Passenger Car OEM Quarterly Data BookQ2 - 2012
Passenger Car OEM Quarterly Data Book(Q2 - 2012)
Published: August 2012
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ABOUT THE EDITOR
Jonathan StoreyJonathan Storey has worked in the motor industry for more than fifteen years. Beginning as a financial analyst for Ford MotorCompany, he later moved into the consultancy sector providing research, analysis and forecasting services for vehicle manufacturers, suppliers and regulatory authorities. He is the author of AutomotiveWorld.com reports: Worlds Car Manufacturers - afinancial and operating review and Worlds Truck Manufacturers - a financial and operating review. He is also co-author of Electric Vehicles-prospects for battery, fuel cell and hybrid powered vehicles.
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Contents
Passenger Car OEM Quarterly Data Book Q2-2012
iii
List of contentsList of contents .......................................................................................................................................... iii
List of figures ......................................................................................................................................................................... iv
Preface ...................................................................................................................................................................................... v
Summary .................................................................................................................................................................................. 6
BMW Group ........................................................................................................................................................................... 8
Daimler .................................................................................................................................................................................. 11
Fiat Auto ................................................................................................................................................................................ 15
Ford Motor Company.......................................................................................................................................................... 21
Fuji Heavy Industries (Subaru) ........................................................................................................................................... 26
General Motors ..................................................................................................................................................................... 29
Honda Motor Company ...................................................................................................................................................... 34
Hyundai Motor Company ................................................................................................................................................... 38
Mazda Motor Corporation .................................................................................................................................................. 41
Mitsubishi Motors Corporation ......................................................................................................................................... 44
Nissan Motor Company ...................................................................................................................................................... 47
PSA Peugeot Citron ........................................................................................................................................................... 51
Renault Automobile ............................................................................................................................................................. 55
Suzuki Motor Corporation .................................................................................................................................................. 58
Suzuki Motor Corporation .................................................................................................................................................. 58
Toyota Group ....................................................................................................................................................................... 61
VW Group ............................................................................................................................................................................. 66
Contents
Passenger Car OEM Quarterly Data Book Q2-2012
iv
List of figures
Figure 1: Global car demand by month ............................................................................................................................... 6
Figure 2: BMW results ............................................................................................................................................................ 8
Figure 3: BMW model plans .................................................................................................................................................. 9
Figure 4: Daimler results ...................................................................................................................................................... 11
Figure 5: Daimler model plans ............................................................................................................................................ 12
Figure 6: Fiat SpA results ..................................................................................................................................................... 15
Figure 7: Fiat SpA model plans ........................................................................................................................................... 17
Figure 8: Ford results ............................................................................................................................................................ 21
Figure 9: Ford model plans .................................................................................................................................................. 23
Figure 10: FHI results ............................................................................................................................................................. 26
Figure 11: FHI model plans ................................................................................................................................................... 27
Figure 12: GM results ............................................................................................................................................................. 29
Figure 13: GM model plans ................................................................................................................................................... 31
Figure 14: Honda results ........................................................................................................................................................ 34
Figure 15: Honda model plans .............................................................................................................................................. 35
Figure 16: Hyundai Motor results ......................................................................................................................................... 38
Figure 17: Hyundai-Kia model plans .................................................................................................................................... 39
Figure 18: Mazda results ......................................................................................................................................................... 41
Figure 19: Mazda model plans ............................................................................................................................................... 42
Figure 20: Mitsubishi Motor results ...................................................................................................................................... 44
Figure 21: Mitsubishi Motor model plans ............................................................................................................................ 45
Figure 22: Nissan results ......................................................................................................................................................... 47
Figure 23: Nissan model plans............................................................................................................................................... 48
Figure 24: PSA results ............................................................................................................................................................. 51
Figure 25: PSA model plans ................................................................................................................................................... 52
Figure 26: Renault results ....................................................................................................................................................... 55
Figure 27: Renault model plans ............................................................................................................................................. 56
Figure 28: Suzuki results ......................................................................................................................................................... 58
Figure 29: Suzuki model plans ............................................................................................................................................... 59
Figure 30: Toyota results ........................................................................................................................................................ 61
Figure 31: Toyota model plans .............................................................................................................................................. 62
Figure 32: VW results.............................................................................................................................................................. 66
Figure 33: VW model plans.................................................................................................................................................... 67
Preface
Passenger Car OEM Quarterly Data Book Q2-2012
v
Preface
Welcome to the Q2-2012 issue of the Passenger Car OEM Quarterly Data Service. The principal aim of this
publication is to provide a regular bulletin, rich in data, to give users a detailed summary on the state of the major
car markets, car producing regions and carmakers worldwide. I believe the Passenger Car OEM Quarterly Data
Service offers an unrivalled package of: consistency; scope; detail and value for money.
With effect from Q4-2011 the PDF copy of the data handbook includes only the Company Updates.
This provides the latest financial results of the leading carmakers and their consolidated subsidiaries. Also presented
in this section are summaries and analyses of significant corporate activity, sales and production news and new
product plans.
Please note all the figures giving percentage changes reflect comparisons with the year-ago data unless stated
otherwise.
With effect from Q4-2011 we are pleased to announce a significant expansion of the new registration and
production data, previously offered in PDF copy of the Quarterly Data Handbook:
Annual new registration data is now available at Region / Market / Group / Brand level for all 55 markets
Annual new registration data is also available at Region / Market / Segment level for all 55 markets
New registration data is shown for all groups and brands - previously minor OEMs were all included in "Other"
Data on the top-25 best-selling models is available for all 55 markets
Annual production data by brand is shown for 40 producing countries
Quarterly production data by model is shown for 40 producing countries
In total these changes represent an increase of more than 50% in the data offered. This enhanced level of detail
means it is no longer practical to publish the range of tables and charts that were previously offered in PDF format.
Therefore the data is available in Excel format only and users will be able to filter and sort the data to suit their own
needs. If any user encounters a problem in manipulating the data please don't hesitate to contact us.
I hope you find this Quarterly service meets my aims and your expectations. All feedback will be welcomed.
Jonathan Storey (Editor)
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
6
Summary
The continuing weakness of demand in western Europe, where passenger car demand fell by 7% in H1-2012 is
emerging as one of the dominant themes of 2012.
Several of the European mass-market producers are having to intensify their cost reduction plans and try to gear
their operations to lower breakeven points. Most recently PSA has been making headlines with its plan to close a
French plant and cut jobs across all its domestic operations. There have also been reports of plans to share
production with GM in Europe - which is similarly suffering substantial losses. However, such moves are unlikely in
the near-term and it is the near-term problems that the companies have to deal with.
Other OEMs are facing similarly tough choices; for example Fiat has faced a 20% drop in its domestic market
during H1-2012. Fiat is responding by reducing planned investments in Europe in 2012 by 500m and postponing
the introduction of new models. It is also redoubling its efforts to form alliances and joint ventures and the past
quarter has seen the announcement of a venture with Mazda, making use of the new MX-5 platform.
The growth in VW's earnings slowed in Q2-2012 but it remains in strong position in absolute and relative terms.
During the past quarter it has tightened its hold on MAN Truck & Bus and made an organisational change to reflect
the importance of commercial vehicles within the group and to exploit the potential synergies between MAN and
Scania. The problems at Navistar have led to speculation that VW might be interested in extending its presence in
the CV sector further, by acquiring the US firm. Where VW and acquisitions are concerned we have learned never
to say never to such speculation.
The importance of China was also recognised in VW's organisational shake-up. The group delivered some 2.3
million vehicles in China in 2011 and reported a pro rata operating profit there of 2.6bn. A new Board of
Management function for China is being set up to reflect the scale of this contribution.
Figure 1: Global car demand by month
New car regs (000s). Nafta, W.Europe, Japan & 34 other markets. Forecast status varies by market
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010 4,204.4 3,854.2 5,552.1 4,517.5 4,570.4 4,873.4 4,512.9 4,236.4 4,940.3 4,506.8 4,696.3 4,769.3
2011 4,722.0 4,329.4 5,732.9 4,648.0 4,838.1 4,930.2 4,592.1 4,450.6 5,234.0 4,713.3 4,860.4 4,890.2
2012 4,549.9 4,745.7 6,018.3 4,397.7 4,797.6 4,832.0 4,582.9 4,319.1 4,589.8 4,570.8 4,445.1 4,327.8
3,500
4,000
4,500
5,000
5,500
6,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Ne
w r
eg
's (
00
0s)
2010 2011 2012
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
7
Company updates
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
8
BMW Group
FINANCIAL NEWS
Jan-Mar 2012
BMW Group reported its best first-quarter figures ever for sales, revenue and earnings. The performance reflected
strong sales outside Europe, particularly in China but also in North America and Japan.
Group revenue rose 14.1% to 18.3bn. Earnings before interest and tax (Ebit) rose 18.8% to 2.1bn and net profit
was 18.1% higher at 1.35bn. Revenue in the Automotive division increased by 12.4% to 16.2bn and pre-tax profit
was 13.4% higher at 1.8bn.
Outlook
For the full year the company expects unit sales to increase by under 10%, taking it to a record level of 1.7-1.8m
vehicles. The full-year performance will be boosted by the new 3 Series sedan which has been available in all
markets since February 2012. The company has reaffirmed the profitability targets already announced for 2012: a
return on capital employed in excess of 26% and an Ebit margin of between 8% and 10% for the Automobiles
segment.
