DOCSLIB.ORG

Asian Technology Newsletter

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Asian Technology Newsletter Issue 90, June 2017 Asian Automotive Newsletter ASIAN AUTOMOTIVE NEWSLETTER JUNE 2017, ISSUE 90 We hope that you find the Asian Automotive Newsletter informative. BDA Partners is an investment banking firm specializing in executing cross-border transactions involving Asia, including acquisitions, divestments, JVs, capital raising and restructuring. We have offices and NO TEXT ABOVE THIS LINE professional staff throughout Asia, the Middle East, Europe and the US. If you would like to learn more about how BDA is positioned to help your business grow through acquisitions, or to achieve maximum value in a divestment or fund-raising exercise, please contact us at any one of our offices. Charles Maynard, Senior Managing Director [email protected] CONTENTS Latest activities and trends in the Asian automotive sector 2 Industry review & outlook 3 Indexed share price performance 5 Recent automotive transactions and developments by country 6 Australia 6 China 6 India 7 Indonesia 7 Japan 7 Korea 8 Malaysia 8 Thailand 8 Selected Asian automotive transactions with multiples 9 NO TEXT BELOW THIS LINE BDA global automotive contacts 10 1 ASIAN AUTOMOTIVE NEWSLETTER JUNE 2017, ISSUE 90 Latest activities and trends in the Asian automotive sector In the past year, BDA has advised on three cross-border automotive transactions where Asian strategics were the ultimate acquirers – the sale of Tristone (a German automotive fluid transfer system supplier), the sale of TitanX (a Swedish truck engine cooling solutions provider) and the sale of new stocks issued by UQM (an American electric vehicle drive system supplier). We expect Asian corporations to continue to aggressively seek cross-border acquisition opportunities in the sector. Broadly speaking, a number of factors indicate future automotive M&A will likely remain strong, including large cash balances, continued pressure from shareholders and competitors, increased pace of innovations and the emergence of new automotive technologies, including autonomous driving, connectivity, vehicle sharing, clean tech vehicles, etc. Unlike transactions in the past that were largely driven by consolidations in the sector, expansion into new technologies and new business models are likely to have a broader impact on where M&A efforts will center on in the years ahead. Equally interesting in the automotive deal scene are the new entrants making inroads. To name a few examples, Tencent’s investment in NextEV, China’s next-generation electric car company; Apple’s US$1bn investment in Didi, China’s largest ride-sharing company; and Amazon’s stock warrants & supply deal with the US-based hydrogen fuel cell maker Plug Power. Watch this space! Charles Maynard, Senior Managing Director [email protected] 2 ASIAN AUTOMOTIVE NEWSLETTER JUNE 2017, ISSUE 90 Industry review & outlook* M&A activity Global automotive transaction volumes Volume (No.) 79 80 75 68 64 60 59 59 57 60 56 54 46 47 38 38 38 40 35 34 26 26 23 25 24 17 20 16 14 15 11 10 9 11 4 5 4 5 6 4 5 5 6 3 3 1 1 2 2 2 2 3 0 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 North America Europe China Asia** India Japan Korea SE Asia Global automotive transaction volumes in Q2 2017 have slowed somewhat compared to a strong Q1, though with still a couple of weeks remaining in the quarter. This mirrors 2016, when global M&A activity dipped slightly overall in Q2, following a positive start to the year. Geographies such as Japan and Southeast Asia, as well Asia (ex-China) as a whole, have either grown in terms of volume or are on course to, compared to the previous quarter. China continues to be the most active market in Asia by some distance. M&A activity Global automotive average transaction values Value (US$m) 10,000 9,551 7,500 5,944 6,053 5,593 5,000 4,561 4,527 3,988 3,108 3,006 2,861 2,973 2,770 2,722 2,606 2,464 2,626 2,500 1,613 1,865 1,303 1,023 1,347 1,188 642 1,850 560 1,844 759 1,591 619 364 149 66 72 463 95 243 223 44 7 2 31 4 57 50 174 0 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 North America Europe China Asia** India Japan Korea SE Asia The story for global automotive M&A values is very similar to volumes (see above). A solid performance in Q1 2017 looks to be followed by a decrease in value in the current quarter. As was the case with volume, Asia (ex-China) witnessed a rise in total transaction values, led by regions including Japan and Southeast Asia. On the surface, the Chinese market looks to have softened, falling some way short of its peaks in Q1 and Q3 2016; however, this could simply be a temporary phenomenon and it would not come as a major surprise to see significant values of transactions in the country over the course of 2017. A notable Chinese deal in Q2 was the investment of over US$500m into YiXin Capital, an online automotive trading and financing platform operator, by an investor group. 