DOCSLIB.ORG

BYD Finally 1012-3.Pages

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
BYD Finally 1012-3.Pages CFA Institute Research Challenge Hosted in Chengdu Southwest University for Nationalities Student Research Manufacturing Sector: New Energy Industry This report is published for educational purposes only by students Hong Kong Exchange (HKEx) competing in The CFA Institute Research Challenge BYD Company Limited Date:31-Aug-2016 Closing Price: HKD54.00 Recommendation: BUY (20.17% upside) Ticker: BYDHK: Wind Database CNY1.00: HKD1.18 Target Price: HKD64.89 (CNY54.86) Executive Summary Table 1: Market Profile BYD Company (Hong Kong) Limited (BYDHK or the Company) is a Chinese manufacturing Market Profile company, which covers three main areas: Automobile Business (AB), Handset Components and Assembly Services (HC&AS), and Rechargeable Battery and Photovoltaic Business (RB&PB). Closing Price HKD54.00 Investment Recommendation 52-Week High/Low HKD54.00/HKD30.50 We issue a Buy recommendation on BYDHK with a four-month target price of HKD64.89, that is Average Volume(1Y) 6,122,016 20.17% over its August 31, 2016 closing price of HKD54.00. Our target price is primarily based on: Diluted Shares Out 2,728,142,855 Investment Thesis and Outline Market Cap(HKD in Backed by a promising industry outlook, BYDHK continues its leading position in new energy Millions) 16,436 industry. The combination of the Sum-of-The-Parts valuation and current market view of BYDHK’s Beta 1.19 every sector suggest that the stock price of BYDHK is undervalued. This represents an opportunity EV/EBITDA 24.52 to invest in China’s new energy industry. After determining BYDHK’s exposure and mitigants to P/B 3.88 investment risks and evaluate the corresponding impacts on valuation, we arrived a Buy recommendation. P/E 44.37 • Promising Industry Outlook, with the rising concern over environmental and energy problems, Source: Wind Database and strong policy support for new energy industry, the demand of new energy market is on the rise. Table 2: Valuation • Leading Position in New Energy Vehicle (NEV) Market, BYDHK occupied the market share Valuation of around 27% of Chinese NEV market, and with its advanced battery technology and vertical integration ability, and independent research and development (R&D) technologies which will Valuation DCF Multiples soon be used in every BYDHK’s NEV, it is believed that this will enhance BYDHK’s competitive Estimated Price HKD74.60 HKD55.18 position and will at least secure BYDHK’s market share. - Weights 50% 50% BYDHK is expected to reach RMB122.8 billion in NEV market by 2020. - In HC&AS field, BYDHK will get more orders from manufactures in its filed through its new Target Price HKD64.89 material and advanced technologies. Source: Team Calculations • Highly Integrated Business Mode, BYDHK believes through integrating solar power, energy storage and electrified transportation together can achieve company’s main strategy, this will drive BYDHK: Figure 1: Monte Carlo Simulation - More competitive in energy field by reducing manufacturing costs. 30000 - Sell Hold Buy Fully integrating new energy market from electric power generation to electric storage, and 25000 4.19% 35.21% 60.6% finally to electric applying in NEVs and other fields. 20000 • Sum-of-the Parts Valuation, using the Discounted Cash Flow (DCF), and three ways of 15000 Relative Multiples Valuation to value AB, HC&AS and RB&PB separately. Frequency 10000 • Investment Risks, including regulatory, market, and operational risks that were assessed 1) for 5000 impact and likelihood and subsequently ranked in a risk matrix, and 2) modeled through a Monte Carlo simulation. 