Figure 2: BMW results
BMW Unit Q1-12 Yr to Dec 11 9Mo-11
Group data Data % ch. Data % ch.
Revenue mils 18,293 14.1 68,821 13.8
Operating profit mils 2,132 18.8 8,018 56.9
Pre-tax profit mils 2,076 21.8 7,383 52.1
Net profit mils 1,349 18.1 4,907 51.7
Employees 000's 101.3 5.4 100.3 5.1
Unit sales 000's 425.5 11.2 1,669.0 14.2
BMW 000's 356.5 11.0 1,380.4 12.8
Mini 000's 68.2 12.1 285.1 21.7
Rolls-Royce 000's 0.8 6.5 3.5 30.5
Per unit
Revenue 42,989 2.6 41,235 (0.4)
Operating profit 5,010 6.8 4,804 37.3
Pre-tax profit 4,879 9.5 4,424 33.2
Net profit 3,170 6.3 2,940 32.8
Per employee
Revenue 180,654 8.2 686,111 8.3
Operating profit 21,055 12.7 79,935 49.3
Pre-tax profit 20,502 15.5 73,605 44.8
Net profit 13,322 12.0 48,920 44.4
Sales units 4.2 5.4 16.6 8.7
Return on revenue
Operating profit % 11.7 0.5 11.7 3.2
Pre-tax profit % 11.3 0.7 10.7 2.7
Net profit % 7.4 0.3 7.1 1.8
Revenue by division
Automobile mils 16,159 12.4 63,229 16.8
Motorcycle mils 448 12.8 1,436 10.1
Financial Services mils 4,800 14.8 17,510 5.4
Intra-group mils (3,114) (13,354)
PBT by division
Automobile mils 1,820 13 6,823 76
Motorcycle mils 37 23.3 41 (36.9)
Financial Services mils 434 1.2 1,790 47.4
Intra-group mils (215) (1,271)
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change vs corresponding year-ago data
(3) Full-year data taken from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
9Mo-11 H1-11
Data % ch.
50,472 15.4
6,367 89.6
6,053 91
4,013 97
100.4 4.1
1,232.6 16.0
1,021.9 14.5
208.2 24.1
2.4 41.3
40,948 (0.5)
5,166 63.4
4,911 65
3,256 70.2
502,764 10.8
63,423 82.1
60,295 84
39,974 89.6
12.3 11.4
12.6 4.9
12.0 4.8
8.0 3.3
46,391 20.3
1,181 9.3
12,640 1.3
(9,740)
5,647 131.2
60 (27.7)
1,527 66.2
(1,181)
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change vs corresponding year-ago data
(3) Full-year data taken from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
H1-11 Q1-11
Data % ch.
33,925 22.1
4,651 114.7
4,409
2,951
96.9 1.5
833.4 19.7
689.9 17.8
141.9 29.8
1.6 64.1
40,708 2.0
5,581 79.3
5,291
3,541
349,948 20.3
47,977 111.5
45,480
30,441
8.6 18.0
13.7 5.9
13.0 6.5
8.7 4.5
31,047 27.6
847 7.2
8,364 2.0
(6,333)
3,902 237.0
77 (7.2)
1,173 95.2
(743)
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change vs corresponding year-ago data
(3) Full-year data taken from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
Q1-11 Yr to Dec 10
Data % ch.
16,037 28.9
1,795 299.8
1,705 235.6
1,142 252.5
96.0 0.3
382.8 21.3
321.2 20.8
60.9 22.9
0.7 159.1
41,899 6.3
4,690 229.6
4,455 176.8
2,984 190.6
166,974 28.5
18,689 298.7
17,752 234.7
11,890 251.5
4.0 20.9
11.2 7.6
10.6 6.5
7.1 4.5
14,373 34.7
397 13.1
4,183 4.5
(2,916)
1,605 630
30 0.0
429 93.2
(359)
(3) Full-year data taken from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
9
Corporate news
In June 2012, BMW and Toyota two signed a Memorandum of Understanding aimed at long-term strategic
collaboration in four fields: joint development of a fuel cell system, joint development of architecture and
components for a future sports vehicle, collaboration on powertrain electrification and joint research and
development on lightweight technologies.
This followed agreements between the two companies in November 2011 for BMW to supply Toyota with
diesel engines in Europe from 2014; and in March 2012 for collaborative research in the field of next-generation
lithium-ion battery cells.
The MoU is consistent with the original agreement in 2011 which included the commitment to identify and
discuss other possible collaborative projects.
The announcement of BMW's collaboration with Toyota was soon followed by confirmation of the planned
break-up of BMW Peugeot Citron Electrification, the joint venture with PSA for the development, production
and purchasing of hybrid and electric powertrain components, which was officially launched only in October
2011. Both events are a consequence of the alliance between PSA and GM.
SALES & MODEL PLANS
Figure 3: BMW model plans
Brand Model Segment Lifecycle
Start Lifecycle
End
BMW 1 Series City Small 2014 2021
BMW 1 Series Lower Medium 2011 2018
BMW 1 Series Touring Lower Medium 2014 2021
BMW 1 Series Gran Turismo (GT) Lower Medium 2013 2020
BMW 1 Series Coup Lower Medium 2007 2013
BMW 2 Series (1 Series coupe replacement)
Lower Medium 2012 2019
BMW 3 Series Upper Medium 2011 2018
BMW 3 Series Touring Upper Medium 2005 2012
BMW 4 Series (3 Series coupe) Coupe/Convertible 2013 2021
BMW 4 Series (3 Series convertible) Coupe/Convertible 2014 2022
BMW 4 Series (3 Series coupe 4-dr) Coupe/Convertible 2015 2022
BMW 5 Series Executive 2010 2017
BMW 5 Series Touring Executive 2011 2018
BMW 5 Series Gran Turismo (GT) Executive 2009 2016
BMW 6 Series coupe Coupe/Convertible 2011 2018
BMW 6 Series convertible Coupe/Convertible 2012 2019
BMW 6 Series Gran Coupe (4-dr) Executive 2011 2018
BMW 7 Series Executive 2008 2015
BMW i3 City 2013 2020
BMW i8 Coupe/Convertible 2014 2016
BMW Family Activity Sports Tourer 2014 2022
BMW Compact Activity Tourer 2015 2023
BMW JOY (Compact Sports Commuter) 2016 2024
BMW X1 SUV 2009 2015
BMW X2 (3-dr) SUV 2016 2023
BMW X3 SUV 2011 2018
BMW X4 Crossover 2014 2021
BMW X5 SUV 2007 2014
BMW X6 Crossover 2008 2015
BMW X7 (not confirmed) SUV 2013 2021
BMW Z2 Coupe/Convertible 2015 2022
BMW Z4 Coupe/Convertible 2009 2016
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
10
Mini Countryman Crossover 2010 2016
Mini Coup & Roadster Coupe/Convertible 2011 2018
Mini sub-Mini City 2016 2023
Mini Mini Small 2007 2013
Mini MiniVan Compact MPV 2016 2023
Mini Paceman Crossover 2013 2017
Rolls-Royce Ghost Executive 2009 2017
Rolls-Royce Ghost Coupe Executive 2012 2020
Rolls-Royce Ghost long wheelbase Executive 2011 2017
Rolls-Royce Phantom Coupe Executive 2007 2017
Rolls-Royce Phantom Drophead Convertible Executive 2007 2017
Rolls-Royce Phantom replacement Executive 2012 2021
Group sales in H1-2012 were a company record at 900,539 units, an 8.1% increase. Sales of the BMW brand
were up by 8.3% at 747,064 units and Mini sales rose by 7.0% to 151,875 units.
Demand for the 1 Series Hatch 5-door rose by 51% to nearly 90,000 units, the new 3 Series sedan rose by 15.4%
to 136,000 units and sales of the X3 were 38.4% higher at 74,098 units. Sales of the Mini Countryman rose 23.4%
to nearly 50,000 units and the Mini brand made useful gains in a number of overseas markets including China,
Japan and the US.
The new 3 Series sedan will be joined by a new 3 Series touring later this year. Also in 2012 the company is
expected to show the replacement for the 1 Series coupe, prior to its market launch in 2013. The new model is
to be badged as the 2 Series, as will the cabriolet version due in 2014. The new approach to badging will be
extended in 2013 when the new 3 Series coupe will debut, badged as the 4 Series.
The Mini range is to expand from its current six models to up to ten by 2020, including a 5-door wagon, a van
and possibly a sedan.
PRODUCTION
In July, BMW announced plans to invest an additional 250m in Mini production across the UK by the end of
2015. This is in addition to the 500m it allocated in June 2011. UK capacity is expected to be insufficient to
meet Minis expansion plans and the company is in talks to build vehicles at the NedCar plant in the
Netherlands. In July 2012 Mitsubishi announced the sale of the Nedcar plant to VDL for 1, on condition that
the 1,500 employees there do not lose their jobs. VDL is reported to be in discussion with BMW about
producing Mini models at the plant.
In early July BMW produced the 25,000th car at its Chennai plant in India, less than six years after operations
began. Chennai builds the 3 Series, 5 Series and X1 models. In the first six months of 2012 BMW delivered
4,457 cars to customers in India.
