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Strategies for Automotive Partnerships in Today's Global Marketplace

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Strategies for Automotive Partnerships in Today's Global Marketplace Emerging markets, emerging opportunities Strategies for automotive partnerships in today’s global marketplace Contents 1 Emerging markets, emerging opportunities 2 Automotive partnering activity remains strong 3 Today’s strategic partnerships come in all shapes and sizes 13 Contacts Emerging markets, emerging opportunities Increasing globalization of the automotive industry What do changing objectives mean for companies that are is changing the dynamics of traditional strategic considering a new strategic partnership? What should the partnerships, particularly cross-border joint ventures ownership structure look like? How should partners that (JVs) between Western companies and their cohorts in are focused on developing new technologies share people, emerging markets.1 Ten years ago there was uncertainty processes and other resources while maintaining barriers about pursuing business in markets such as India and that protect intellectual property? How does management China because political and business conditions were not know when it is time to dissolve the relationship? conducive to direct foreign investment. As a result, many automotive original equipment manufacturers (OEMs) Given today’s evolving business considerations amidst such as General Motors, Toyota, Honda and Ford, and the rapidly changing dynamics of the global automotive in particular automotive suppliers like BorgWarner and industry, it is an opportune time for companies to Magna, viewed strategic partnerships as a way to dip their examine the objectives and structures of their existing or toes into the water. contemplated strategic partnerships. The targeted end game is markedly different than it was 10-15 years ago; Because some governments in emerging markets require those companies that fail to clearly define objectives or the establishment of formal relationships with domestic comprehensively consider the opportunities and pitfalls partners in return for market access, many companies associated with their strategic partnerships may find interested in global expansion today view JVs as a required themselves in a situation similar to the now high-profile cost of entry and less of a strategic driver for justifying break-up between two automotive manufacturers, a strategic partnership. Outside of these basic market which was meant to bolster one company’s presence entry requirements, however, strategic partnerships today in an emerging market while giving the other access to are becoming more focused on addressing a specific technology it could not afford to develop on its own, but need, such as gaining access to a new technology, in the end did not deliver significant progress toward either quickly securing a local presence to cost-effectively serve objective. stakeholders and customers, collaborating on product development initiatives while sharing capital risk, and Despite the reluctance of some companies to enter into accessing highly skilled and/or low-wage workers. JVs in light of certain issues examined in this article, in some cases strategic partnerships are the only option available to organizations looking to grow in today’s global marketplace. In the following pages we examine how the nature and structure of strategic partnerships have changed, and discuss what executives should consider when weighing the pros and cons and evaluating the details of establishing new relationships. Emerging markets, emerging opportunities 1 Automotive partnering activity remains strong While buyouts have fluctuated and exhibited little growth Figure 1: Automotive strategic partnerships over recent years, automotive strategic partnerships have vs. total deals witnessed consistent growth — outside of 2011, which can be attributed to slowing growth in emerging markets 1,062 1,070 1,046 1,018 like China and the natural disasters in Japan in March, 959 2011. When comparing automotive transactions from January 2007 to December 2011, strategic partnerships represented between 20-30 percent or more of the total each year (Figure 1). Further, cross-border transactions comprised 35 to 40 percent of all strategic partnerships in recent years, and ticked up slightly in 2011 (Figure 2). 