0 - The results of the Monte Carlo simulation show: 60.6% of the simulations support a buy recommendation, 35.21% support a hold recommendation, and 4.19% support a sell Sell Hold Buy recommendation. Source: Team Calculations Table 3: Key Financials and Ratios Figure 2: Share Price Movement Key Financials and Ratios 70 4500 2014 2015 2016F 2017F 2018F 2019F 2020F 4000 60 RevenueҁCNY in Billions҂ 55.4 77.6 101.5 120.9 145.6 177.0 217.1 3500 50 3000 Net ProfitҁCNY in Billions҂ 0.7 3.1 5.2 7.3 10.0 13.4 17.8 40 2500 Net Profit Maigin 1.34% 4.04% 5.15% 6.03% 6.86% 7.57% 8.21% 2000 30 Fixed Asset Turnover 1.49 1.99 2.15 2.31 2.46 2.60 2.74 Price Per Share 1500 Hang Seng IndexHang Seng 20 Long-term Liabilities to Assets 0.12 0.10 0.06 0.05 0.03 0.02 0.02 1000 10 500 Interest Coverage 1.53 3.07 3.80 4.71 5.72 6.43 7.05 0 0 Earnings Per Share (EPS) 0.18 1.12 1.75 2.48 3.42 4.61 6.16 BYDHK HSCI.HI Return on Equity (ROE) 2.56% 8.71% 9.33% 11.47% 13.52% 15.29% 16.86% Source: Wind Database Source: Company Data,Team Calculations !1 Figure 3: Milestones of BYDHK Business Description Founded in February 1995, BYDHK was listed on Hong Kong Stock Exchange and Shenzhen Stock 1995: BYD Company founded, with capital Exchange in July 2002 and June 2011, respectively (Figure 3). BYDHK principally engaged in AB of RMB2.5 million and 20 members including traditional fuel-powered vehicles and NEV, as well as handset, computer components and assembly services, and BYDHK is also developing other new energy products such as rechargeable battery (RB), solar power station, energy storage station, LED business, etc. 2002: Listed on the Hong Kong Stock Exchange Main Board (1211.HK) Currently, BYDHK has nearly 200,000 employees and 22 industrial parks in the globe. BYDHK has reached revenue of RMB43,745 million in the first half of 2016 (1H16) (Figure 4), representing a year on year (YoY) increase of 43.74%, having made a profit of RMB2,260 million with YoY growth 2003: Purchased Xi’an Tsinchuan of 384.23%. The earnings per share was RMB0.87, implying a YoY increase of 359.90%. Automobile Company Limited Automobile Business In 2003, BYDHK purchased Xi’an Tsinchuan Auto Co.,Ltd and formed the present BYD Auto Co.,Ltd, 2007:BYD-E listed on the Hong Kong Stock which formally symbolized its entry into the vehicle manufacturing and selling. Nowadays, BYDHK Exchange Main Board(0285.HK) has established six industrial parks of auto industry. The automobile products include high, medium and low end of fuel cars, and also include auto mold, auto parts, dual model electric vehicles and 2008: Warren Buffett invested $232 pure-electric vehicles. The total sales volume of car increased to 180,000 with the YoY growth of million to take a 9.89% stake in BYDHK -14.28% in 1H16 (Figure 5). Comparing with the decline in sales volume of fuel cars, NEV has realized a rapid growth, whose sales volume has increased to 49,000 with YoY growth of 130.74% and ranks the first in the world reaching out to 190 cities in 43 countries of six continents. In public 2011 BYD (002594.SZ) was listed on the Shenzhen Stock Exchange transportation, BYDHK will continue to expand the application of pure-electronic buses and taxis in global markets. BYDHK has successively won the UN-DESA Energy Grant and Zayed Future Energy Prize since its popularization and application of the green energy. 2014: BYDHK announced the “5-4-2 Initiative” for NEV Handset Components and Assembly Services As one of the most comprehensively competitive HC&AS suppliers around the world, BYDHK provides vertically integrated one-stop services from whole product design, component 2015: BYDHK launched “7+4” Vehicle manufacturing to assembly services for both domestic and overseas markets, and also provides Electrification Strategy other electronic products’ design, component production and assembly services. According to the interim report in 2016, this business realized a revenue of approximately RMB16,293 million, of Source:Company Data which 95.03% came from its holding company-BYD Electronic (International) Company Limited (BYD-E) (Figure 7). Handset assembly mainly including EMS and ODM and