BMW has outlined plans to invest 125m across its Dingolfing and Landshut plants in Germany next year to
produce key components for its i range of electric vehicles. Dingolfing will provide the batteries, the E-gear and
aluminium structure of the chassis for the i3 along with the front axle, frond end and rear chassis modules for
the i8. Landshut will provide the electric motors and a range extender and high-voltage battery and motor gear
units for the two models, along with carbon fibre reinforced plastic body parts. The investment will create a
total of 500 new jobs.
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
11
Daimler
FINANCIAL NEWS
Jan-Jun 2012
Daimler's second-quarter earnings were lower than a year earlier but ahead of subdued expectations as all divisions
except trucks reported lower earnings.
Group revenue rose by 9.7% to 29bn with increases in all divisions except buses. Group Ebit fell by 13% to
2.24bn.
Mercedes-Benz cars reported a 5% rise in revenue to 15.4bn as sales rose by 4% to a record 370,400 units, helped
by rises of 21% in the US and 14% in China. However, the division's Ebit fell by 16% to 2.2bn and the margin fell
by 2.1pts to 8.6%.
Figure 4: Daimler results
Daimler Unit H1-12 Q2-12 Yr to Dec 11
Group data Data % ch. Data % ch.
Revenue mils 55,895 9.5 28,884 9.7
Ebit / Op. profit mils 4,373 (5.2) 2,243 (13.1)
Pre-tax profit mils 3,996 (9.3) 2,017 (20.0)
Net profit mils 2,931 1.6 1,515 (11.1)
Employees 000's 273.7 2.9 273.7 2.9
Unit sales (5) 000's 1,072.4 8.4 570.3 8.1
M-Benz car 000's 708.7 6.0 370.4 3.6
Yr to Dec 11 H1-11
Data % ch.
106,540 9.0
8,755 20.4
8,449 27.5
6,029 29.0
271.4 4.3
2,111.1 11.4
1,381.4 8.2
H1-11 Q2-11 Yr to Dec 10
Data % ch. Data % ch.
51,067 10.3 26,338 4.9
4,612 40.0 2,581 22.7
4,404 53.1 2,521 33.8
2,884 49.9 1,704 29.9
266.1 3.3 266.1 3.3
989.4 10.0 527.6 6.3
668.4 7.9 357.6 4.4
Daimler truck 000's 229.9 27.2 122.2 33.6
Van, bus 000's 133.9 (4.6) 77.7 (1.0)
Per unit
Revenue 52,120 1.0 50,643 1.5
Operating profit 4,078 3,933 (19.6)
Pre-tax profit 3,726 3,536 (26.0)
Net profit 2,733 2,656 (17.7)
Per employee
Revenue 204,183 6.4 105,513 6.6
Operating profit 15,974 8,194 (15.5)
Pre-tax profit 14,597 7,368 (22.2)
Net profit 10,707 5,534 (13.6)
Sales units 3.9 5.4 2.1 5.1
Return on revenue
Operating profit % 7.8 (1.2) 7.8 (2.0)
Pre-tax profit % 7.1 (1.5) 7.0 (2.6)
Net profit % 5.2 (0.4) 5.2 (1.2)
Revenue by division
M-Benz car mils 30,301 6.3 15,364 4.9
425.8 19.8
303.9 15.4
50,466 (2.2)
4,147 8.1
6,116 17.8
2,856 15.8
392,601 4.5
32,262 15.4
31,135 22.2
22,217 23.6
7.8 6.8
8.2 0.8
7.9 1.2
5.7 0.9
57,410 7.5
180.7 17.1 91.5 9.1
140.3 12.0 78.6 11.9
51,615 0.3 49,916 (1.3)
4,661 4,892 15.4
4,451 4,778 25.9
2,915 3,229 22.2
191,899 6.8 98,973 1.6
17,331 9,699 18.8
16,549 9,473 29.6
10,837 6,403 25.8
3.7 6.5 2.0 2.9
9.0 1.9 9.8 1.4
8.6 2.4 9.6 2.1
5.6 1.5 6.5 1.2
28,507 11.3 14,647 4.5
M-Benz truck mils 15,512 20.3 8,129 22.3
Van, bus & Other mils 6,254 0.6 3,436 0.8
Services mils 6,400 7.7 3,260 12.1
Other & intra-group mils (2,572) - (1,305) -
Ebit/Op. profit by div'n
M-Benz car mils 2,566 (10.1) 1,314 (16.1)
28,751 19.7
13,597 9.9
12,080 (5.5)
(5,298) -
5,192 11.5
12,890 20.2 6,648 13.6
6,217 5.6 3,409 7.1
5,941 (6.9) 2,907 (12.5)
(2,488) - (1,273) -
2,854 30.8 1,566 13.8
M-Benz truck mils 907 2.3 524 10.5
Van, bus & Other mils 205 (49.6) 140 (47.6)
Services mils 682 3.2 338 (0.6)
Other & intra-group mils 13 - (73) -
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change versus corresponding year-ago data
(3) Full-year data is taken from annual report. It may not reconcile to quarterly data due to restatements.
(4) Per Unit & Per Employee data include non-automotive op's. (5) Divisional unit sales may not add to Group total due to intra-company transactions re Sprinter in Nafta
(6) Chrysler no longer reported as continuing operation from Q2-07. Q1-06 onwards has been restated
1,876 41.8
997 49.7
1,312 57.9
(622) -
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change versus corresponding year-ago data
(3) Full-year data is taken from annual report. It may not reconcile to quarterly data due to restatements.
(4) Per Unit & Per Employee data include non-automotive op's. (5) Divisional unit sales may not add to Group total due to intra-company transactions re Sprinter in Nafta
(6) Chrysler no longer reported as continuing operation from Q2-07. Q1-06 onwards has been restated
887 106.3 474 58.0
407 30.9 267 29.6
661 127.9 340 98.8
(197) - (66) -
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change versus corresponding year-ago data
(4) Per Unit & Per Employee data include non-automotive op's. (5) Divisional unit sales may not add to Group total due to intra-company transactions re Sprinter in Nafta
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
12
The decline mainly reflected:
a less favourable model mix;
a less favourable geographic mix;
higher R&D expense.
The company also points to changes in non-current provisions and the effects of changes in interest rates which led
to higher charges on earnings. Favourable exchange rate movements provided a partial offset to these adverse
factors.
The truck division reported an 8% rise in its Ebit to 524m, though the margin declined by 0.9pts to 5.2%. On a recurring basis the profit increase was 10.3% as the year-ago figure was raised by 11m non-recurring gain in connection with an insurance pay out for the Japanese earthquake and tsunami. The company attributes the increase mainly to higher sales and favourable exchange rates but the margin decline was attributable to weaker demand in Brazil and higher R&D spending.
Outlook
Over the full year Daimler expects global car demand to grow by around 4%, led by the US and Japanese markets. The Mercedes-Benz Car division is expected to outperform the global market and to report higher sales (year-on-year) in the next three quarters.
The company has kept its earnings forecasts fairly vague, saying it expects divisional Ebit in:
Mercedes-Benz Cars to be "in the magnitude of the prior year" - which presumably means close to, but
lower than the prior year level;
Daimler Trucks to be at least at the prior-year level;
Mercedes-Benz Vans to be "in the magnitude of the prior year";
Daimler Buses to be below the prior-year level;
Daimler Financial Services to be slightly below the prior-year level.
Corporate news
In June Daimler reduced its stake in Tesla Motors. Blackstar InvestCo, the Daimler-affiliated investment vehicle,
transferred 3.25 million Tesla shares (40% of its stake) to Aabar Investments, the Abu Dhabi sovereign-wealth fund
which is a major shareholder in Daimler. Blackstar remains Teslas third- largest shareholder, with a 7.5% stake. The
continuing importance of Tesla to Daimler was confirmed by an announcement soon after that it is to supply
components for an electric version of the B-Class (see below).
SALES & MODEL PLANS
Figure 5: Daimler model plans
Brand Model Segment Platform Lifecycle
Start Lifecycle
End
BYD-Daimler new brand
electric passenger car TBA TBA 2013 TBA
Maybach 57 & 62 Executive W240/V240 2002 2013
Mercedes-Benz A-Class Lower Medium W169 2004 2012
Mercedes-Benz A-Class Lower Medium MFA 2012 2018
Mercedes-Benz GLC / BLK Compact SUV MFA 2013 2019
Mercedes-Benz B-Class Lower Medium W169 2005 2011
Mercedes-Benz New B-Class Lower Medium MFA 2011 2018
Mercedes-Benz CLC (poss. 'BLS') Coupe MFA 2013 2019
Mercedes-Benz CLC (poss. 'BLS') estate Coupe MFA 2013 2019
Mercedes-Benz C-Class Coupe Coupe W204 2011 2015
Mercedes-Benz C-Class sedan / estate Upper Medium TBA 2007 2014
Mercedes-Benz C-Class cabrio Upper Medium MRA 2015 2023
Mercedes-Benz CL Coupe W221 2006 2013
Mercedes-Benz CLS coupe 4-dr Coupe W212 2010 2016
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
13
Mercedes-Benz CLS estate Executive MRA 2012 2019
Mercedes-Benz E-Class Executive W212 2009 2016
Mercedes-Benz GL-Class SUV W165 2012 2019
Mercedes-Benz GLK-Class SUV 2008 2015
Mercedes-Benz M-Class SUV W165 2011 2018
Mercedes-Benz MLC Crossover MRA 2014 2021
Mercedes-Benz R-Class Crossover W164 2005 2015
Mercedes-Benz S-Class Coupe Coupe W222 2013 2020
Mercedes-Benz S-Class standard wheelbase
Executive W222 2012 2019
Mercedes-Benz S-Class LWB Executive W222 2013 2020
Mercedes-Benz S-Class 4-seat convertible
Coupe/Convertible W222 2014 2021
Mercedes-Benz SLK-Class Coupe/Convertible W204 2011 2017
Mercedes-Benz SLS AMG Coupe W212 2010 2014
Mercedes-Benz SLC AMG roadster Convertible W212 2014 2022
Smart Forfour Small Edison 2013 2019
Smart Fortwo City MCC Smart 2007 2014
Like BMW, Mercedes-Benz car sales in the first six months of 2012 were at a record level, rising 6.9% to
652,924 units and it reported record first-half sales in several markets including the US, Canada, China, UK and
Russia.
