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Asian Automotive Newsletter ASIAN AUTOMOTIVE NEWSLETTER MARCH 2010, ISSUE 62 A Quarterly newsletter of developments in the auto and auto components markets As the global auto industry struggles, Business Development Asia LLC (“BDA”) C ONTENTS emerging Asia has remained the single is an investment banking firm which CHINA ............................. 1 significant growth region. China particularly specialises in executing cross-border I NDIA .............................. 3 is beginning to develop into a powerful force transactions involving Asia, including JAPAN ............................. 4 in the international auto market. Chinese acquisitions, divestments, JVs and auto suppliers have traditionally been firmly restructurings. We have offices in all of KOREA ............................. 4 focused on their home market, but this is the major Asian automotive markets, as MALAYSIA ........................ 4 finally changing with a number turning up well as in Bahrain, London and New York. TAIWAN ........................... 4 as bidders, sometimes successful ones, If you are interested to discuss any of the for Western assets. Don’t expect this turn articles in this newsletter, please contact into a tidal wave, but do expect steady and me directly. significant growth as Chinese companies start to join Indian companies on the global Charles Maynard acquisition trail. Senior Managing Director, [email protected] China Auto Stock Indices for Selected Countries (12 months by 15Mar10) 300 Audi, a luxury brand of German automaker Volkswagen, plans to lift production US capacity in China to 250,000 cars per 250 Korea year by 2011 to meet the surging demand in the Chinese market through its JV, China 200 FAW Volkswagen, with FAW, a Chinese India automaker. February 1, 2010 150 Japan Beijing Benz-DaimlerChrysler A u t o m o t i v e , t h e C h i n e s e c a r 100 manufacturing JV between German Euro automaker Daimler AG and Chinese Beijing Automotive Industry Holding 50 Corp (“BAIC”), plans to triple its capacity Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 to 100,000 units of Mercedes-Benz branded vehicles. December 14, 2009 Source: ThomsonOne Brilliance Auto, a Chinese automaker, 2 AS I A N A U T O M OT I VE NEWSLETTER M ARCH 2010, ISSUE 62 Auto Trading Multiples for Selected Countries (15Mar10) Ford for US$2bn. February 2, 2010 45.0x Geely plans to invest US$300m over 39.7x 40.0x 38.1x the next three years to expand its 35.0x manufacturing capacity at its Lanzhou plant in Gansu province. January 18, 2010 30.0x 25.5x 25.0x 22.5x Great Wall Motor, a Chinese automaker, 20.0x plans to establish an assembly plant 16.0x 12.3x 15.0x 13.0x in Moscow, Russia in 2010 with an 12.4x 10.6x 9.9x 10.9x 8.7x investment of US$25m. The investment 10.0x is part of Great Wall Motor’s strategy to 5.0x re-establish its presence in Russia and 0.0x occupy 10% share of the sedan market China India Japan Korea US EU in the country. December 10, 2009 EV/EBITDA P/E Source:ThomsonOne LG Chemical, Korea’s largest chemical manufacturer, has entered into an plans to invest US$1.8bn in 2010 and expand its production capacity. February agreement with China based Chongqing 2011 to increase capacity and develop 17, 2010 Changan Automobile, to supply hybrid new product lines for BMW Brilliance car batteries. February 6, 2010 Automotive, the Chinese JV between Dongfeng Honda, a JV between Chinese BMW and Brilliance China. February 2, automaker Dongfeng Motor Group and Mahindra Yueda Tractor, the Chinese 2010 Japanese automaker Honda, plans to 51:49 tractor manufacturing JV between build a second plant for US$168m to India’s largest tractor and farm equipment BYD Co, a Chinese car and battery maker increase Honda CRV production in China. manufacturer, Mahindra & Mahindra and that is 10% owned by Warren Buffett’s January 20, 2010 Chinese SOE automaker Yueda Group, Berkshire Hathaway, plans to invest plans to invest US$40m to set up a US$3.3bn over the next five years to Ford, the US automaker, Mazda, the new R&D center, engine plant and to build China’s largest solar cell production Japanese automaker and Chongqing modernize its tractor unit at Yancheng, base in Shaanxi province, China. January Changan Automotive, a Chinese auto China. December 22, 2009 23, 2010 manufacturer, have agreed to split up their 35:15:50 JV in China, Changan Ford SAIC Motor, a Chinese automaker and Chang’an Motor Corp, China’s fourth Mazda, by 2012. Mazda and Ford have Geely, a Chinese automaker, plan to form largest automaker, is in talks with French agreed to spin off the JV’s manufacturing car part JVs with US based companies, auto manufacturer PSA Peugeot-Citreon, site in Nanjing as a 50-50 JV between A123 Systems and Johnson Controls to form