metal casing are the products that contribute most to the revenue of this business. Rechargeable Battery and Photovoltaic Business Figure 4: 1H16 Revenue Breakdown BYDHK’s RB business mainly includes the lithium-ion battery and nickel battery, which are widely used on handsets, digital cameras, power tools, electric toys and all areas of portable electronic devices. And, BYDHK also actively researches on and develops power batteries, energy storage batteries and solar battery products to be applied in the NEV, storage power station and photovoltaic power station. The company focuses on the new energy chains to provide clients with the integrative solutions in power generation, storage, transmission and utilization. Several solar programs of BYDHK have already successively operated in the international markets, including the United States, German, Japan, United Kingdom, Indian and South Africa, having recorded the revenue of RMB4.06 billion in 1H16 and turned around with a profit (Figure 8). Meanwhile, BYDHK has its advanced Double-glazed Solar Photovoltaic module technology, which has a longer product life cycle and more durable than other products. Strategy • Three Green Energy Dreams. This is the final vision of BYDHK to realize the zero emission, zero pollution, green energy solutions of the whole industry chain from power generation, storage, transmission to usage (Figure 9). Source: 2016 Interim Report • The Strategy of Vigorously Developing the NEVs - BYDHK put forward the “7+4” Vehicle Electrification Strategy (“7+4”) (Figure 6), sparing no efforts to realize the market diversification. “7+4” refers to popularizing the NEV and realizing its overall coverage in seven conventional fields (private cars, buses, taxis, sanitation vehicles, urban commodity logistics, passengers transportation and urban construction logistics) and four specialized fields (warehousing, mines, ports and airports).
Load more

Recommended publications
  • Volvo Cars and Geely Auto to Deepen Collaboration
    Volvo Cars and Geely Auto to Deepen Collaboration VOLVO CAR AB STOCK EXCHANGE RELEASE 24 FEBRUARY 2021 AT 14:30 CET Volvo Cars and Geely Auto have agreed on a wide-ranging collaboration that will maximise the strengths of the Swedish and Chinese automotive groups, delivering synergies in powertrains, sharing of electric vehicle architecture, joint procurement, autonomous drive technologies and aftersales. • Powertrain operations to be combined in new company focused on next-generation hybrid systems and internal combustion engines • Expanded use of shared modular architectures for electric vehicles (EVs) • Enhanced collaboration in autonomous and electric drive technologies • Joint procurement to cut purchasing costs • Lynk & Co to expand globally by utilising Volvo distribution and service network • Companies to retain independent corporate structures Following a detailed review of combination options, Volvo Cars and Geely Auto have concluded they can secure new growth opportunities in their respective markets and meet evolving industry challenges through deeper cooperation, while preserving their existing separate corporate structures. The deeper collaboration will enable existing stakeholders and potential new investors in Volvo Cars and Geely Auto to value their respective standalone strategies, performance, financial exposure and returns. We will also have the opportunity to explore capital market options. The collaboration will be overseen by a new governance model, supported by Geely Holding, the lead shareholder in both companies. Volvo Cars and Geely Auto confirmed the combination of their existing powertrain operations into a new standalone company. The company, expected to become operational this year, will provide internal combustion engines, transmissions, and next-generation dual-motor hybrid systems for use by both companies as well as other automobile manufacturers.