3 *Geographies are based on the target’s location; **Includes India, Japan, Korea and Southeast Asia | Source: Dealogic ASIAN AUTOMOTIVE NEWSLETTER JUNE 2017, ISSUE 90 Industry review & outlook* M&A valuations Global automotive transaction multiples Average EV/EBITDA 20.0x 18.1x 17.2x 16.3x 15.3x 14.8x 14.1x 15.0x 13.4x 13.2x 12.6x 11.8x 12.0x 11.8x 12.0x 12.1x 11.6x 11.7x 11.0x 11.5x 11.5x 10.4x 9.7x 9.2x 9.3x 9.6x 10.0x 8.6x 8.3x 8.8x 8.8x 8.0x 10.2x 7.6x 5.6x 5.4x 5.0x N/A N/A N/AN/A N/A N/AN/A N/A N/A 0.0x 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 North America Europe China India Japan Korea SE Asia With a limited sample size, it is difficult to draw too many strong conclusions, but we can discern a couple of noticeable trends. Firstly, it appears that on the whole, average automotive transaction multiples have been creeping upwards since the start of 2016. This quarter seems on course to broadly match the figures of Q1. Secondly, acquisition targets in Asia generally seem to entail higher transaction multiples than their Western counterparts, as one might expect. Asian countries/regions that have witnessed high multiples throughout the period include Korea and Southeast Asia. Public company valuations Public automotive company valuation multiples Average EV/EBITDA 50.0x 46.2x 42.1x 42.5x 40.0x 29.0x 30.0x 23.0x 17.9x 20.0x 15.6x 16.4x 15.6x 13.8x 12.6x 11.3x 12.3x 12.2x 11.2x 12.0x 11.5x 10.1x 10.1x 11.2x 10.1x 11.4x 10.6x 10.9x 10.2x 10.8x 8.7x 9.2x 8.3x 10.0x 6.8x 5.5x 4.6x 5.0x 4.0x 4.5x 0.0x 2013 2014 2015 2016 2017 North America Europe China India Japan Korea SE Asia Trading multiples of listed automotive countries show clearer and more noticeable trends with the benefit of a larger sample size. Sky-high multiples of Chinese public companies reflect the country’s lack of integration with international markets and strong growth prospects. In contrast, Japanese companies have shown the lowest multiples throughout, never averaging double figures. Taken as a whole, global average multiples have remained broadly similar since 2013. 4 *Geographies are based on the target’s location | Source: Dealogic, Capital IQ ASIAN AUTOMOTIVE NEWSLETTER JUNE 2017, ISSUE 90 Indexed* share price performance The exhibits below illustrate how each group of automotive companies has performed, on an indexed basis, and in comparison to the S&P 500, over the last 3 months, 12 months and 3 years. Overall performance has been broadly flat in the last three years, though there has been a general increase in the last 12 months, and also in the last 3 months but to a lesser extent. Indexed stock performance – last 3 months USA (+1.4%) Europe (-1.0%) China (+9.4%) 20% Hong Kong (+11.5%) India (+10.2%) Japan (-4.4%) 15% Korea (+11.1%) S&P 500 Automobiles and Components (-6.2%) 10% 5% 0% -5% -10% -15% Indexed stock performance – last 12 months USA (+15.8%) Europe (+22.7%) China (+71.2%) Hong Kong (+48.6%) India (+27.1%) Japan (+11.5%) 80% Korea S&P 500 Automobiles and Components (+7.7%) (+11.4%) 60% 40% 20% 0% -20% Indexed stock performance – last 3 years USA (-4.6%) Europe (+6.1%) China (+36.8%) 100% Hong Kong (+178.8%) India (+57.2%) Japan (-2.8%) 80% Korea (-30.4%) S&P 500 Automobiles and Components (-12.2%) 60% 40% 20% 0% -20% -40% -60% 5 *Indices of automobiles and components companies from each region | Source: Capital IQ ASIAN AUTOMOTIVE NEWSLETTER JUNE 2017, ISSUE 90 Recent automotive transactions and developments by country Australia Huiyu Automobile, a China-based Fuxin Dare Automotive Parts, a seller and servicer of automobiles and China-based automobile gear Apollo Tourism & Leisure, an related parts, for US$190m. The manufacturer, has agreed to acquire Australian recreational vehicle acquisition represents a move into the Shanghai Xudao Automotive Parts, a manufacturer, has agreed to acquire sales and service segment of China-based automotive parts maker, Kratzmann Caravans and Clint's automobiles.
