project derailed
• Limited scope for vehicle price reductions
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
0
5
10
15
20
Consumer
Demand
Real ST
Interest
rates
Inflation
WPI
Ind. Prod Real GDP Real
Export
Growth
2006 2007 2008 2009 2010
Global Slowdown Hits India
% growth
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
No Escape for Indian Equity Markets — S&P CNX 500 Index
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Fuel Price Subsidies Are Rolled Back
• During high oil spike in Q2 state owned oil companies were losing $100m a day
• Petrol was being sold at Rs 16 loss per litre & Diesel at Rs23/litre
• Government increased fuel prices in June by
– Petrol 11%
– Diesel 9%
– Cooking fuel 17%
• Fuel prices are now
– Delhi Petrol Rs51(euro 0.75), Diesel Rs35 (euro 0.5)
• April to July 2008 saw an 18% increase in diesel consumption (power industry)
• After fuel price rise Indian Oil, Baharat Petroleum, Hindustan petroleum lose Rs 16 per litre on diesel
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Finance Becomes Harder to Obtain
• 75% of vehicle sales are using finance
• Interest rates have risen – but cuts now on the agenda
• Banks have reduced credit availability to buyers and dealers
• Finance companies are rolling back from parts of inland, north-east and central India to concentrate on lower risk, larger metro cities
• Ultra-low cost car buyers are seen as high risk and buyers could struggle to obtain finance
• Focus has switched to premium end of the automobile market
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Government Is Willing to Change Policy, Up to a Point —Excise Taxes in India
c. 10%n.an.an.aCKDCar CKD importsCustoms
Duties
c. 100%n.an.an.aCBUCar CBU importsCustoms
Duties
24%
* + Rs 15-
20,000 from
June 2008
>4000
mm
>1.5l>1.2ln.aLarge carsExcise Tax
12% from
March 2008
< 4000
mm
<1.5l<1.2ln.aSmall carsExcise Tax
RateLengthDiesel
ccm
Petrol
ccm
FormCategoryType
Imports account for only 1% of new car , MPV, SUV sales in 2008
Over 60% of sales are in “Small Car” segment
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Limited Scope for Price Reductions to Stimulate Demand Price in $US on Road, Ex. Delhi, September 2008 @ 47Rs/$
0
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10000
15000
20000
25000
30000
35000
40000
45000
50000
MA
RU
TI A
LT
O
MA
RU
TI W
AG
ON
R
HY
UN
DA
I I10
HY
UN
DA
I SA
NT
RO
MA
RU
TI N
EW
SW
IFT
MA
RU
TI O
MN
IVA
N
TA
TA
NE
W IN
DIC
A
MA
RU
TI Z
EN
ES
TIL
O
M &
M B
OL
ER
O
MA
RU
TI 8
00
TO
YO
TA
INN
OV
A
TA
TA
IND
IGO
TA
TA
IND
ICA
M &
M S
CO
RP
IO
HO
ND
A N
EW
CIT
Y
HY
UN
DA
I VE
RN
A
MA
RU
TI S
X4
SE
DA
N
TA
TA
SA
FA
RI
RE
NA
UL
T L
OG
AN
MA
RU
TI D
ZIR
E
FO
RD
FIE
ST
A
CH
EV
RO
LE
T S
PA
RK
CH
EV
RO
LE
T T
AV
ER
A
HY
UN
DA
I GE
TZ
HO
ND
A C
IVIC
CH
EV
RO
LE
T A
VE
O U
-VA
TA
TA
SU
MO
GR
AN
DE
TA
TA
NA
NO
50% of Car MPV SUV sales
75% of Car MPV SUV sales
92% of Car MPV SUV sales
Blue =SUV,MPV
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Tata Nano Exits West Bengal to Safety of Gujurat
• West Bengal is a Communist state with a history of violent political protests, poor labour relations and little automotive sector
• Tata investment in Singur $350m
• WB government appropriated land for Singur site under archaic law and paying low compensation—997 acres acquired: 600 for Nano + 397 for supplier park
• Protests launched at critical time for Nano by Trinamool Congress party
• Work on Singur was halted in August 2008 over demands for the return of the 397 acre supplier park land