    [Show full text]
  • Analysis of the Dynamic Relationship Between the Emergence Of
    Annals of Business Administrative Science 8 (2009) 21–42 Online ISSN 1347-4456 Print ISSN 1347-4464 Available at www.gbrc.jp ©2009 Global Business Research Center Analysis of the Dynamic Relationship between the Emergence of Independent Chinese Automobile Manufacturers and International Technology Transfer in China’s Auto Industry Zejian LI Manufacturing Management Research Center Faculty of Economics, the University of Tokyo E-mail: [email protected] Abstract: This paper examines the relationship between the emergence of independent Chinese automobile manufacturers (ICAMs) and International Technology Transfer. Many scholars indicate that the use of outside supplies is the sole reason for the high-speed growth of ICAMs. However, it is necessary to outline the reasons and factors that might contribute to the process at the company-level. This paper is based on the organizational view. It examines and clarifies the internal dynamics of the ICAMs from a historical perspective. The paper explores the role that international technology transfer has played in the emergence of ICAMs. In conclusion, it is clear that due to direct or indirect spillover from joint ventures, ICAMs were able to autonomously construct the necessary core competitive abilities. Keywords: marketing, international business, multinational corporations (MNCs), technology transfer, Chinese automobile industry but progressive emergence of independent Chinese 1. Introduction automobile manufacturers (ICAMs). It will also The purpose of this study is to investigate
    [Show full text]
  • Fulbright-Hays Seminars Abroad Automobility in China Dr. Toni Marzotto
    Fulbright-Hays Seminars Abroad Automobility in China Dr. Toni Marzotto “The mountains are high and the emperor is far away.” (Chinese Proverb)1 Title: The Rise of China's Auto Industry: Automobility with Chinese Characteristics Curriculum Project: The project is part of an interdisciplinary course taught in the Political Science Department entitled: The Machine that Changed the World: Automobility in an Age of Scarcity. This course looks at the effects of mass motorization in the United States and compares it with other countries. I am teaching the course this fall; my syllabus contains a section on Chinese Innovations and other global issues. This project will be used to expand this section. Grade Level: Undergraduate students in any major. This course is part of Towson University’s new Core Curriculum approved in 2011. My focus in this course is getting students to consider how automobiles foster the development of a built environment that comes to affect all aspects of life whether in the U.S., China or any country with a car culture. How much of our life is influenced by the automobile? We are what we drive! Objectives and Student Outcomes: My objective in teaching this interdisciplinary course is to provide students with an understanding of how the invention of the automobile in the 1890’s has come to dominate the world in which we live. Today an increasing number of individuals, across the globe, depend on the automobile for many activities. Although the United States was the first country to embrace mass motorization (there are more cars per 1000 inhabitants in the United States than in any other country in the world), other countries are catching up.
    [Show full text]
  • Freedom to Move in a Personal, Sustainable and Safe Way
    VOLVO CAR GROUP ANNUAL REPORT 2020 Freedom to move in a personal, sustainable and safe way TABLE OF CONTENTS OVERVIEW 4 2020 Highlights 6 CEO Comment 8 Our Strenghts 10 The Volvo Car Group 12 Our Strategic Affiliates THE WORLD AROUND US 16 Consumer Trends 18 Technology Shift OUR STRATEGIC FRAMEWORK 22 Our Purpose 24 Strategic Framework HOW WE CREATE VALUE 28 Our Stakeholders 30 Our People and Culture 32 Product Creation 38 Industrial Operations 42 Commercial Operations MANAGEMENT REPORT 47 Board of Directors Report 52 Enterprise Risk Management 55 Corporate Governance Report FINANCIAL STATEMENTS 60 Contents Financial Report 61 Consolidated Financial Statements 67 Notes to the Consolidated Financial Statements 110 Parent Company Financial Statements 112 Notes to the Parent Company Financial Statements 118 Auditor’s Report 120 Board of Directors 122 Executive Management Team Freedom to move SUSTAINABILITY INFORMATION 124 Sustainability Management and Governance 129 Performance 2020 PERSONAL SUSTAINABLE SAFE 139 Sustainability Scorecard 144 GRI Index Cars used to be the symbol for personal freedom. Owning a car meant that you had the We commit to developing We commit to the highest We commit to pioneering 146 TCFD Index means to be independently mobile – that you owned not just a vehicle, but choice as and building the most per- standard of sustainability the safest, most intelligent 147 Auditor's Limited Assurance Report on sonal solutions in mobility: in mobility to protect technology solutions in Sustainability well. Nothing of that has changed, but the world we live in has. The earth, our cities and to make life less compli- the world we share.