The increase reflected higher sales of most models including the C-Class (+14.9%), new B-Class (+9.7%), CLS
(+38.9%), M-Class (+32.7%), G-Class (+18.5%), and GL-Class (+7.2%). Smart sales were 1.4% higher at
55,593 units.
As well as its routine replacement cycles, Mercedes-Benz is introducing at least ten all-new models by 2015. The
compact class is probably the most important of these. Although the new A-Class and B-Class are, strictly
speaking, replacement models, they are new from the ground up and represent a new approach by Mercedes-
Benz to this sector. As such they should offer much more effective competition against the 1 Series, the X1
(another example of a competitor being more innovative) the A3, Volvo V40 etc. Mercedes is aiming to double
its volumes in this sector to around 400,000upa.
The market reception for the B-Class has been positive and Mercedes is optimistic about the forthcoming (mid-
September) launch of the new A-Class, with 40,000 orders already booked by late July. Indeed, such if the level
of optimism that the company has announced a contract with Valmet to supply an additional 100,000 units of
the A-Class over the four years through 2016 (see 'Production' for more details).
An electric version of the B-class will be launched in the US in 2014. It will be based on a new front-wheel-
drive platform and will use battery packs, electric motor and other components supplied by Tesla Motors - in
which Daimler holds a 4.7% stake. An electric version of the Smart ForTwo went on sale in the US in June and
127 units were sold.
PRODUCTION
Production of cars by Mercedes-Benz rose year-on-year by 4% to 719,587 units in H1-2012. The company is
aiming to produce 1.52m cars in 2012.
As mentioned above, Daimler has announced an expansion of its planned production of the A-Class. Rather
than increasing its own facilities it has opted to outsource production to the Finnish contract manufacturer
Valmet Automotive. The agreement provides for Valmet to produce more than 100,000 units of the A-Class
from 2013 through 2016. Following the launch of the B-Class at Rastatt, Germany in September 2011 and
Kecskemt, Hungary in March 2012, production of the A-Class at Rastatt, started in July 2012. Valmet
Automotive, originally started as a joint venture with Saab-Scania, has produced models for a variety of
manufacturers including Saab, Renault, Opel, Porsche and Fisker.
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
14
Total investment at Rastatt for the production of the new compact models is around 1.2bn. In the first phase
600m was used for the construction of a new bodyshell building and for tools, and a further 600m is being
invested in 2012 and 2013 for a second wave of expansion. These new investments are slated for modifications
of the assembly and corresponding equipment installations in the bodyshell production. Another 400m will be
invested in the powertrain plants in 2012 and 2013 for production of components solely used in the new
compact models.
Production of the new GL-Class started at the Mercedes-Benz Tuscaloosa plant in Alabama in June. In
October 2011, Daimler confirmed that, as of 2014, the Tuscaloosa facility will be one of the four global
production locations of the successor generation of the current Mercedes-Benz C-Class, and will build these
vehicles for the North American market. In 2015, an entirely new Mercedes-Benz model will also be added as
the plant's fifth product. The company said at the time that it will invest US$350m in this project, which will
bring an additional 400 jobs to the plant.
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
15
Fiat Auto
FINANCIAL NEWS
Jan-Mar 2012
The takeover of Chrysler has looked even more astute over recent months as several of Fiat's traditional markets
have turned down, leaving the former Fiat Auto operations in the red but the group result has been kept
comfortably in the black by Chrysler's strong performance in the recovering US market.
Over the first quarter consolidated revenue was 20.2bn and Ebit was 895m, a margin of 4.4%. Comparisons with
the reported year-ago figures are not worthwhile as Chrysler was not a consolidated subsidiary at that time.
Figure 6: Fiat SpA results
Fiat SpA Unit Q1-12 Yr to Dec 11 9Mo-11 H1-11
Group data Data % ch. Data % ch. Data % ch.
Revenue mils 20,221 119.6 59,559 66.0 39,915 51.0
Trading profit mils 866 245.0 2,392 115.1 1,627 105.2
Operating profit mils 895 256.6 3,336 236.3 2,628 242.2
Pre-tax profit mils 520 239.9 2,185 209.5 1,796 254.9
Net profit mils 379 - 1,651 643.7 1,386 740.0
Employees 000's 200.6 44.2 197.0 43.0 195.7 40.6
Unit sales 000's 1,062.3 103.6 4,057.1 93.7 2,205.2 39.9
Fiat Auto 000's 452.0 (12.8) 2,032.9 (2.3) 1,547.4 (1.3)
Chrysler 000's 607.0 2,011.0 648.0
Ferrari/Maserati 000's 3.3 4.3 13.2 7.4 9.8 10.9
Per unit
Revenue 19,035 7.8 14,680 (14.3) 18,100 8.0
Operating profit 843 75.1 822 73.6 1,192 144.7
Pre-tax profit 490 66.9 539 59.7 814 153.8
Net profit 357 403.1 407 283.9 629 500.6
Per employee
Revenue 100,812 52.3 302,298 16.1 203,982 7.4
Operating profit 4,462 147.4 16,932 135.2 13,430 143.3
Pre-tax profit 2,592 135.8 11,090 116.5 9,178 152.4
Net profit 1,890 610.6 8,380 420.2 7,083 497.3
Sales units 5.3 41.2 20.6 35.5 11.3 (0.5)
Return on revenue
Operating profit % 4.4 1.7 5.6 2.8 6.6 3.7
Pre-tax profit % 2.6 0.9 3.7 1.7 4.5 2.6
Net profit % 1.9 1.5 2.8 2.2 3.5 2.8
Revenue by division
Fiat Gp Automob's mils 27,980 0.4 21,085 1.7
Chrysler mils 23,609 12,609
Mass market brands mils 18,184
Ferrari mils 2,251 17.3 1,605 19.0
Maserati mils 588 0.3 445 2.3
Luxury / Performance mils 660
Fiat Powertrain mils 4,450 5.7 3,438 10.2
Magneti Marelli mils 2,015 5,860 8.5 4,400 11.2
Other & intra-group mils (638) (5,179) 26.4 (3,667) 15.6
Trading profit by division
Fiat Gp Automob's mils 430 (29.2) 445 (4.9)
Chrysler mils 1,345 706
Mass market brands mils 831
Ferrari mils 312 3.0 212 10.4
Maserati mils 40 66.7 26 62.5
Luxury / Performance mils 71
Fiat Powertrain mils 131 (6.4) 98 (1.0)
Magneti Marelli mils 36 181 84.7 127 84.1
Other & intra-group mils (43) (47) (21.7) 13 (125.5)
H1-11 Q1-11
Data % ch.
22,363 24.3
776 44.5
1,834 256.8
1,514 471.3
1,274 -
196.4 41.1
1,272.8 16.5
1,087.0 0.0
179.0
6.8 11.3
17,570 6.8
1,441 206.4
1,190 390.5
1,001 1,089.0
113,891 (11.9)
9,340 152.8
7,711 304.9
6,488 881.3
6.5 (17.5)
8.2 5.3
6.8 5.3
5.7 5.2
14,565 2.6
3,325
1,080 19.6
303 0.7
2,436 15.7
3,026 13.2
(2,372) 8.4
317 (6.2)
150
135 16.4
18 50.0
69 27.8
84 86.7
3 (110.7)
Q1-11 Yr to Dec 10
Data % ch.
9,210 7.1
251 9.1
251 8.2
153 10.1
37 -
139.1 5.3
521.8 (2.5)
518.6 (2.6)
3.2 13.2
17,652 9.8
481 11.0
293 12.9
71 (280.7)
66,191 1.7
1,804 2.8
1,100 4.5
266 (267.3)
3.7 (7.4)
2.7 0.0
1.7 0.0
0.4 0.6
7,015 2.6
491 18.6
135 6.3
1,196 35.0
1,486 16.7
(1,113) 18.8
130 (15.0)
53 35.9
9 125.0
23 0.0
34 78.9
2 (125.0)
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change versus corresponding year-ago data
(3) Full-year data taken from annual reportt may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change versus corresponding year-ago data
(3) Full-year data taken from annual reportt may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's(3) Full-year data taken from annual reportt may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
16
Excluding Chrysler, Fiat's first-quarter revenue fell by 5.7% to 8,685m mainly reflecting volume declines in Europe,
where trading conditions were generally weak, particularly in Italy where not only did demand fall by 21% but
production and shipments for Fiat were also affected by strikes in the car transport sector.