Load more

Recommended publications
  • CHINA FIELD TRIP May 10Th –12Th, 2011
    CHINA FIELD TRIP May 10th –12th, 2011 This presentation may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding the Company’s results or any other performance indicator, but rather trends or targets, as the case may be. These statements are by their nature subject to risks and uncertainties as described in the Company’s annual report available on its Internet website (www.psa-peugeot-citroen.com). These statements do not reflect future performance of the Company, which may materially differ. The Company does not undertake to provide updates of these statements. More comprehensive information about PSA PEUGEOT CITROËN may be obtained on its Internet website (www.psa-peugeot-citroen.com), under Regulated Information. th th China Field Trip - May 10 –12 , 2011 2 PSA in Asia – Market Forecast, PSA in China: ongoing successes and upsides Frédéric Saint-Geours Executive VP, Finance and Strategic Development Grégoire Olivier, Executive VP, Asia Table of contents Introduction China: the new auto superpower China: a global economic power The world’s largest automotive market The growth story is set to continue PSA in China China: a second home market for PSA 2 complementary JVs Key challenges in China and PSA differentiation factors A sustainable profitable growth Extending the Chinese Success ASEAN strategy Capturing the Indian opportunity th th China Field Trip - May 10 –12 , 2011 4 PSA – a global automotive player (1/2) > 39% of PSA’s 2010 sales are realized outside of Europe, of
    [Show full text]
  • Poland Regional Cities-Comfort-Vehicle-List
    Make Model Year Oldsmobile 19 Oldsmobile Alero Oldsmobile Aurora Oldsmobile Bravada Oldsmobile Cutlass Supreme Oldsmobile Intrigue Oldsmobile Silhouette Dodge Attitude Dodge Avenger 2013 Dodge Caliber Dodge Caravan 2015 Dodge Challenger Dodge Charger 2013 Dodge Dakota Dodge Dart 2015 Dodge Durango 2013 Dodge Grand Caravan 2015 Dodge Intrepid Dodge JCUV Dodge Journey 2013 Dodge Magnum 2013 Dodge Neon 2015 Dodge Nitro 2013 Dodge Ram 1500 Dodge Ram 2500 Dodge Ram 3500 Dodge Ram 4500 Dodge Ram 700 Dodge Ram Van 2015 Dodge Sprinter Dodge Stratus 2015 Dodge Stretch Limo Dodge Viper Dodge Vision Dodge i10 Land Rover Defender 2013 Land Rover Discovery 2013 Land Rover Freelander 2013 Land Rover Freelander 2 Land Rover LR2 Land Rover LR3 Land Rover LR4 Land Rover Range Rover 2013 Land Rover Range Rover Evoque 2013 Land Rover Range Rover Sport 2013 Land Rover Range Rover Velar 2013 Land Rover Range Rover Vogue 2013 Chevrolet Agile Chevrolet Astra 2015 Chevrolet Astro Chevrolet Avalanche 2013 Chevrolet Aveo Chevrolet Aveo5 Chevrolet Beat Chevrolet Blazer Chevrolet Bolt Chevrolet CMV Chevrolet Camaro Chevrolet Caprice Chevrolet Captiva 2013 Chevrolet Cavalier Chevrolet Celta Chevrolet Chevy Chevrolet City Express Chevrolet Classic Chevrolet Cobalt 2015 Chevrolet Colorado Chevrolet Corsa Chevrolet Corsa Sedan Chevrolet Corsa Wagon Chevrolet Corvette Chevrolet Corvette ZR1 Chevrolet Cruze 2015 Chevrolet Cruze Sport6 Chevrolet Dmax Chevrolet Enjoy Chevrolet Epica 2013 Chevrolet Equinox 2013 Chevrolet Esteem Chevrolet Evanda 2013 Chevrolet Exclusive Chevrolet
    [Show full text]
  • China's Developing Auto Industry: an Opportunity for United States Investment - and Challenge for China's New Foreign Investment Laws
