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Vehicle Pricing in the New Automotive Reality | Accenture

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Vehicle Pricing in the New Automotive Reality | Accenture VEHICLE PRICING IN THE NEW AUTOMOTIVE REALITY How e-commerce, direct sales, and electric cars are radically transforming pricing for new vehicles Summary For automakers, the COVID-19 episode will be followed by an ever-accelerated transformation towards e-commerce, direct sales, and electrification. This shift will bring massive changes to both price models and price setting for cars. In this study, we investigate this transformation, surveying more than 1,100 potential electric vehicle buyers in Europe and talking to leading industry experts who have already begun applying new pricing logics. Based on six fundamental premises about pricing in the future, we have developed a transformation roadmap for pricing in markets that are increasingly omni-channel, direct to customer, and electric. Preface With advancements in e-commerce, direct sales, Since the transformation in sales and pricing and electric vehicles, the automotive industry is has already started, we believe that this point of radically changing. New players like Byton are view will help our partners and clients to lay the leading this change into an omni-channel and foundation for future success. direct sales model with electric vehicles. Accenture Strategy and Byton joined forces to rethink vehicle Munich & Kronberg, August 2020 pricing in this new automotive reality. Based on our global network of leading industry experts and innovative start-ups as well as best practice and conceptual elaborations, we developed six fundamental premises of future pricing. Jointly, we bolstered these premises with a quantitative Johannes Trenka, study surveying more than 1,100 actual Byton Accenture Strategy Managing Director prospects using Byton’s European sample of potential electric vehicle customers. In this point of view, we focus on the role of pricing in the new automotive reality. Of course, the impact of e-commerce, direct sales, and electric mobility is much wider, disrupting the Gerald Krainer, business models of many established players Byton Director Go-to-Market Europe in the automotive ecosystem. We will cover this in an upcoming publication. 1. The changing automotive sales landscape: Three megatrends are disrupting conventional pricing Over decades, pricing in the automotive industry Figure 1: Three megatrends are disrupting has barely changed. Based on what the brand conventional pricing positioning allows, OEMs set a sky-rocket list price which is gradually discounted at the different sales levels, until the customer haggles for the best deal at a retailer of choice. Since e-commerce and powerful online platforms increased price transparency in recent years, transaction prices have experienced a race to the bottom. In addition, greenfield players 1 E-Commerce 2 Direct Sales such as Tesla are pursuing “direct to customer” (D2C) sales (D2C) and established OEMs like Daimler are PRICING increasingly following in order to cut costs of retail. This has led to new price strategies such as a “fixed price approach”. Lastly, with more electric vehicles (EVs) on the market, established vehicle segments and pricing mechanisms are changing. While automotive sales already slowed down in 2019 (-4% from 2018), a severe hit of at least 20% 3 Electric Vehicles is expected in 2020 due to COVID-19. At the same (EV) time, e-commerce, D2C, and EVs are kicking in simultaneously disrupting automotive pricing. Figure 2: Three megatrends and their implications on vehicle pricing MEGATRENDS IMPLICATIONS ON PRICING 1. E-Commerce • Full price transparency due to increased comparability of different brands Customers want end-to- and offers end online experience • Increased price competition (incl. intra-brand) due to third-party platforms along their journey • Fewer options for price negotiations due to full online journey • OEM transaction price responsibility since agents usually are not allowed 2. Direct Sales (D2C) to give discounts OEMs accelerate shift to direct sales due to strategic • Price harmonization across channels due to central price control and financial considerations • Advanced analytics-based pricing due to availability of data previously held by the dealer • Limited flexibility in price setting due to higher base price and fewer upgrade 3. Electric Vehicles (EV) options vs. internal combustion engines (ICEs) Increasing penetration of • New vehicle economics due to differences in residual value and potentially EVs means new challenges slower depreciation vs. comparable ICEs and opportunities • New segment type as pure EVs define new categories and cannot be priced against competition 3 Study Approach In this study, we surveyed more than 1,100 potential buyers of EVs across