270 287 297 This history demonstrates that, despite global economic 228 223 uncertainty, automotive companies continue to recognize growth opportunities and are leveraging strategic partnerships in an effort to take advantage of them. 2007 2008 2009 2010 2011 Strategic parterships Total deals Source: Mergermarket Figure 2: Cross-border vs. intra-border strategic partnerships 70.0% 66.4% 62.7% This history demonstrates that, 60.5% 60.4% despite global economic uncertainty, 39.5% 39.6% 37.3% automotive companies continue to 33.6% 30.0% recognize growth opportunities and are leveraging strategic partnerships in an effort to take advantage of them 2007 2008 2009 2010 2011 Cross-border Intra border Source: Mergermarket 2 Today’s strategic partnerships come in all shapes and sizes Establishing strategic partnerships has long been common Generally, the most active participants in developing practice within a number of industries. These relationships automotive industry strategic partnerships have been vary in type and range from informal handshakes to automotive suppliers, particularly companies in the complex agreements that frequently result in two interiors, electronics, and powertrain sub-segments. enterprises forming a new company (“Newco JV”). Examples include Johnson Controls’ JV with a Chinese Companies participating in JVs are often able to quickly manufacturer to supply interiors for an auto assembly plant pool resources and opportunities, or capture a less-than- being built there by a Chinese OEM and Italy’s Fiat Group whole ownership stake of an existing company in an Automobiles SpA, as well as BorgWarner’s JV relationship emerging market to obtain a stronger or more strategic with 12 of China’s largest automotive manufacturers to geographic presence. While the partnership types in the supply dual-clutch technology. automotive industry are similar to those in other sectors, the dynamics of this industry present several unique OEMs also frequently enter into JVs and alliances, which nuances. Specifically, emerging technologies in areas are often complex, large-scale arrangements involving a such as alternative powertrains (hybrids, electric vehicles, number of entities. The JVs GM and Ford have with local etc.) and in-car connectivity are driving convergence Chinese partners are examples of traditional OEM alliances; across a number of sectors and creating opportunities for however, OEMs and suppliers have recently announced non-traditional strategic partnerships between automotive more nontraditional strategic alliances that may not have and technology companies, or even automotive been considered a decade ago. For example, Ford and competitors. For example, Toyota and Nissan are among Toyota announced on August 22, 2011, that they will automotive OEMs that have recently partnered with jointly develop as equal partners a new rear-wheel drive technology companies in Silicon Valley to make vehicles hybrid system and component technology for light trucks safer, more environmentally friendly, and more convenient and SUVs.4 GM has also recently announced that they to use.2 Also, BMW and Toyota recently announced will jointly develop a new line of battery-powered vehicles that they will work together on green car technologies, with a South Korea-based electronics company.5 And on including joint development of lithium-ion batteries; BMW April 5, 2011, Toyota and Microsoft announced a strategic will also supply diesel engines to Toyota in Europe as part partnership to build telematics services — the fusing of of the deal.3 telecommunications and information technologies in vehicles — on the Windows Azure platform.6 These three non-traditional examples, as well as the BorgWarner-OEM JV previously noted, clearly reflect a shift in how companies are evaluating and leveraging opportunities associated with strategic partnerships. Story from the road BorgWarner leverages a JV to introduce new technology into the Chinese market BorgWarner, a global supplier of vehicle parts and systems, created an innovative JV in China to introduce its dual-clutch technology. By partnering with 12 of the largest Chinese auto OEMs, BorgWarner was able to accelerate adoption and acceptance of this technology in the Chinese marketplace. The OEMs each hold a small interest in the JV through an investment vehicle, while BorgWarner maintains a two-thirds stake. By providing key customers a stake in the technology’s entry in the high-growth Chinese auto market, BorgWarner spread the execution risk and moved into an active alliance with customers. As new technologies are developed, this or other JV entities may provide a similar path for BorgWarner to push faster and broader marketplace acceptance in China or other emerging markets. Emerging markets, emerging opportunities 3 Gaining access to new customers or new markets Figure 4: Global car sales, 2007-2015 Emerging markets such as Brazil, Russia, India, and China (BRIC), as well as newer economies throughout Asia, 80 the Middle East, and Africa, represent significant growth markets and, therefore, are important strategic partnership 60 target geographies for automotive manufacturers and suppliers (Figure 3) (Note that the United States ranks 40 approximately 12th). In fact, much of the growth forecasted for the industry — estimated to reach approximately 90 million
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