    ARTICLES CHINA'S DEVELOPING AUTO INDUSTRY: AN OPPORTUNITY FOR UNITED STATES INVESTMENT - AND CHALLENGE FOR CHINA'S NEW FOREIGN INVESTMENT LAWS W. GARY VAUSE* 1. PROFILE OF CHINA'S AUTO INDUSTRY AS AN INVESTMENT OPPORTUNITY 1.1 Overview of the Market Potential The dawning of the "Age of the Pacific" caught many U.S. indus- tries still napping, and the U.S. auto industry was among the most somnolent. The rapid ascension and now legendary success of Japahese auto manufacturers not only carved out a large share of the U.S. do- mestic market, but also virtually excluded U.S. automakers from ex- porting substantial numbers of vehicles to the growing Pacific Basin market.' Following closely on the heels of the Japanese producers are the "little tigers" of Asia, such as South Korea, which now has its own highly successful Hyundai automobiles invading the U.S. market. One of the most recent related developments has been the exten- sive investment by capital-rich Japanese companies in the United States, including investment in the domestic U.S. auto industry.2 Japa- nese companies in the United States now employ nearly 250,000 Amer- icans, and it is estimated that they will employ more than one million in the next decade.' The prospects for the U.S. automobile industry's * Professor of Law, Stetson University College of Law. The declining value of the dollar, coupled with efforts of Japanese companies to redress the trade imbalance, may result in an increase of U.S. exports to the region in the near future. For example, GM anticipates exporting 4,000 cars to Japan in 1988, an increase from the 3,000 planned for 1987.
    [Show full text]
  • 2009-Mmrc-269
    MMRC DISCUSSION PAPER SERIES No. 269 The Role of International Technology Transfer in the Chinese Automotive Industry Zejian Li, Ph.D. Project Research Associate Manufacturing Management Research Center (MMRC) Faculty of Economics, THE UNIVERSITY OF TOKYO July 2009 東京大学ものづくり経営研究センター Manufacturing Management Research Center (MMRC) Discussion papers are in draft form distributed for purposes of comment and discussion. Contact the author for permission when reproducing or citing any part of this paper. Copyright is held by the author. http://merc.e.u-tokyo.ac.jp/mmrc/dp/index.html The Role of International Technology Transfer in the Chinese Automotive Industry Zejian Li, Ph.D. (E-mail: [email protected]) Project Research Associate Manufacturing Management Research Center (MMRC) Faculty of Economics, THE UNIVERSITY OF TOKYO May 2009 Abstract The so called Independent Chinese Automobile Manufacturers (ICAMs), such as CHERY, Geely and BYD, emerged at the end of 1990's as new entrants to Chinese passenger vehicle market and have achieved remarkable growth. The phenomenon of these autonomous Chinese Automakers is drawing increasing attention not only from academia but also from business and government circles. This paper attempts to clarify the relationship between emergence of ICAMs and International Technology Transfer. Many scholars indicate the use of outside supplies (of engines and other key-parts), as a sole reason for high-speed growth of ICAMs. However, the internal approach, at a level of how companies act, is also necessary to outline all the reasons and factors that might contribute to the process. This paper, based on organizational view, starts from historical perspective and clarifies the internal dynamics of the ICAMs.