    [Show full text]
  • 5G NR Based C-V2X Safe, but May Require Significantly Enables Vehicles to Select Longer Maneuver Time Faster Yet Safe Path
    ITU/SAE Workshop on "How communications will change vehicles and transport“: Communications for Automated Driving, including V2V Road to 5G and Autonomous Driving Jim Misener Senior Director, Technical Standards Qualcomm Technologies, Inc. #1 in telematics and connectivity, supplier to all major car OEMs Major automakers use Qualcomm Technologies Telematics Leading in premium next-gen infotainment design-wins for production vehicles Acura ● Audi ● BMW ● Buick ● BYD ● Cadillac starting 2019-2020 Chevrolet ● Chrysler ● Dodge ● Ford ● Geely ● Honda Infotainment Hyundai ● Infiniti ● Jaguar ● Jeep ● Kia ● Land Rover 14 Lexus ● Lincoln ● Mercedes ● Mini ● Nissan ● Opel automakers have selected Snapdragon for infotainment Porsche ● PSA ● Renault ● Rolls-Royce ● Smart Subaru ● Toyota ● Tesla ● Volvo ● VW In-car connectivity $5B design-win pipeline Source: Company data 2 Qualcomm is driving C-V2X Qualcomm® towards commercialization 9150 C-V2X Supporting C-V2X Direct Communications Chipset (V2V, V2I, V2P) based on 3GPP Rel-14 Leveraging auto industry investments Reusing established security, service and upper layers/ITS stacks that have been defined by the auto industry for over a Qualcomm decade 9150 C-V2X Public automotive ecosystem support Audi, Ford, Groupe PSA, and SAIC announced their support of our first C -V2X solution; Continental and LG announced using our C -V2X solutions; testing with R&S Healthy cellular ecosystem C -V2X has key auto and telecom players, including multiple silicon vendors, creating a healthy C -V2X ecosystem 3 Qualcomm
    [Show full text]
  • Electric Vehicles in China: BYD Strategies and Government Subsidies
    Available online at www.sciencedirect.com RAI Revista de Administração e Inovação 13 (2016) 3–11 http://www.revistas.usp.br/rai Electric vehicles in China: BYD strategies and government subsidies a,∗ b c d Gilmar Masiero , Mario Henrique Ogasavara , Ailton Conde Jussani , Marcelo Luiz Risso a Universidade de São Paulo (USP), São Paulo, SP, Brazil b Programa de Mestrado e Doutorado em Gestão Internacional, Escola Superior de Propaganda e Marketing, São Paulo, SP, Brazil c Funda¸cão Instituto de Administra¸cão (FIA), São Paulo, SP, Brazil d Faculdade de Economia, Administra¸cão e Contabilidade, Universidade de São Paulo, São Paulo, SP, Brazil Received 20 October 2015; accepted 25 January 2016 Available online 13 May 2016 Abstract Central and local governments in China are investing heavily in the development of Electric Vehicles. Businesses and governments all over the world are searching for technological innovations that reduce costs and increase usage of “environmentally friendly” vehicles. China became the largest car producer in 2009 and it is strongly investing in the manufacturing of electric vehicles. This paper examines the incentives provided by Chinese governments (national and local) and the strategies pursued by BYD, the largest Chinese EVs manufacturer. Specifically, our paper helps to show how government support in the form of subsidies combined with effective strategies implemented by BYD helps to explain why this emerging industry has expanded successfully in China. Our study is based on primary data, including interviews with company headquarters and Brazilian subsidiary managers, and secondary data. © 2016 Departamento de Administrac¸ão, Faculdade de Economia, Administrac¸ão e Contabilidade da Universidade de São Paulo - FEA/USP.
    [Show full text]
  • CHINA CORP. 2015 AUTO INDUSTRY on the Wan Li Road
    CHINA CORP. 2015 AUTO INDUSTRY On the Wan Li Road Cars – Commercial Vehicles – Electric Vehicles Market Evolution - Regional Overview - Main Chinese Firms DCA Chine-Analyse China’s half-way auto industry CHINA CORP. 2015 Wan Li (ten thousand Li) is the Chinese traditional phrase for is a publication by DCA Chine-Analyse evoking a long way. When considering China’s automotive Tél. : (33) 663 527 781 sector in 2015, one may think that the main part of its Wan Li Email : [email protected] road has been covered. Web : www.chine-analyse.com From a marginal and closed market in 2000, the country has Editor : Jean-François Dufour become the World’s first auto market since 2009, absorbing Contributors : Jeffrey De Lairg, over one quarter of today’s global vehicles output. It is not Du Shangfu only much bigger, but also much more complex and No part of this publication may be sophisticated, with its high-end segment rising fast. reproduced without prior written permission Nevertheless, a closer look reveals China’s auto industry to be of the publisher. © DCA Chine-Analyse only half-way of its long road. Its success today, is mainly that of foreign brands behind joint- ventures. And at the same time, it remains much too fragmented between too many builders. China’s ultimate goal, of having an independant auto industry able to compete on the global market, still has to be reached, through own brands development and restructuring. China’s auto industry is only half-way also because a main technological evolution that may play a decisive role in its future still has to take off.