• Nano launched as planned
• Made in existing plants at much lower volumes
• New plant to be located at Gujurat
• Volumes of 250k, expandable to 300k
• Move means further blow to pricing potential of Nano
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
0
200
400
600
800
1000
1200
1400
1600
1800
Ja
n-9
8
Ma
y-
Se
p-
Ja
n-9
9
Ma
y-
Se
p-
Ja
n-0
0
Ma
y-
Se
p-
Ja
n-0
1
Ma
y-
Se
p-
Ja
n-0
2
Ma
y-
Se
p-
Ja
n-0
3
Ma
y-
Se
p-
Ja
n-0
4
Ma
y-
Se
p-
Ja
n-0
5
Ma
y-
Se
p-
Ja
n-0
6
Ma
y-
Se
p-
Ja
n-0
7
Ma
y-
Se
p-
Ja
n-0
8
0
5000
10000
15000
20000
25000
30000
European Car in Euro's US Car in $ Nano in $ Nano in Rupees (RHS)
Pure Raw Material Cost in a Car
(Excludes Fuel, Processing and Transportation costs)
Steel
Aluminium
Plastic Resins
Rubber
Glass
Iron
Series based on Global Insight’s Cost Analysis Service
APRIL 08
Based on Nano curb weight of 600kg compared with
representative European car of 1,300 kgs
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
23%RM costs in 2008 as a % of total pre tax car price
(1 lakh)
9.5%Increase in post tax on road car price if RM costs passed on
70.6%% Increase in RM costs 2003–2008
23,088Raw materials cost
April 2008
13,530Raw materials cost
January 2003
RupeesPer Vehicle - Nano
Implications of Current Raw Material Cost Increases —Assuming Full Cost Increases Are Passed On
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
New Products Launched Will Stimulate Demand and Improve Economies of Scale
0
200
400
600
800
1000
1200
1400
2008
2009
2010
Thousand u
nits
TOYOTA
RENAULT
FORD
BMW
AUDI
MERCEDES-BENZ
MITSUBISHI
VW
SKODA
NISSAN
MAHINDRA &MAHINDRAFIAT
CHEVROLET
HONDA
HYUNDAI
MARUTI
TATA
Production volume from new models launched in 2008, 2009 & 2010
Nano
Indica Vista
A-Star
i 20
New Micra et alIndicruz
Maruti Splash
Renault Sandero
Toyota EFC
Mahindra Model W SUV
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Export Plans Are Ambitious but Will Be Undermined by Lower Demand from Europe
0
100000
200000
300000
400000
500000
600000
700000
800000
900000
1000000
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
Total Car Exports and Main OEM Export Investments September Forecast
100kSub Micra et.al.Nissan
115kMarch/MicraNissan
180kA-StarMaruti
200ki20Hyundai
250ki10Hyundai
Peak Prod. Volume by 2013
ModelMake
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Auto Sales Growth Will be Moderate in 2009
• India economic growth slows but will still be strong by developed world standards
• Higher interest rates, inflation, and lower fuel subsidies and credit crunch combine to restrict finance and ability to buy a car
• Nano forecast revised down significantly—will only see big build up in volumes from 2010
• Large investment in production will keep costs down and stimulate demand in a weaker environment—but lower export potential undermines production
Light Vehicle Sales
0
500000
1000000
1500000
2000000
2500000
3000000
20
07
20
08
20
09
20
10
August/September 2008forecast
Octoberforecast 2008
Copyright © 2008 Global Insight, Inc. GLOBAL AUTOMOTIVE CONFERENCE
Total Asia Light Vehicle Sales and Production Forecasts
19000
21000
23000
25000
27000
29000
31000
33000
35000
37000
39000
2007
2008
2009
2010
2011
2012
2013
Th
ou
sa
nd
s
October
production
forecast
August
September
production
forecastOctober
sales
forecast
August
September
sales
Thank You!
Tim Armstrong
Director
Asia, Middle East & Africa
Presentations are available for download at:www.globalinsight.com/events/GAC2008Paris