    [Show full text]
  • QYT AUTO PARTS CO., LTD Email: [email protected] ; [email protected] Whatsapp: +86 13634216230 QYT No
    QYT AUTO PARTS CO., LTD Email: [email protected] ; [email protected] WhatsApp: +86 13634216230 QYT no. Description Corss Ref. Application TOYOTA;LEXUS (SO0001‐SO0300) TOYOTA CAMRY ACV40 06‐12; SO0001 Steering Tie rod ends 45470‐09090 LEXUS LEXUS ES350/ES240 07‐ TOYOTA CAMRY ACV40 06‐12; SO0002 Steering Tie rod ends 45460‐09140 LEXUS LEXUS ES350/ES240 07‐ TOYOTA CAMRY SO0003 Steering Tie rod ends 45460‐09160 ACV50(2012‐) TOYOTA CAMRY SO0004 Steering Tie rod ends 45460‐09250 ACV50(2012‐) GEELY PANDA,HAIJING,GEELY YUANJING, YUANJING 18‐, SO0005 Steering Tie rod ends 45047‐49045 YUANJINGX3,GEELY EMGRAND EC7,GEELY ENGLON ,BINRUI;BYD F0,BYD F3/F3R/G3/G3R/L3;TOYOTA COROLLA;LIFAN LIFAN 620;JAC YUEYUE GEELY PANDA,HAIJING,GEELY YUANJING, YUANJING 18‐, SO0006 Steering Tie rod ends 45046‐49115 YUANJINGX3,GEELY EMGRAND EC7,GEELY ENGLON ,BINRUI;BYD F0,BYD F3/F3R/G3/G3R/L3;TOYOTA COROLLA;LIFAN LIFAN 620;JAC YUEYUE CHANGAN RAETON;TOYOTA CAMRY2.4/3.0 (03),PREVIA ACR30 (34M); SO0007 Steering Tie rod ends 45460‐39615 LEXUS ES300/MCV30 01‐06 CHANGAN RAETON;TOYOTA CAMRY2.4/3.0 (03),PREVIA ACR30 (34M); SO0008 Steering Tie rod ends 45470‐39215 LEXUS ES300/MCV30 01‐06 BYD SURUI,SONG MAX;ZOTYE Z300; SO0009 Steering Tie rod ends 45046‐09590 TOYOTA COROLLA 07‐/VERSO 11‐/LEVIN 14‐ BYD SURUI ,SONG MAX;ZOTYE Z300; SO0010 Steering Tie rod ends 45047‐09590 TOYOTA COROLLA 07‐/VERSO 11‐/LEVIN 14‐ SO0011 Steering Tie rod ends 45464‐30060 TOYOTA REIZ/CROWN;LEXUS LEXUS IS250/300 06‐,GS300/350/430 05‐ SO0012 Steering Tie rod ends 45463‐30130 TOYOTA REIZ/CROWN;LEXUS LEXUS
    [Show full text]
  • "Industrial Groups and Division of Labor in China's Automobile
    The Developing Economies, XXXIII-3 (September 1995) INDUSTRIAL GROUPS AND DIVISION OF LABOR IN CHINA’S AUTOMOBILE INDUSTRY TOMOO MARUKAWA I. INTRODUCTION A. Changes in the Division of Labor in China Until the 1970s, China’s industries had followed a system which can be called a vertically divided division of labor. Under this system each enterprise within an industry generally specialized in producing a particular end product within a spe- cific narrow field, and each enterprise subsumed within itself all of the stages in the production process. In the machinery industry, for example, a firm manufacturing a particular machine would carry out the final assembly process as well as the upstream machining, casting, forging, and heat-treating processes. Figure 1 illus- trates the concept of the vertically divided division of labor as was found in the automobile manufacturing industry. An enterprise subsumed within itself all of those upstream-production stages encompassed by the solid line, but very often the firm produced only one particular end product. This division-of-labor system derives partly from the preconditions in China at the time the country began industrialization. The country’s preexisting industrial base was extremely weak, and there was little hope of procuring parts and compo- nents externally. In addition, the vertically divided division of labor reduced the uncertainties inherent in transactions among enterprises because only a small num- ber of enterprises became involved in the production process from the raw-materi- als stage to the final-assembly stage. As a result the system was seen as more suit- able for a planned economy.