For Ferrari and Maserati, which Fiat now reports under the heading Luxury and Performance Brands, revenues
increased 11.5% to 0.7bn. For the Components division revenue was stable at 2.0bn.
Chrysler and the former Fiat Auto operations are now reported under the heading Mass-market Brands, with the
headline results being split between four regions: NAFTA, LATAM, APAC and EMEA.
The consolidated trading profit was 866m. Excluding Chrysler, Fiat made a trading loss of (6)m compared with a
year-ago profit of 251m. Consolidated Ebit was 895m, falling to 12m excluding Chrysler. The decline in like for
like profit was attributable to two regions:
EMEA (Europe, Middle East, Africa) - where the mass-market brands incurred a loss of (170)m;
Latin America - where Ebit dropped to 235m from a reported 285m in Q1-2011.
Outlook
The renewed downturn in Europe has caused Fiat to doubt the volume assumptions underpinning its financial
forecasts and the Groups plans for Europe up to the end of 2014. As the outlook is uncertain the company has
offered its full-year forecasts in a range determined by two broad scenarios ranging from continuing depressed
trading conditions in Europe to a gradual stabilisation and recovery at the of 2012. Accordingly its forecasts are as
follows:
Revenue: > 77bn;
trading profit: 3.8-4.5bn;
net profit: 1.2-1.5bn;
net industrial debt: 5.5-6.0bn.
The company also said it will continue its strategy of targeted alliances to optimise capital commitments and reduce
risks.
Corporate news
Towards the end of July Fiat and PSA reached agreement for Fiat's shareholding in the Sevelnord joint venture
to be transferred to PSA on or before December 31, 2012 at a nominal value. Sevelnord will continue to
produce LCVs for the two groups until Euro6 emissions standards come into effect at the end of 2016.
In early July Fiat notified VEBA (Voluntary Employee Beneficiary Association, a trust established to pay health
care benefits for retirees from Chrysler) of Fiats exercise of its option to purchase a portion of the interest held
in Chrysler by VEBA. The option covers about 3.3% of Chryslers outstanding equity and following the
purchase Fiat will hold a 61.8% stake in Chrysler.
In May Fiat and Mazda signed a non-binding Memorandum of Understanding for the development and
manufacturing of a new roadster for the Mazda and Alfa Romeo marques based on Mazdas next-generation
MX-5 rear-wheel-drive architecture. Although Fiat has denied it is looking to take a stake in Mazda, a deepening
of this new relationship is not impossible - Fiat's CEO, Sergio Marchionne, has acknowledged that Fiat is
looking for an Asian partner following the announcement of the alliance between PSA and GM. At the Geneva
Show in March, Marchionne commented: We talk continuously with Suzuki; we talk with Mazda; we talk with
everyone.
Sergio Marchionne has indicated that the company will reduce planned investments in Europe in 2012 by
500m in response to the continuing market weakness. Fiat has stopped additional investments and postponed
the introduction of new models in Europe. Marchionne said that the new Grande Punto model, which was
originally scheduled to be built beginning in 2013, "is one of the projects we are reconsidering in line with the
changes" of the market in Europe. He also acknowledged that Fiat is discussing partnerships "with several
people, and in some cases our architectures, including the one for the Punto, are involved in the talks."
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
17
SALES & MODEL PLANS
Figure 7: Fiat SpA model plans
Brand Model Segment Lifecycle
Start Lifecycle
End
Abarth 500 & 500C City 2008 2015
Abarth Punto Evo Supersport Small 2009 2013
Abarth Roadster Sports 2013 2020
Alfa Romeo 147 Lower Medium 2000 2010
Alfa Romeo 159 Upper Medium 2005 2012
Alfa Romeo 4C Sports 2013 TBA
Alfa Romeo 8C Sports 2007 2011
Alfa Romeo C-SUV 'Kamal'? (X3, Q5 rival) Crossover 2013 2020
Alfa Romeo D SUV SUV 2015 2022
Alfa Romeo Giulia sedan followed by st. wagon
Upper Medium 2014 2021
Alfa Romeo Giulietta Lower Medium 2010 2017
Alfa Romeo Large Sedan Executive 2014 2021
Alfa Romeo MiTo Lower Medium 2008 2013
Alfa Romeo MiTo five-door Lower Medium 2013 2020
Alfa Romeo Spider replacement Convertible 2014 2022
Chrysler 200 Sedan / Convertible Upper Medium 2011 2013
Chrysler 200 Sedan / Convertible Upper Medium 2013 2019
Chrysler 300 Upper Medium 2010 2016
Chrysler 300 Hybrid Upper Medium 2013 2016
Chrysler CUV (250X) Crossover 2013 2020
Chrysler New compact (100C?) Lower Medium 2013 2020
Chrysler Sebring Upper Medium 2007 2010
Chrysler Small Car (Java) Small 2013 2020
Chrysler Town & Country/Grand Voyager MPV 2007 2014
Chrysler Town & Country/Grand Voyager replacement
MPV 2014 2021
Dodge Atos by Dodge City 2002 2012
Dodge Attitude Small 2005 2011
Dodge Attitude replacement Small 2011 2017
Dodge Avenger Upper Medium 2006 2012
Dodge Avenger replacement (reportedly dropped)
Upper Medium 2012 2019
Dodge Caliber Lower Medium 2006 2011
Dodge Challenger Coupe 2008 2015
Dodge Challenger replacement Coupe 2015 2022
Dodge Charger Upper Medium 2010 2016
Dodge Charger replacement Upper Medium 2016 2022
Dodge Dart Lower Medium 2012 2018
Dodge Durango SUV 2010 2017
Dodge Durango replacement SUV 2017 2024
Dodge Grand Caravan MPV 2007 2014
Dodge Grand Caravan replacement MPV 2014 2021
Dodge Journey Crossover 2008 2014
Dodge Journey replacement Crossover 2014 2020
Dodge Magnum? Upper Medium 2014 2021
Dodge Nitro Crossover 2006 2011
Dodge Nitro replacement under consideration
Crossover TBA TBA
Dodge Stinger Small 2013 2020
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
18
Dodge Viper (Branded 'SRT Viper'?) Coupe 2012 2020
Ferrari 458 Italia Sports 2009 2016
Ferrari 599 GTB Fiorano, GTO & GTS Sports 2006 2012
Ferrari 612 Scaglietti Sports 2004 2011
Ferrari California Sports 2008 2015
Ferrari FF Sports 2011 2017
Fiat 500 & 500C City 2007 2015
Fiat 500 EV City 2012 2015
Fiat 600 City 1995 2010
Fiat 600 City 2013 2020
Fiat Bravo/Ritmo Lower Medium 2006 2013
Fiat C-Sedan (Bravo/Ritmo replacement)
Lower Medium 2012 2019
Fiat Croma Upper Medium 2005 2011
Fiat Dobl / Panorama Compact MPV 2009 2017
Fiat 500L Compact MPV 2012 2019
Fiat Freemont Crossover 2011 2014
Fiat Grande Punto/Punto Evo Small 2005 2013
Fiat Idea Compact MPV 2003 2011
Fiat Linea Lower Medium 2006 2014
Fiat Linea replacement Lower Medium 2014 2021
Fiat Mille/Uno City 1984 2013
Fiat Multipla MPV 2012 2019
Fiat Novo Uno & Uno Way City & Crossover 2010 2021
Fiat Palio, Siena & Albea Small 1997 2011
Fiat Palio, Siena & Albea replacements
Small 2011 2018
Fiat Panda City 2003 2015
Fiat Panda 3 City 2011 2018
Fiat Qubo & Trekking Compact MPV & Crossover 2008 2017
Fiat Sedici Lower Medium 2005 2013
Fiat Sedici replacement B-SUV Lower Medium 2013 2016
Fiat Stilo (Bravo replaced) Lower Medium 2001 2010
Fiat Ulysse MPV 2002 2010
Jeep B-SUV (Trailduster?) SUV 2013 2018
Jeep C SUV (replaces Compass & Patriot)
SUV 2013 2020
Jeep Compass SUV 2006 2012
Jeep Grand Cherokee SUV 2010 2016
Jeep Grand Wagoneer SUV 2013 2019
Jeep Liberty/Cherokee SUV 2007 2013
Jeep Liberty/Cherokee repl. (Renegade?)
SUV 2013 2020
Jeep Patriot SUV 2006 2012
Jeep Wrangler & Wrangler Unlimited SUV 2006 2016
Jeep Wrangler & Wrangler Unlimited replacements
SUV 2016 2025
Lancia CUV (Agrippa?) Crossover 2013 2020
Lancia Delta (4dr Beta in 2012?) Lower Medium 2008 2013
Lancia Flavia convertible Convertible 2012 2013
Lancia Flavia sedan / convertible Upper Medium 2013 2019
Lancia Grand Voyager MPV 2011 2014
Lancia Musa (not directly replaced) Compact MPV 2004 2012
Lancia Phedra MPV 2002 2010
Lancia Thema Executive 2011 2016
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
19
Lancia Ypsilon City 2003 2011
Lancia Ypsilon replacement City 2011 2018
Maserati GranCabrio/GranTurismo convertible
Sports 2009 2015
Maserati GranTurismo Sports 2007 2014
Maserati Kubang SUV 2013 2021
Maserati Quattroporte Sports 2004 2012
Maserati sub-Quattroporte sedan(s) Executive 2013 2020
Ram 100 (Dakota replacement) Pick-up 2013 2019
Ram 1500 Pick-up 2008 2014
Ram 2500 HD & 3500 HD Pick-up 2009 2015
Ram Dakota Pick-up 2004 2011
Ram Doblo Compact MPV (van confirmed, passenger version possible)
2012 2018
In H1-2012 new registrations of Fiat cars in the 30 EU plus EFTA states fell by 16.5% to 456,200 units, mainly
due to the weak Italian market which fell by 19.7%. The only bright spots for Fiat were a 41.4% rise in Jeep
sales to 15,200 units and a 1% increase in Lancia sales to 56,100 units. Alfa Romeo sales dropped by 31.1% to
54,100 units and Fiat-brand sales were 17.5% lower at 327,600 units.
