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Seeking the Driver's Seat Institutional Investors – Industry: Automobile Institutional Investor – Industry: Automobile Seeking the Driver’s Seat Japan’s automakers seize upon opportunities arising from In response to such groundbreaking revolutionary changes in the global auto industry changes since automobiles replaced horse-drawn carriages more than a century ago, Japanese auto players have been actively seizing upon this Key Points rare opportunity with the hopes of regaining their glorious past. In the to Grab is the sum allocated ● Toyota’s US$1 bn commitment single largest two decades between 1970 and 1990, by an to a car-hailing operation automaker Japan had successfully established ● Automakers in Japan are seizing upon opportunities from groundbreaking itself as a major car manufacturer, changes in the global auto industry, in which autonomous, electric vehicles then surpassing the US in terms of (‘EVs’) and shared mobility are core features the number of automobiles made. Significantly, thecar industry, as a pillar ● South Korea’s auto players are also joining Japan’s peers in pledging active in the country’s economy, was one commitments to the EV sector to reduce reliance on China of the sectors that catapulted Japan’s economy to be the largest in Asia during une 13, 2018: the US$1 billion in taking a stake in the car-hailing those two decades. earmarked by Japan’s Toyota Motor segment. They included Honda Motor Currently, Toyota is believed to be JCorp (‘Toyota’) for its minority stake Co Ltd (‘Honda’), Tokyo Century Corp mulling a partnership with SoftBank in Grab Holdings Inc (‘Grab’), Southeast and Yamaha Motor Co Ltd. Group Corp (‘SoftBank’) in a proposed Asia’s leading O2O mobile platform, US$1 billion investment in Uber carried far-reaching implications for To Regain the Driver’s Seat Technologies Inc (‘Uber’). When Japan’s auto industry. The amount was According to PwC, in its Five Trends it materialises, it would be Toyota’s not only the “largest-ever investment Transforming the Automotive Industry, the second commitment to Uber. Its first globally by an automotive manufacturer consultancy reckons that by 2030, was a US$500 million commitment in the ride-hailing sector”, as described autonomous and shared mobility will back in August 2018. by Grab’s public statement, but also be a common transportation mode, drew attention to the pool of major with electric vehicles being a feature, Charging EVs – Japanese automakers that joined Toyota especially in Europe. At Home & Abroad With autonomous electric vehicles Reprint of article published in the (‘EVs’) set to be the next feature in 27th Mar, 2019 Subscribers’ Weekly mobility, it is the supply of lithium and solid-state batteries rather the manufacturing of EVs that is the priority for Japanese investors. In the EV market, Japan has already firmly established its leading position. In addition to Nissan Leaf, which is one of the best known brands, Toyota, Mitsubishi Motors Corp and Honda have all courted consumers with their own brands and achieved encouraging results. According to Compelo, a UK- based news portal, around 60% of UK buyers opted for Japanese car brands in the first eight months of 2018. April 2019 ASIA PRIVATE EQUITY REVIEW 19 Institutional Investors – Industry: Automobile In response to this “Mobility In an earlier interview with Reuters, The active commitments Revolution”, investors from Asia’s Indonesia’s Deputy Minister of undertaken by automakers in both largest developed economy actively Industry, Harjanto, disclosed that Japan and South Korea are seen as acquired EV battery assets during 2018, Hyundai is planning to deploy strategies to reduce their reliance on both at home and abroad. US$880 million to set up its first auto China, which has not only advanced In North America, SoftBank took plant in Indonesia. It will boast an to become the world’s largest EV a 9.9% stake in Nemaska Lithium annual production capacity of 250,000 market, but is also the biggest buyer and Inc for around C$99.1 million units that includes the production of investor of raw materials for lithium (US$77.6 million). The target is a electric vehicles. batteries for EVs. n lithium miner. In the US, ITOCHU Corp joined Kyocera Group to lead Japan’s Investors in New Auto Industry a US$21.8 million investment in 24M Car-Hailing Technologies Inc. The latter is engaged Japanese in the research and development of Total Deal Date Selective Investor(s) Investee Investors’ semisolid lithium-ion batteries. Size Commitment When Alliance Ventures made its maiden investment in early 2018, Honda Motor Co Ltd, it committed an undisclosed amount Tokyo Century Corp, Toyota Motor Corp, to the US-based Ionic Materials Inc, Jun 2018 – Yamaha Motor Co Ltd, Grab >2,610 4,500 which focuses on developing solid-state Mar 2019 SoftBank Vision Fund, Holdings Inc battery materials. Alliance Ventures is Lightspeed Venture a venture capital fund established by Partners, Mirae Asset - Renault-Nissan-Mitsubishi, among Naver Asia Growth Fund the most powerful alliances in the Uber global auto industry. Its fund has no Aug 2018 Toyota Motor Corp Technologies 500 500 less than US$1 billion in capital and Inc focuses on seeking opportunities in Honda Motor Co Ltd, Grab Dec 2016 Undisclosed Undisclosed mobility technologies, including vehicle Tokyo Century Corp Holdings Inc electrification, autonomous systems Mar 2015 Rakuten Inc Lyft Inc 300 530 and car connectivity. At home, the government- Lithium & Solid-State Batteries sponsored INCJ Ltd (‘INCJ’) Total Deal Date Selective Investor(s) Investee also joined corporate investors Size in undertaking one of the largest INCJ Ltd, Maxell Holdings Ltd, Hitachi Vehicle Dec 2018 196.1 buyouts in the lithium-ion batteries Hitachi Automotive Systems Ltd Energy Ltd manufacturing sector. Just before (1) the end of 2018, INCJ committed to Jan 2018 Alliance Ventures Ionic Materials Inc Undisclosed the ¥21.5 billion (US$196.1 million) Autonomous Driving takeover of Hitachi Vehicle Energy Total Deal Date Selective Investor(s) Investee Ltd (‘HVE’). A subsidiary of Hitachi Size Ltd (‘Hitachi’), HVE is a manufacturer INCJ Ltd, Mitsubishi Electric of lithium-ion batteries for hybrid- Dynamic Map Feb 2019 Corp, Japan Infrastructure 198.6 Platform Co Ltd electric vehicles. According to Hitachi, Initiative Co Ltd HVE, under the new ownership, (1) is expected “to provide high- Alliance Ventures , Qiming Oct 2018 Venture Partners, Hanfor Capital WeRide.ai Undisclosed performance and highly reliable Management Co Ltd automotive lithium-ion batteries for the expanding electrified vehicle Miscellaneous (Energy Storage & Auto Retail) market” (Fig. 13). Total Deal Date Selective Investor(s) Investee Size Comments Feb 2019 Mitsubishi Corp OVO Energy Ltd Undisclosed South Korean automakers are also driving into the car hailing lanes to Jan 2019 Alliance Ventures(1) Tekion Undisclosed join this mobility revolution. Grab has All amounts in US$ m = general partners/institutional investors based in Japan or affiliated with Japanese investors also enlisted both Hyundai Motor Co = corporate investors based in Japan (‘Hyundai’) and KIA Motors Corp as (1) Alliance Ventures is co-located in major countries in the world including Japan strategic investors. Fig. 13 Source: ASIA PRIVATE EQUITY REVIEW 20 ASIA PRIVATE EQUITY REVIEW April 2019.
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