    [Show full text]
  • 32861 (Dongfeng) (With Cover).Indb
    Stock Code: 489 股份代號：489 關懷每 一個人 Care for everybody 關愛每一部車 Care for every vehicle 2009 年報 2009 Annual Report Annual Report 2009 年報 *僅供識別 *For reference only Corporate Profi le Dongfeng Motor Group Company Limited 2 Corporate Profi le Table of DONGFENG MOTOR GROUP COMPANY LIMITED 2009 Annual Report Content 02 Corporate Profi le 04 Chairman’s Statement 08 Business Overview 20 Management Discussion and Analysis 30 Profi les of Directors, Supervisors and Senior Management 36 Report of the Directors 66 Report of the Supervisory Committee 68 Corporate Governance Report 77 Independent Auditors’ Report 79 Consolidated Income Statement 80 Consolidated Statement of Comprehensive Income 81 Consolidated Statement of Financial Position 84 Consolidated Statement of Changes in Equity 85 Consolidated Statement of Cash Flows 87 Statement of Financial Position 89 Notes to Financial Statements 2009 Annual Report 199 Five Year Financial Summary 201 Corporate Information 202 Notice of Annual General Meeting and Relating Information 210 Defi nitions 3 Corporate Profi le Second Automotive Works (第二汽車製造廠), In 2004, the Company was transformed into a the predecessor of Dongfeng Motor joint stock limited company after repurchasing Corporation, the parent of the Company, was all equity interests held by shareholders other established in September 1969. than Dongfeng Motor Corporation. In 2000, Dongfeng Motor Corporation The Company initially issued H shares overseas underwent a debt restructuring arrangement, on 6 December 2005 and completed an over- with China Huarong Asset Management allotment on 13 December 2005. As a result, Corporation, China Cinda Asset Management the aggregate share capital of the Company Corporation, China Orient Asset Management was enlarged to RMB8,616,120,000, which Corporation, China Great Wall Asset comprised domestic shares and H shares of Management Corporation and China RMB5,760,388,000 (approximately 66.86%) Development Bank to jointly form the Company.
    [Show full text]
  • 社会责任报告 Social Responsibility Report
    2015 社会责任报告 SOCIAL RESPONSIBILITY REPORT DongFeng, the nurturing east wind 目录 Contents 经济责任 致东风的朋友们 2 27 To All Friends of DFM Economic Responsibility 公司概况 4 Corporate Overview 聚焦 2015：责任同行 10 Focus on 2015: Continued Commitment to CSR 数说东风 14 DFM in Figures 关于东风“十二五” 16 About DFM’s Performance in the 12th Five-Year Plan Period 东风责任之道 18 A Responsible DFM 责任荣誉 26 CSR-relevant Honors 经济责任 27 Economic Responsibility 利益相关者责任 41 Stakeholder Responsibility 环境责任 61 Environmental Responsibility 社会公益责任 75 Responsibility for Charity 文化责任 87 Cultural Responsibility 未来展望 93 Vision of the Future 附录 94 The Appendix 利益相关者责任 41 Stakeholder Responsibility 文化责任 87 Cultural Responsibility 环境责任 为公路环境添彩 61 做中国好司机 Environmental Responsibility 社会公益责任 75 Responsibility for Charity 致东风的朋友们 2 To All Friends of DFM 竺延风 ZHU YAN FENG 东风汽车公司董事长、党委书记 Chairman and Party Secretary of Dongfeng Motor Corporation 很感谢各位通过这份报告了解东风公司履行社会责任的 “十三五”时期，东风公司的发展定位是，致力于成为 情况。 为用户提供全方位优质汽车产品和服务的卓越企业。为 此，我们将全面贯彻党的十八大、十八届三中、四中、 汽车的四个轮子载着最先进的生产力和生产技术，在产业 五中全会精神，深入学习贯彻习近平总书记系列重要讲 发展同时，推动着社会的文明进步。作为中国汽车产业的 话精神，按照“五位一体”总体布局和“四个全面”战略 排头兵，在四十多年的发展进程中，一直致力于全面承担 布局的要求，深入贯彻创新、协调、绿色、开放、共享 起对国家、对社会、对产业、对员工的责任。 的发展理念，积极响应企业所在地的号召，主动参与、 2015年，公司继续坚持为客户提供优质产品，全年销售 积极推动所在地经济社会发展，承担应尽义务，促进与 汽车387.3万辆，上缴税费454.6亿元，均创历史新高。 合作伙伴共赢发展 ；坚持平等合作、互惠互利，构建积 这一年，公司在行业内率先发布了“商业道德公约”， 极、健康、坦诚、可持续的合作关系 ；促进与社会、环 以促进公司全价值链诚信经营、合规经营、廉洁经营， 境共赢发展，依法合规、诚实守信经营，模范履行社会 并发挥在商业道德建设领域的引领示范作用。中央作出 责任，加快使东风成为一个有强大凝聚力和备受尊重、 “精准扶贫”的重大部署后，公司围绕产业、基础设施、 值得信赖的公司。 医疗、教育、文化、环境等领域，深入开展了一批项 2016年，东风公司改革发展的各项工作已经起步，东风公 目，较好地展现了东风的责任担当。这一年，公司还持 司将一如既往诚信经营，服务客户，感恩社会，欢迎社会 续开展了一系列特色履责项目，履行社会责任创新与实 各界给予我们更多关注和帮助！ 践能力继续领跑行业。一个个暖心行动，一份份“东风 情谊”，为东风2015社会责任工作划上了一个圆满的句 号。“十二五”期间，东风公司社会责任发展指数实现从 “追赶者”到“领先者”最终迈入“卓越者”的三级跳,为 “十三五”社会责任的创新与实践奠定了基础。 “十三五”是全面建成小康社会、实现我们党确定的“两 个一百年”奋斗目标的第一个百年奋斗目标的决胜阶段， 东风承担的政治责任、经济责任、社会责任更加厚重。 东风汽车公司社会责任报告2015 3 DFM CORPORATION SOCIAL RESPONSIBILITY REPORT 2015 Thank you for reading this Report to understand how we at the first goal of the two 100-year goals set by the CPC.