The company has confirmed plans to introduce a crossover variant of the 500, to be called the 500X. It will be
based on the same platform as the 500L, derived from the Punto and reportedly be built at the Mirafiori plant
in Turin, alongside a new crossover model from Jeep. Sales of the model will begin in the US, Europe and
other markets in late 2013 or early 2014.
In May Indian vehicle manufacturer Premier (formerly Premier Automobiles) signed a three-year agreement
with Fiat India Automobiles for the supply of Fiat's 1.3-litre multi-jet diesel engine for installation in Premier's
compact SUV, the Rio. Initially, Fiat will supply 28,000 engines to Premier during the three-year contract.
Depending on demand for the Rio, this volume may increase further. This engine will be produced by Fiat at its
manufacturing facility in Ranjangaon, in Maharashtra. Premier's plant at Chinchwad, Pune in the same state is
around 60km away. This proximity is expected to enable daily just-in-time deliveries.
In May Fiat and Fiat Industries announced the suspension of activities in Iran in response to the trade sanctions
imposed on the country by Europe and the US due to Irans nuclear programme. The company said that sales
by Fiats subsidiaries in Iran during the past few years were totally immaterial in a quantitative and qualitative
sense and any concerned products were sold for commercial and civilian use only.
Fiat has confirmed that it is taking over responsibility for distribution of its vehicles in India. Currently Tata
handles distribution of Fiat models through joint Tata-Fiat dealerships. The change is part of a revision of the
joint venture Fiat operates with Tata. Fiat has expressed its disappointment at slower than expected sales in the
country since the launch of the venture in 2006 and will now set up a special company to manage its
commercial and distribution activities in India, basing the new network on the 178 existing Fiat-franchised Tata
dealers across the country.
PRODUCTION
In June GAC Fiat Automobiles, the 50:50 joint venture between Fiat and GAC in China, held a ceremony at its
new plant in Changsha, to celebrate completion of the new facility and the rollout of the Fiat Viaggio, the first
Fiat model produced in China. The new 4-door, 5-passenger Viaggio is based on the CUSW (Compact US
Wide) architecture - the most advanced within the Fiat Group - which is also the basis of the new Dodge Dart.
The new plant will have an initial annual capacity of 140,000 vehicles and 220,000 engines in phase I and an
annual capacity of 250-300,000 vehicles in phase 2. It incorporates Fiat's World Class Manufacturing (WCM)
methodology, which Fiat began developing, implementing and refining in 2005 with the purpose of reducing
waste, increasing productivity and restoring dignity to employees. The methodology has been adopted at all Fiat
and Chrysler plants worldwide. The joint venture between Fiat and Guangzhou Automobile Company was
founded in March 2010 with investment totalling Yuan 5bn (US$791m).
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
20
The continuing weakness of the European market may lead Fiat to close a second Italian plant, following the
closure of Termini Imerese in Sicily in 2011. The company has already had to suspend production of some
models temporarily to avoid excess inventory. Closure may be avoided if excess European capacity can be
viably utilised to supply the North American market but such viability will only be achievable if the workforce
agrees to more flexibility. This probably brings us to the reason that a possible closure has been publicly
discussed - the workforce at Cassino has not yet agreed to the flexible working conditions which workers at
other Fiat plants have agreed to.
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
21
Ford Motor Company
FINANCIAL NEWS
Jan-Jun 2012
Q2-2012 pre-tax operating profit was US$1.8bn, a decrease of US$1bn from Q2-2011. Ford has now posted a pre-
tax operating profit for 12 consecutive quarters. Net profit was US$1bn, a decrease of US$1.4bn from Q2-2011,
reflecting lower operating results except for Ford North America and higher tax expense.
Figure 8: Ford results
Ford Unit H1-12 Q2-12 Yr to Dec 11
Group data Data % ch. Data % ch.
Revenue $ mils 65,745 (4.2) 33,300 (6.3)
Pre-tax profit $ mils 3,633 (32.5) 1,595 (38.8)
Net profit $ mils 2,436 (50.8) 1,040 (56.6)
Employees 000's 166 0.0 166 0.0
Unit wholesales 000's 2,805 (4.0) 1,447 (4.7)
Ford N. America 000's 1,370 1.4 719 (2.3)
Ford S. America 000's 237 (4.8) 119 (11.9)
Ford Europe 000's 731 (14.4) 359 (14.9)
Ford Asia Pacific 000's 467 (0.2) 250 10.6
PAG 000's 0 0
Per unit
Revenue $ 23,439 (0.2) 23,013 (1.6)
Pre-tax profit $ 1,295 (29.7) 1,102 (36)
Net profit $ 868 (48.7) 719 (54)
Per employee
Revenue $ 396,054 (4.2) 200,602 (6.3)
Pre-tax profit $ 21,886 (32.5) 9,608 (38.8)
Net profit $ 14,675 (50.8) 6,265 (56.6)
Sales units 16.9 (4.0) 8.7 (4.7)
Return on revenue
Pre-tax profit % 5.5 (2.3) 4.8 (2.5)
Net profit % 3.7 (3.5) 3.1 (3.6)
Revenue by division
Ford N. America $ mils 38,299 2.4 19,700 1.3
Ford S. America $ mils 4,682 (10.8) 2,300 (21.5)
Ford Europe $ mils 14,369 (18.8) 7,100 (21.1)
Ford Asia Pacific $ mils 4,575 10.1 2,300 9.6
PAG $ mils 0 - 0 -
Automotive total $ mils 61,925 (4.0) 31,400 (6.2)
Financial services $ mils 3,820 (7.4) 1,900 (7.4)
Other $ mils 0
PBT by division
Ford N. America $ mils 4,143 10.4 2,010 5.3
Ford S. America $ mils 59 (87.6) 5 (98.1)
Ford Europe $ mils (553) (217.9) (404) (329.5)
Ford Asia Pacific $ mils (161) (573.5) (66) (6,700.0)
PAG/Other $ mils (524) (20.4) (163)
Automotive total $ mils 2,964 (27.2) 1,382 (31.0)
Financial services $ mils 903 (31.0) 447 (25.7)
Other $ mils 0 #DIV/0! 0 #DIV/0!
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change versus corresponding year-ago data
(3) Full-year data from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
Yr to Dec 11 9Mo-11
Data % ch.
136,300 5.7
8,681 21.4
20,213 208.1
166 1.2
5,695 3.1
2,686 11.3
506 3.5
1,602 1.8
901 7.5
0
23,933 2.5
1,524 17.8
3,549 198.8
821,084 4.4
52,295 20.0
121,765 204.4
34.3 1.9
6.4 0.8
14.8 9.7
75,000 16.5
11,000 11.1
33,800 14.6
8,400 13.5
0 -
128,200 7.5
8,100 (16.5)
0
6,191 14.5
861 (14.8)
(27) (114.8)
(92) (148.7)
(683) -
6,250 50.7
2,431 (19.0)
0 -
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change versus corresponding year-ago data
(3) Full-year data from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
9Mo-11 H1-11
Data % ch.
101,688 5.3
7,228 5
6,598 4
166 1.8
4,268 3.2
1,993 10.8
382 10.1
1,211 3.0
682 13.1
0
23,826 2.1
1,694 1.9
1,546 0.3
612,578 3.4
43,542 3.3
39,747 1.7
25.7 1.4
7.1 (0.0)
6.5 (0.1)
55,330 17.1
8,229 16.3
25,492 19.0
6,506 24.4
0 -
95,557 7.3
6,131 (18.0)
0
5,302 12.6
753 3.3
163 (18.9)
(9) (105.5)
(894) -
5,315 (2.6)
1,913 (22.0)
0 (100.0)
Notes: (1) Q1 is Jan-Mar, Q2 is Apr-Jun, Q3 is Jul-Sep, Q4 is Oct-Dec (2) % ch is change versus corresponding year-ago data
(3) Full-year data from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
H1-11 Q1-11
Data % ch.
68,641 3.0
5,382 8.0
4,949 5.7
166 (6.7)
2,922 2.1
1,351 12.0
249 7.8
854 2.2
468 17.6
0
23,491 0.9
1,842 5.8
1,694 3.5
413,500 10.5
32,422 15.8
29,813 13.3
17.6 9.5
7.8 0.4
7.2 0.2
37,403 20.5
5,250 13.3
17,705 16.5
4,156 23.0
0 -
64,514 5.0
4,127 (20.3)
0
3,752 20.2
477 (2.3)
469 18.1
34 (74.8)
(658) (450.0)
4,074 (5.9)
1,308 (22.6)
0 (100.0)
(3) Full-year data from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
22
The automotive division reported a drop in pre-tax profit to US$1.38bn from US$2.28bn in Q2-2011. The operating
margin fell by 2.1pts to 4.9%. The decline reflected lower results at Ford Europe, Ford South America, and Ford
Asia Pacific Africa as detailed below.