    [Show full text]
  • China Automotive Industry Study Report for the Swedish Energy Agency August 2019
    BUSINESS SWEDEN CHINA AUTOMOTIVE INDUSTRY STUDY REPORT FOR THE SWEDISH ENERGY AGENCY AUGUST 2019 www.eqtpartners.com An assignment from the Swedish Energy Agency Göran Stegrin, email [email protected] Disclaimer: This report reflects the view of the consultant (Business Sweden) and is not an official standpoint by the agency. BUSINESS SWEDEN | CHINA AUTOMOTIVE IND USTRY STUDY | 2 SUMMARY Economic slowdown and an ongoing trade war with the United States have impacted the Chinese automotive market. In 2018, new vehicle sales declined for the first time in 20 years. Sales totaled 28,08 million units, reflecting a -2.8% y/y. Electric vehicles remain a promising segment, as the government still provides substantial subsidies to manufacturers, while customers are offered incentives and favorable discounts for purchasing. In order to guide the industry, the Chinses government is gradually reducing subsidies. Stricter rules are also set to raise the subsidy threshold, which will force both OEMs and suppliers along the value chain to increasingly convert themselves into hi-tech companies with core competencies. The evolution is driven by solutions addressing the three main issues created by the last decade’s market boom: energy consumption, pollution and traffic congestion. The Chinese government has shifted its attention from total volume to engine mix and is progressively creating incentives to small and low emission vehicles, while supporting investment in new energy vehicles, mainly electric. In this direction, technologies surrounding new energy vehicles such as power cell materials, fuel cell and driving motor will receive strong support and offer more opportunities. In the light weight area, structure optimization is still the primary ways for OEMs the achieve the weight reduction goal.
    [Show full text]
  • BYD: China’S Electric Car Pioneer
    GaveKalDragonomics Special Report BYD: China’s electric car pioneer September 2009 in cooperation with GaveKal Dragonomics is pleased to present its subscribers with a detailed investigative report on one of China’s most interesting private companies, battery- and car-maker BYD. The firm is one of the world’s biggest manufacturers of cell phone batteries, and recently diversified into automobiles; its low-priced F3 sedan is China’s best-selling model this year. BYD leaped into the world’s headlines in 2008 when a Warren Buffet-controlled company paid US$232 million for a 10% stake. Media attention has focused on BYD’s stated aim of becoming a leader in electric car production. Close scrutiny suggests that Buffett’s real interest in the company has more to do with its potential to supply large-scale batteries for storage of electricity produced by renewable sources like wind farms. BYD thus stands at the intersection of two of the most crucial questions facing investors today: • Can China produce innovative and globally competitive private companies? • Will the global energy industry find a replacement for oil as a transportation fuel? This report was prepared exclusively for GaveKal Dragonomics subscribers by Fathom China, a Beijing-based consultancy specializing in detailed company background research. About Fathom China Fathom China Ltd. is an independent research company that conducts focused due-diligence investigations on firms and executives in China. Our team of researchers include highly trained former journalists, academics and consultants. Solving Chinese business puzzles is our specialty. Fathom China was formed by Matthew Forney, who served in Beijing for six years as bureau chief of Time magazine and for three years as an investigative reporter for The Wall Street Journal.