    [Show full text]
  • Function Name： Throttle Match Version： V5.7 Menu Throttle Match
    Function name： Throttle match F3 Diagnostic List（Note：For reference only） Version： v5.7 Menu Throttle match Note Demo mode Nissan Dongfeng Yueda Sportage(2013) √ Kia Elantra, NFC, I30, IX35, Verna, Sonata YFC, Elantra, Beijing Hyundai √ New Santa fe Chery Marelli electronic control system, UAES electronic control system √ Add MG6 Bosch 1.8VCT Engine MG MG3, MG5, MG6, MG7 √ System Roewe 350, 550, 750, 950, W5, BP12 √ Add BP12 vehicle type Starfish car Adaptive value reset √ Dong Feng Aeolus Adaptive value reset √ Young lotus Type 1, Type 2 √ Chana Auto Visteon engine √ Add Delphi, DIAS,Marelli engine China SPARK 0.8L, 1.0L, 1.2L √ Brilliance Delphi, DIAS, Siemens √ BYD Delphi, DIAS √ Geely Delphi √ great wall Delphi, DIAS, Siemens √ Haima DIAS, Siemens √ JAC Delphi1, Delphi2, DIAS1, DIAS2, Marelli √ LIFAN Delphi, Siemens √ Liuzhou Wuling Delphi1, Delphi2, DIAS1, Marelli 1, Marelli 2 √ Zhengzhou haima DIAS, Siemens √ Zhengzhou Nissan Delphi, Type 2, Type 3, Type 4(Nissan K, Nissan CAN) √ Diagnostic VW √ Clear self-learning value function Mode Audi √ Clear self-learning value function 1 Europe Function name： Throttle match F3 Diagnostic List（Note：For reference only） Version： v5.7 Diagnostic Menu Mode Throttle match Note SEAT √ Clear self-learning value function SKODA √ Clear self-learning value function PORSCHE √ Europe PEUGEOT 307, 308, 406, 407, 408, 508, 607, Partner, Hoggar √ Add 208 vehicle type C3, C4, C5, C6, C8, C-Quatre, Fukang, Triumph, CITROEN √ Xsara BMW 3 series, 5 series, 7 series, X5 √ LANDROVER Discovery, Freeland, Rang Rover √ GM √ America Ford √ LINCOLIN √ Nissan √ INFINITI √ HONDA √ ACURA √ Japanese & Korean cars TOYOTA/LEXUS √ Support Gentra, Kalos, Lacetti Premiere, DAEWOO √ Leganza, Matiz, New-Lanos, New- Nexia, Rezzo/Tacuma, Tosca, Stateman Mitsubishi √ Remarks:√ means the system has this function - means do not have it at this moment.