For the second consecutive quarter, North American pre-tax profit exceeded US$2bn, and the operating margin
exceeded 10%. The increase reflected higher net pricing, improved contribution costs, and other factors, offset
partly by higher structural costs for growth, and unfavourable volume and mix including an adverse change in US
dealer stocks.
In Europe Ford reported a pre-tax loss of US$(404)m compared with a year-ago profit of US$176m. This brought
the first-half loss to US$(553)m. The adverse factors were principally the weak market, a lower share and high
spending on incentives.
The result for South America came in at little better than breakeven, at US$5m compared with US$267m in Q2-
2011. The decline reflected lower volume, higher costs, and adverse exchange rate movements.
In the Asia Pacific Africa region the markets were strong compared with a year ago, but higher costs associated with
new products and investments resulted in a loss of US$(66)m compared with a Q2-2011 profit of US$1m.
Other Automotive reported a loss of US$(163)m for Q2-2011, compared with a year-earlier loss of US$(76)m. The
loss mainly reflects net interest expense and an unfavourable fair market value adjustment, primarily from the
companys investment in Mazda.
Ford Credit reported pre-tax profit of US$438m, down by US$166m from the Q2-2011 figure, mainly due to fewer
lease terminations and a lower financing margin.
Outlook
Ford began the year saying it expected Automotive pre-tax operating profit to improve. It has now recognised it is
likely to be about equal or lower, mostly due to the further weakening of the European market but also to the
weaker outlook for South America. The expected loss in Europe has been increased to US$(1)bn from a previous
range of US$(500-600)m.
Automotive structural costs are expected to increase by less than US$2bn to support higher volumes, new product
launches and global growth plans. Although the company expects an increase in commodity costs, the increase is
not expected to be material.
Corporate news
In July Ford went public with its criticism of the European commission's proposed negotiations with Japan
over a free trade agreement. The company issued the following statement:
"It is troubling that the European Commission in the midst of a serious economic crisis would propose
launching negotiations with Japan over a free trade agreement before the Japanese remove important non-tariff
barriers against the European auto industry, especially given that the EU automotive sector has a significant
trade deficit with Japan which a free trade agreement is not expected to reverse.
Ford fully believes in free and fair trade, but it needs to be truly fair. This requires the removal of established
tariff and non-tariff barriers, the prevention of new non-tariff barriers, an absence of currency manipulation,
and reciprocal import-export liberalisation by trading nations.
At a time when vehicle sales in Europe are their lowest point in nearly two decades, a one-sided trade
agreement that brings a wave of imports into the market without a corresponding outflow of exports could
further damage the European economy and imperil the close to 12 million jobs supported by the automotive
sector in Europe."
At the end of May Ford and Automotive Components Holdings announced definitive agreements with Ventra
Sandusky for the sale of ACHs business in automotive headlamps and taillights and the ACH plant in
Sandusky, Ohio. Ventra Sandusky also will run the ACH automotive lighting service parts operation in Bellevue,
Ohio.
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
23
According to a report in Automotive News Ford is entering contract talks with the Canadian Auto Workers union
with the intention of closing a US$15 an hour labour cost gap compared with what the company pays its US
workers. Ford employs 7,400 employees at five plants in Canada and pays US$79 an hour for wages and
benefits to its hourly workers compared with US$64 an hour in the US.
SALES & MODEL PLANS
Figure 9: Ford model plans
Brand Model Segment Lifecycle
Start Lifecycle
End
Ford B-CUV Crossover 2013 2020
Ford B-MAX Compact MPV 2011 2017
Ford C-MAX Compact MPV 2003 2010
Ford C-MAX & Grand C-MAX Compact MPV 2010 2017
Ford Crown Victoria (fleet order only) Upper Medium 1991 2011
Ford EcoSport Crossover 2012 2019
Ford Edge Crossover 2006 2013/14
Ford Escape & Escape Hybrid Crossover 2000 2012
Ford Escape replacement (Kuga-based) Crossover 2012 2018
Ford Everest/Endeavour SUV 2003 2012
Ford Expedition & Expedition EL SUV 2006 2012
Ford Explorer SUV 2002 2010
Ford Explorer SUV 2010 2018
Ford Explorer Sport Trac Pick-up 2006 2010
Ford F-150 Pick-up 2003 2013
Ford F-250, F-350, F-450 & F-550 Super Duty Pick-up 2007 2014
Ford Falcon Upper Medium 2008 2014
Ford Falcon Ute Pick-up 2008 2015
Ford Fiesta hatchbacks Small 2001 2010
Ford Fiesta sedan Small 2004 2010
Ford Fiesta sedan & hatchbacks Small 2008 2015
Ford Fiesta Trail Crossover 2005 2010
Ford Figo Small 2010 2017
Ford Flex Crossover 2008 2015
Ford Focus Lower Medium 2010 2017
Ford Focus/Focus Europa (Europe, Mexico, Africa, Asia-Pacific)
Lower Medium 2004 2010
Ford Focus (North America) Lower Medium 2007 2010
Ford Focus BEV (electric) Lower Medium 2011 2017
Ford Focus Coup-Cabriolet Coup-Cabriolet 2006 2011
Ford Fusion & Fusion Hybrid (sedan for North America) Upper Medium 2005 2012
Ford Fusion / Mondeo Upper Medium 2012 2019
Ford Fusion (small hatchback for Europe & India) Small 2002 2010
Ford Galaxy MPV 2006 2013
Ford i-Max Compact MPV 2007 2010
Ford Ikon Small 1999 2011
Ford Ka (Americas) City 2007 2016
Ford Ka (Europe) City 2008 2015
Ford Kuga Crossover 2008 2015
Ford Mondeo/Mondeo-Zhisheng Upper Medium 2007 2014
Ford Mustang Coup-Cabriolet 2004 2014
Ford new Mustang Coup-Cabriolet 2013 2020
Ford Ranger (Americas) Pick-up 1992 2011
Ford Ranger (Europe & Asia-Pacific) Pick-up 2006 2011
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
24
Ford S-MAX/Mai Ke Si MPV 2006 2013
Ford Taurus Upper Medium 2009 2013
Ford Territory SUV 2011 2016
Ford Yihu (Escape for China) Crossover 2003 2011
Lincoln Mark LT (Mexico only) Pick-up 2009 2012
Lincoln MKC Crossover 2012 2019
Lincoln MKR Crossover 2011 2017
Lincoln MKS Executive 2008 2015
Lincoln MKT Crossover 2009 2015
Lincoln MKX Crossover 2006 2013
Lincoln MKZ Executive 2005 2012
Lincoln MKZ replacement Executive 2013 2020
Lincoln Town Car (fleet order only) Executive 1997 2010
Mercury Grand Marquis (fleet order only) Upper Medium 1994 2010
Mercury Mariner & Mariner Hybrid Crossover 2004 2010
Mercury Milan & Milan Hybrid Upper Medium 2005 2010
Mercury Mountaineer SUV 2000 2010
Ford's first half wholesales fell by 4% to 2.805m units. In NAFTA there was a 1.4% rise to 1.37 million units; in
S. America there was a 4.8% decline to 237,000 units; in Europe there was a 14.4% drop to 731,000 units and in
Asia Pacific, Africa wholesales were virtually unchanged at 467,000 units.
Over the first half Ford's US market share dropped to 15.4% from 16.7% in H1-2011. In South America its
share dipped by 0.1pts to 9.4% and in Europe it fell by 0.3pts to 8.1%. In Asia Pacifica, Africa there was also a
0.3pts fall to 2.4%.
Gunnar Herrmann, the new head of quality for Ford in Europe takes over at the beginning of September. He
says he wants the company to become the industry's quality leader.
Ford has Toyota's Prius in its sights with the new C-Max Hybrid which will offer projected class-leading fuel
economy of 47mpg city (US), beating the Prius v by 3mpg, with a US$1,300-lower base price and 50hp more
power. Ford offers C-Max Hybrid buyers an expected payback period of two years for the hybrid technology
premium compared with other small crossovers - about half of the four-year period Ford research shows could
trigger more mainstream hybrid sales. The C-Max Hybrid will have a launch base price of US$25,995, including
destination and delivery, which is US$1,300 lower than Toyota Prius v.
The C-Max Hybrid is being produced at Ford's Wayne, Michigan Assembly Plant alongside the Focus, Focus
Electric and Focus ST. The C-Max Hybrid is one of five electrified vehicles Ford plans to produce in North
America in 2012. The others include the Focus Electric, of which production began late 2011; the C-Max
Energi plug-in hybrid due this autumn, offering better overall range than any plug-in hybrid; a 47mpg Fusion
Hybrid this autumn and a Fusion Energi plug-in hybrid which will begin production by the end of 2012,
aiming to be the most fuel-efficient midsize car in the world.
PRODUCTION
Ford built 1,450,000 cars and trucks in Q2-2012, down 49,000 vehicles from Q2-2011 as rises in North
America and Asia Pacific, Africa were more than offset by declines in Europe and South America.