Europe about their vehicle usage, channel preferences, and expectations regarding different forms of vehicle ownership or access. Figure 3: Sample of quantitative survey AGE COUNTRY 1 CURRENT RAND 18-29 Years 34 Norway 06 BMW 1 Germany 256 Tesla 121 30-39 Years 163 Switzerland 99 Volkswagen 10 40-49 Years 14 Austria 43 Mercedes-Ben 90 50-59 Years 12 Netherlands 38 Audi 78 60-69 Years 190 France 2 Hyundai 1 70 Years 36 Other 11 Other brand 1 and older 66 have pre-ordered an EV 71 use their vehicle daily 1 The sample is biased towards Norway, a pioneer market for EVs in Europe. Expert Interviews Further, we interviewed the C-Suite from disruptive industry players and ecosystem partners. Figure 4: Interview partners Georg Bauer Andrea Castronovo Co-Founder & President CEO, Alphabet Italia Industry Relations, Fleet Management SpA Fair Stefan Eling Nico Polleti Director Captive Mobility, CEO & Founder, Santander Consumer Cluno Bank Philipp Sayler von Amende Tien Tzuo CEO & Co-Founder, CEO & Founder, Carwow Zuora 4 1.1 Customers want an end-to-end • Fewer price negotiations: Since online journeys online experience offer fewer options to negotiate, OEMs and dealers need to focus even more on setting and Accustomed to the customer-centric business communicating the “right” prices through their models of e-commerce firms such as Amazon or e-commerce channels. Airbnb, consumers are increasingly demanding convenient end-to-end online journeys in the automotive industry as well. 1.2 OEMs accelerate shift to D2C Established OEMs and dealers have been slow to Players in other industries (e.g. Zara in fashion, react and are having a hard time meeting changing Nespresso in FMCG) have demonstrated the customer demands. At the same time, greenfield importance of control over sales channels as well OEMs (e.g. Tesla, Byton NIO) and third parties like as transaction prices, and, as a result, they’ve set rental firms (e.g. SIXT), platforms (e.g. Carwow), and up omni-channel customer journeys years ago. In white label offerings (e.g. Rockar, Roadstar) address automotive, Tesla and other industry disruptors consumers’ expectations. They offer new, digitally launched D2C models, and traditional OEMs have enabled sales approaches that promise hassle-free, begun to move from indirect to direct sales models enjoyable experiences for customers. Even the (see Figure 5). financial service provider Santander has announced plans to launch its own online platform for used Increasing pressure to lower costs, which is cars in Germany. As companies shift toward intensified by COVID-19, has led many OEMs to dedicated e-commerce, there are significant rapidly accelerate their journey to D2C sales. Unlike implications on pricing: greenfield disruptors, established OEMs face huge organizational transformation challenges when • Full price transparency: Through e-commerce, shifting to D2C because the change affects a wide different brands and models become directly range of business areas and functions (e.g. stock comparable at a fingertip for customers. management, logistics, invoicing). • Increased price competition: Third-party platforms increase price competition (also among dealers of the same brand, referred to as “intra- brand competition”), since not only list prices, but also the final transaction prices, including dealer discounts, become directly comparable with just a few clicks. Figure 5: D2C initiatives in the automotive industry ESTABLISHED OEMS SPIN-OFFS DISRUPTORS HONDA DAIMLER TOYOTA BMW VW GROUP BMWi GENESIS LYNK POLESTAR TESLA NIO BYTON Market New Zealand South Africa New Zealand South Europe Europe Canada China Europe Global China China Australia Sweden Africa Japan Korea USA Austria China Rest of Europe Go-live 2000 / 2017 / 2019 / 2018 2020 2020+ 2013 / 2017 2017 2019 / 2012 2018 2020+ 2021 2021 / 2025+ 2018 2020 Scope All All All All Selected All All All All All All All (Models) 5 Obviously, D2C sales has important implications With improving battery range and charging on pricing: infrastructure, as well as new government subsidies with the onset of the COVID-19 pandemic, the • Control of transaction price by OEMs: OEMs breakthrough of electromobility has arrived. get central price control, requiring a ramp up of pricing capabilities for setting discounts and For vehicle pricing, this means: tacticals (in indirect sales, those are within the realm of the dealer). • Limited flexibility in price setting:Base prices of EVs are higher today than for comparable • Price harmonization across channels: OEMs vehicles with internal combustion engines, given need to steer and harmonize transaction prices the still high cost of batteries (which over time will across multiple sales channels (e.g. online car likely decrease). In addition, engine components configurator, e-commerce store, retail). cannot be differentiated by various
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