the French company’s second JV Mazda and Chongqing; while Ford and respectively. Shanghai Advanced in China. February 9, 2010 Chongqing will run the JV’s other factory Traction Battery Systems, the 51:49 JV in China. January 18, 2010 between SAIC and A123, will develop Chery Automobile, a Chinese automaker, battery systems for hybrid-electric plans to invest US$2.9bn in Ordos, in the Geely, a Chinese automaker, plans to and electric vehicles made by SAIC. Inner Mongolia autonomous region, to acquire Swedish automaker Volvo from The Geely - Johnson Controls JV will 3 AS I A N A U T O M OT I VE NEWSLETTER M ARCH 2010, ISSUE 62 manufacture vehicle seats in China. Auto Price/Revenue Ratios for Selected Countries (15Mar10) December 18, 2009 3.5x Volkswagen and Chinese automotive 3.0x partner FAW Group, plan to build a 3.0x plant in Guangzhou to manufacture Volkswagen’s Seat range of cars. The 2.5x investment is part of Volkswagen’s plans 2.2x to invest US$5.7bn in China to expand its 2.0x capacity and to increase its R&D activities 1.5x in the country. January 20, 2010 1.2x 1.0x WABCO, a US-based auto parts supplier, 0.6x 0.5x will supply parts to Chinese automaker, 0.5x 0.4x Chery Automobile. WABCO will supply 0.0x vacuum pumps for the brakes on diesel China India Japan Korea US EU and gasoline cars from its Qingdao-based facility to Chery. November 30, 2009 Source: ThomsonOne Xiamen King Long United Automotive vehicles. December 14, 2009 remaining 50% in TACO Faurecia Design Industry, a major Chinese bus maker, Center, Faurecia’s JV with Indian auto plans to establish its first European Bajaj Auto, an Indian motorcycle components manufacturer Tata Auto vehicle assembly in Hungary. The manufacturer, plans to acquire an Components. January 20, 2010 assembly plant, likely to be implemented additional stake in Austrian motorcycle by June 2010, would produce 730 buses manufacturer, KTM. Bajaj Auto already General Motors India, a subsidiary of per year and will cater primarily to the holds a 30% of KTM. February 7, 2010 the US carmaker, General Motors, plans European market. December 21, 2009 to double the capacity of its Talegaon, Bosch, a German auto components Maharashtra plant from 200 units a day Zhejiang Jonway Automobile, a Chinese manufacturer, plans to invest US$450m to 400 units per day. February 12, 2010 automaker and Zap, a US-based electric in its Indian operations between 2010 car maker, have agreed to jointly produce and 2012, of which 25% will be spent on Honda Siel Cars India, a subsidiary electric SUVs, cars and other electric R&D. January 4, 2010 of Japanese carmaker Honda, plans vehicles in China for the Chinese, North to establish a US$215m plant in India American and European markets. January Carnation Auto, an Indian car service to increase capacity by 60,000 units. 22, 2010 provider, has partnered with Fiat February 12, 2010 Group’s Magneti Marelli, an automotive components and systems provider, to Mahindra & Mahindra, an Indian India service premium cars in India. December automaker, plans to enter the high-end Ashok Leyland, an Indian commercial 18, 2009 motorcycle segment in India and is in vehicle manufacturer, has established discussions with motorcycle companies, a US$250m plant in Uttarakhand to Faurecia, a French auto components UK-based Triumph and Italian Moto Guzzi, manufacture heavy-duty multi-axle manufacturer, has acquired the to manufacture sports motorcycles. 4 AS I A N A U T O M OT I VE NEWSLETTER M ARCH 2010, ISSUE 62 M&M is also working with Taiwanese safety solutions, plans to acquire the Hyundai Motor Company, the Korean motorcycle manufacturer, SYM, to remaining 40% of its US$35m Japanese automotive manufacturer, plans to manufacture entry-level motorcycles. JV Autoliv Nichiyu, a manufacturer establish a 50:50 commercial vehicle JV January 31, 2010 of airbag inflators for the domestic with Chinese truck manufacturer Baotou Japanese market. Autoliv Nichiyu would Bei Ben Heavy-Duty Truck with a total Mitsubishi Motors, a Japanese auto be renamed as Autoliv Aichi. January 20, investment of US$400m. December 20, company, has sold its remaining 3% 2010 2009 stake in Eicher Motors, an Indian manufacturer of commercial vehicles, Continental, an international automotive SeoJin Clutch Corp , a Korean to Eicher Motors’s Indian owners for supplier, increased its stake in manufacturer of clutches, flywheels US$12m. Eicher’s Indian owners’ stake Continental Automotive, its Japanese JV and auto transmission components, will rise to 56%. December 4, 2009 with Nisshinbo Holdings, the Japanese acquired 35.1% of Ecoplastic Corp, conglomerate, from 51% to 60%, for an a Korean manufacturer of automobile Ruia Group, an Indian auto component undisclosed consideration.
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