    [Show full text]
  • Leapfrogging Or Stalling Out? Electric Vehicles in China
    Leapfrogging or Stalling Out? Electric Vehicles in China Sabrina Howell Henry Lee Adam Heal 2015 RPP-2015-07 Regulatory Policy Program Mossavar-Rahmani Center for Business and Government Harvard Kennedy School 79 John F. Kennedy Street, Weil Hall Cambridge, MA 02138 CITATION This paper may be cited as: Howell, Sabrina, Henry Lee, and Adam Heal. 2015. “Leapfrogging or Stalling Out? Electric Vehicles in China.” Regulatory Policy Program Working Paper RPP-2015-07. Cambridge, MA: Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School, Harvard University. Comments may be directed to the authors. REGULATORY POLICY PROGRAM The Regulatory Policy Program at the Mossavar-Rahmani Center for Business and Government serves as a catalyst and clearinghouse for the study of regulation across Harvard University. The program's objectives are to cross-pollinate research, spark new lines of inquiry, and increase the connection between theory and practice. Through seminars and symposia, working papers, and new media, RPP explores themes that cut across regulation in its various domains: market failures and the public policy case for government regulation; the efficacy and efficiency of various regulatory instruments; and the most effective ways to foster transparent and participatory regulatory processes. The views expressed in this paper are those of the authors and do not imply endorsement by the Regulatory Policy Program, the Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School, or Harvard University. FOR FURTHER INFORMATION Further information on the Regulatory Policy Program can be obtained from the Program's executive director, Jennifer Nash, Mossavar-Rahmani Center for Business and Government, Weil Hall, Harvard Kennedy School, 79 JKF Street, Cambridge, MA 02138, telephone (617) 495-9379, telefax (617) 496-0063, email [email protected].
    [Show full text]
  • 2013 Vehicle Technologies Market Report
    Vehicle Technologies 2013 Market Report Quick Facts Energy and Economics • Transportation accounts for 28% of total U.S. energy consumption. • Dependence on oil cost the U.S. economy $500 billion in 2012. • The average price of a new car is just over $25,000. • Almost 18% of household expenditures are for transportation. • Over 9 million people are employed in the transportation industry. Light Vehicles • The top nine manufacturers selling vehicles in the U.S. produce about half of the world’s vehicles. • U.S. sales volumes continued to rise in 2012. • Sales-weighted data on new light vehicles sold show a 121% increase in horsepower and 35% decrease in 0-60 time from 1980 to 2013, with the fuel economy of vehicles improving 25%. • Nearly 17% of cars sold in 2013 have continuously variable transmissions. • Almost two-thirds of new light vehicles sold in 2013 have transmissions with more than 5 speeds. Heavy Trucks • Class 8 combination trucks consume an average of 6.5 gallons per thousand ton-miles. • Class 3 truck sales have continued to increase in 2012. • Sales of class 4-7 trucks continued to increase in 2012, but were more than 5% below the 2008 level. • Class 8 truck sales continued to increase in 2012 and have risen drastically above 2009 figures. • Diesel comprised 74% of the class 3-8 trucks sold in 2012, up from 72% in 2008. • Combination trucks are driven an average of over 66,000 miles per year. • Idling a truck-tractor’s engine can use more than a gallon of fuel per hour.
    [Show full text]
  • 2016 Real-World Passenger Vehicle Fuel Consumption Analysis
    2016 Real-world Passenger Vehicle Fuel Consumption Analysis Innovation Center for Energy and Transportation September 2016 0 Acknowledgements We wish to thank the Energy Foundation for providing us with the financial support required for the execution of this report and subsequent research work. We would also like to express our sincere thanks for the valuable advice and recommendations provided by distinguished industry experts and colleagues. Authors Lanzhi Qin, Maya Ben Dror, Hongbo Sun, Liping Kang, Feng An Disclosure The report does not represent the views of its funders nor supporters. The Innovation Center for Energy and Transportation (iCET) Beijing Fortune Plaza Tower A Suite 27H No.7 DongSanHuan Middle Rd., Chaoyang District, Beijing 10020 Phone: 0086.10.6585.7324 Email: [email protected] Website: www.icet.org.cn 1 Glossary of Terms LDV Light Duty Vehicles; Vehicles of M1, M2 and N1 category not exceeding 3,500kg curb-weight. Category M1 Vehicles designed and constructed for the carriage of passengers comprising no more than eight seats in addition to the driver's seat. Category M2 Vehicles designed and constructed for the carriage of passengers, comprising more than eight seats in addition to the driver's seat, and having a maximum mass not exceeding 5 tons. Category N1 Vehicles designed and constructed for the carriage of goods and having a maximum mass not exceeding 3.5 tons Real-world FC FC values calculated based on BearOil App users’ data inputs. Certified FC Prior to sale in China (either domestic produced or imported cars), the vehicle is certified according to the “light duty vehicle FC testing method” standard (GB/T19233).
    [Show full text]