    [Show full text]
  • China Autos Asia China Automobiles & Components
    Deutsche Bank Markets Research Industry Date 18 May 2016 China Autos Asia China Automobiles & Components Vincent Ha, CFA Fei Sun, CFA Research Analyst Research Analyst (+852 ) 2203 6247 (+852 ) 2203 6130 [email protected] [email protected] F.I.T.T. for investors What you should know about China's new energy vehicle (NEV) market Many players, but only a few are making meaningful earnings contributions One can question China’s target to put 5m New Energy Vehicles on the road by 2020, or its ambition to prove itself a technology leader in the field, but the surge in demand with 171k vehicles sold in 4Q15 cannot be denied. Policy imperatives and government support could ensure three-fold volume growth by 2020, which would make China half of this developing global market. New entrants are proliferating, with few clear winners as yet, but we conclude that Yutong and BYD have the scale of NEV sales today to support Buy ratings. ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016. Deutsche Bank Markets Research Asia Industry Date China 18 May 2016 Automobiles & China
    [Show full text]
  • Geely Emgrand EC7 Geely Emgrand EC718 'Luxury', LHD
    Geely Emgrand EC7 Geely Emgrand EC718 'Luxury', LHD 75% 80% 42% 86% ADULT OCCUPANT Total 27 pts | 75% FRONTAL IMPACT 9,1 pts FRONTAL IMPACT HEAD Driver airbag contact stable Passenger airbag contact stable CHEST Passenger compartment stable Windscreen Pillar rearward 21mm Steering wheel rearward 74mm Driver Passenger Steering wheel upward none Chest contact with steering none wheel SIDE IMPACT CAR 8 pts UPPER LEGS, KNEES AND PELVIS Stiff structures in dashboard Steering column, ignition barrel, end SIDE IMPACT POLE 6,1 pts of facia Concentrated loads on knees Steering column, ignition barrel, end of facia LOWER LEGS AND FEET Footwell Collapse rupture Rearward pedal movement brake - 176mm Upward pedal movement clutch - 67mm SIDE IMPACT Car Pole Head protection airbag Yes Chest protection airbag Yes REAR IMPACT (WHIPLASH) 3,7 pts WHIPLASH GOOD Seat description Standard, leather, 4 way electric ADEQUATE Head restraint type Passive MARGINAL Geometric assessment 1 pts TESTS WEAK - High severity 2,9 pts POOR - Medium severity 2,5 pts - Low severity 2,6 pts CHILD OCCUPANT Total 39 pts | 80% 18 MONTH OLD CHILD FRONTAL IMPACT Restraint Britax-Römer Duo Plus Head forward movement protected Group 1 Head acceleration good Facing forward Chest load good Installation ISOFIX anchorages and top tether SIDE IMPACT PERFORMANCE 10 pts Head containment protected INSTRUCTIONS 4 pts Head acceleration good INSTALLATION 2 pts 3 YEAR OLD CHILD FRONTAL IMPACT Restraint Britax-Römer Duo Plus Head forward movement protected Group 1 Head acceleration good Facing forward
    [Show full text]
  • Download Article
    Advances in Economics, Business and Management Research, volume 58 Asian B&R Conference on International Business Cooperation (ISBCD 2018) Belt and Road: A New Journey for Foreign Investment -A Case Study of the Internationalization Strategy of BYD Wenjia Cao 2. School of Management and Marketing International Business School Charles Sturt University, Wagga Wagga, Australia Yunnan University of Finance and Economics 237 Longquan Road, Kunming, Yunnan, China [email protected] [email protected] Antony Bush Ying Zhang* School of Management and Marketing 1. International Business School Charles Sturt University Yunnan University of Finance & Economics Abstract—Recently, under the impetus of the “Belt and Road” BYD can provide references for other automobile companies in Initiative, BYD Company Limited (“BYD”) has sped up the China. process of internationalization. As it mastered the core technology of power batteries, which is the most important part Recently, the growth rate of the global auto market has of the new electric vehicles, and has mature conditions for large- gradually slowed down, and the growth rate of the operating scale production, this laid the technical foundation for BYD. And income of China's auto companies has been declining. At the it also made BYD a leader in the new energy field and the global same time, due to the weak competitiveness of China's rechargeable battery industry. Currently, BYD occupies 13% of autonomous vehicles, it has been difficult at the international the global new energy vehicle market share. BYD New Energy market. Under this economic environment, how Chinese auto has established sales networks in more than 240 cities in more companies seize the historic opportunities of the “Belt and than 50 countries and regions, providing green and Road” Initiative and “Going Out” strategy, actively participate environmental solutions for urban public transportation.
    [Show full text]