In Q3-2012 the company plans to build 690,000 cars and trucks in NAFTA, an increase of 34,000 from a year
earlier. European output is forecast to be down by 31,000 units at 320,000 units, South American output is
expected to be 1,000 units higher at 120,000 units and production in Asia Pacific Africa is expected to be up by
65,000 units at 275,000 units.
The continuing downturn in most European markets and the consequently escalating losses for Ford are
causing it to consider closing a European assembly plant. Like several other European manufacturers Ford has
had to cut production back during 2012.
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
25
In June Ford opened the revamped plant at Louisville, Kentucky, and launched production of its all-new
Escape at the plant. Investment of US$600m was required to convert Louisville from producing body-on-frame
SUVs to produce small utility vehicles. It has already added 1,800 jobs at the plant, and is adding 1,300
additional workers to a third shift, which is scheduled to start in autumn. With this, the total number of hourly
workers at the facility will reach 4,200 people.
The upgraded plant is capable of producing up to six different vehicles at the same time, making it Ford's most
flexible in the US. The upgrade included the installation of new tooling and improved equipment in the final
assembly area and body shop. This includes more than 1,000 robots and 20 miles of conveyors. The new
Escape produced at this plant is the first of a new line of compact SUVs to be built off of Ford's global C-car
platform. The same vehicle will be produced and sold in Europe and China as the Kuga.
Ford's manufacturing operations in Australia have announced plans to cut up to 440 jobs, or about 15% of the
current workforce of around 3,000, and to reduce production by almost 30%, reflecting falling sales of the
company's Falcon model. Production is to be cut from 209 vehicles per day to 148 vehicles per day from
November 2012 in response to a change in customer preferences, which has resulted in an overall decline in
sales of large vehicles in the Australian market.
In India Ford has announced the completion of expansion work at its engine plant near Chennai, 14 months
after the project began. The expansion boosts the facilitys capacity by 36% to 340,000upa and brought 200
new jobs to the plant.
In June Fords new flexible Rayong plant in Thailand officially began operations with the launch of the new
Ford Focus. Ford invested US$450m in the new Thai plant, its second in the country. Rayong is Fords fifth
plant globally to build the new Focus, joining plants in Chongqing, China; Saarlouis, Germany; St Petersburg,
Russia, and Wayne, Michigan. The Thai-built focus will be sold cross the ASEAN region, Australia, New
Zealand and South Africa. Sales of the model begin in Thailand in August.
Also in June the company announced the planned closure of its Santa Anna plant in the Philippines in
December. The plant builds the Ford Escape. After the closure Ford will continue to supply vehicles for the
Philippine market from its facilities elsewhere in the region, particularly Thailand.
Despite this closure the company is considering opening a plant in Indonesia, a market where car demand is
slightly lower than in Thailand but is expected to grow larger soon.
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
26
Fuji Heavy Industries (Subaru)
FINANCIAL NEWS
Year to March 2012
The effects of the Great East Japan earthquake and tsunami, as well as the floods in Thailand have distorted all the
Japanese OEM results for 2011/12 to some extent though the strength of the yen is a longer term concern.
In FHIs case revenue for the year was just 4% lower as sales fell by 2.6% to 640,000 units. The full-year
performance was helped by a strong fourth-quarter which saw revenue grow by 20% as sales rose by 23%.
Figure 10: FHI results
Fuji Heavy Unit Yr to Mar 12 Q4-11/12 9Mo-11/12 H1-11/12
Group data Data % ch. Data % ch. Data % ch.
Revenue bn 1,517.1 (4.0) 487.7 20.1 1,029.4 (12.4)
Operating profit bn 44.0 (47.8) 16.1 51.2 27.9 (62.1)
Pre-tax profit bn 52.9 (16.3) 5.8 - 47.0 (34.9)
Net profit bn 38.5 (23.6) 1.7 - 36.8 (37.1)
Employees 000's 27.66 0.0 27.66 0.0 27.74 0.0
Unit sales 000's 640.0 (2.6) 208.0 23.1 432.0 (11.5)
Domestic 000's 172.0 8.9 58.0 45.0 114.0 (3.4)
Overseas 000's 468.0 (6.2) 150.0 16.3 318.0 (14.1)
Per unit
Revenue mils 2.37 (1.5) 2.34 (2.4) 2.38 (1.0)
Operating profit mils 0.07 (46.4) 0.08 23 0.06 (57)
Pre-tax profit mils 0.08 (14.1) 0.03 (152) 0.11 (26)
Net profit mils 0.06 (21.6) 0.01 (117) 0.09 (29)
Per employee
Revenue mils 54.84 (4.0) 17.63 20.1 37.11 (12.4)
Operating profit mils 1.59 (47.8) 0.58 51 1.00 (62)
Pre-tax profit mils 1.91 (16.3) 0.21 (164) 1.70 (35)
Net profit mils 1.39 (23.6) 0.06 (121) 1.33 (37)
Sales units 23.1 (2.6) 7.5 23.1 15.6 (11.5)
Return on revenue
Operating profit % 2.9 (2.4) 3.3 0.7 2.7 (3.5)
Pre-tax profit % 3.5 (0.5) 1.2 3.4 4.6 (1.6)
Net profit % 2.5 (0.6) 0.3 2.3 3.6 (1.4)
Revenue by division
Automobile bn 1,392.0 (4.3) 449.7 22.7 942.3 (13.4)
Aerospace bn 80.3 (3.1) 25.1 (12.0) 55.1 1.6
Industrial bn 33.7 12.1 8.5 18.4 25.2 10.0
Other bn 27.4 (4.6) 9.3 19.8 18.1 (13.6)
Intra-company bn (16.3) 3.2 (5.0) 20.0 (11.3) (2.8)
Op. profit by division
Automobile bn 39.4 (51.0) 14.2 66.7 25.2 (64.9)
Aerospace bn 2.9 27.7 1.3 (47.8) 1.5 -
Industrial bn 0.5 - 0.0 (128.8) 0.5 310.8
Other bn 1.0 (29.7) 0.3 (192.6) 0.7 (60.3)
Intra-company bn 0.2 92.6 0.2 241.0 (0.1) -
Notes: (1) Q1 is Apr-Jun, Q2 is Jul-Sep, Q3 is Oct-Dec, Q4 is Jan-Mar (2) % ch is change versus year-ago data
(3) Full-year data taken from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
H1-11/12 Yr to Mar 11
Data % ch.
655.0 (18.5)
18.8 (67.3)
40.2 (27.8)
32.8 (27)
27.74 0.0
265.9 (19.7)
72.6 (18.0)
193.3 (20.4)
2.46 1.5
0.07 (59)
0.15 (10)
0.12 (8)
23.61 (18.5)
0.68 (67)
1.45 (28)
1.18 (27)
9.6 (19.7)
2.9 (4.3)
6.1 (0.8)
5.0 (0.5)
595.6 (19.9)
37.4 0.0
17.4 5.8
12.0 (16.9)
(7.4) (2.8)
17.1 (69.3)
1.0 92.0
0.3 171.7
0.4 (70.2)
0.1 (1,383.3)
(3) Full-year data taken from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
Yr to Mar 11 Q4-10/11
Data % ch.
1,580.6 10.6
84.1 207.6
63.2
50.3
27.66 (0.3)
657.0 16.7
158.0 (7.6)
499.0 27.3
2.41 (5.2)
0.13 163.6
0.10
0.08
57.13 10.9
3.04 208.4
2.29
1.82
23.7 17.0
5.3 3.4
4.0 4.0
3.2 4.3
1,454.7 12.2
82.8 (11.2)
30.1 25.5
28.7 (3.7)
(15.8) 4.8
80.4 270.2
2.3 (53.1)
(0.1) (97.9)
1.5 (42.9)
0.1 (88.4)
(3) Full-year data taken from annual report may not reconcile to quarterly data due to restatements. (4) Per Unit & Per Employee data include non-automotive op's
Section 1: Company updates
Passenger Car OEM Quarterly Data Book Q2-2012
27
Full year operating profit dropped by 47.8% to 44bn. The net decline of 40.1bn reflects:
(42)bn adverse exchange rates;
(5.2)bn - higher R&D expense;
8.0bn lower selling expenses;
1.2bn - improved sales mix;
(2.2)bn other.
Net profit of 38.5bn was 23.6% lower, a smaller decline than at the operating level due to a non-recurring gain of
26.1bn from the sale of a building.
Outlook
Although the company anticipates tough trading conditions in 2012/13 it expects sales of its Subaru vehicles to rise
12.7% to an all-time high of 721,000 units due to healthy sales of the new Impreza as well as sales growth in
passenger vehicles (i.e. not minicars) in Japan and overseas markets with new product launches.
This increase is expected to underpin a 22.6% rise in consolidated revenue to 1,860bn which in combination with
cost-reductions is expected to boost operating income by 52.4% to 67.0bn. Although a significant rise in
percentage terms 67bn will only represent a margin of 3.6% which is not only weak by the standards of FHI's
peers but also in comparison with the company's own margins in many previous years.
The projections for 2012/13 are based on assumed foreign exchange rates of 80 per US dollar and 105 per Euro.
At the time of writing these assumptions were close to market rates.
Corporate news
In May FHI announced the progress of its five-year management plan, Motion-V, for the five years ending March
31, 2016. The company noted that since the plan was first developed, there have been business environment
changes such as a better-than-expected sales growth in major markets, centred on North America, a delay in
establishing local production in China and the stronger yen exchange rate in world markets. Therefore it has
included additional measures in r