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The Comparative Competitiveness of PSA, Renault and VW, 1990-2015 Origins of Differences and Strategic Choices to Do

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The Comparative Competitiveness of PSA, Renault and VW, 1990-2015 Origins of Differences and Strategic Choices to Do The comparative competitiveness of PSA, Renault and VW, 1990-2015 Origins of differences and strategic choices to do Freyssenet Michel CNRS Paris, GERPISA Scientific symposium The competitiveness of automobile industry in France and Germany. Economical, political and cultural context Forschungsinstitut für Arbeit, Technik und Kulture (F.A.T.K.), Tübingen, Institut für Politikwissenschaft, Lehrstuhl für Policy Analyse und politische Wirtschaftslehre, Eberhard Karls Universität Tübingen, Hochschule Pforzheim, Deutsch-Französisches Institut (DFI), Ludwigsburg Tübingen, 23-24 of june 2016 According to managerial mainstream," the conditions for firms competitiveness" at globalization era are outsourcing labour costs reduction offshoring We now have a sufficient basis for judging the relevance of these recommendations 2 synopsis • Volkswagen is the most competitive European generalist carmaker since twelve years (2003-2015) in terms of profits, sales volume and market shares • Volkswagen is nevertheless the less outsourced, the higher labour costs carmaker and the less offshored, comparatively to PSA and Renault • the explanation of these counterintuitive facts is to find in the difference of relevancy and consistency of the profit strategies of the three carmakers 3 % (VA-DC/DC) x 100 Elaboration: Jetin B. 1998, Freyssenet M.updating Jetin B.1998,Freyssenet 2012and Elaboration: Sources: Annual reports ofcompanies. 100 120 -80 -60 -40 -20 20 40 60 80 0 1 945 1 947 Groups 1 949 Average margin rate above break even point, since 2009 point, even break above rate margin Average 1 951 Volkswagen Auto, PSA, Renault and even pointofFiat tobreak compared Margin 1 953 1 955 +49,4% VW +13,1% -2,5%Renault PSA : 1 957 1 959 1 961 1 963 1 965 1 967 1 969 1 971 1 973 1 975 1947-2015 Groups, 1 977 year 1 979 1 981 1 983 1 985 1 987 1 989 1 991 1 993 Fiat Auto Fiat 1 995 1 997 1 999 2 001 Renault PSA 2 003 VW 2 005 2 007 2009 2011 4 2013 2015 Elaboration: Jetin B.1998, Freyssenet M.2012and updating Jetin Elaboration: reports ofcompanies. Sources: Annual % VA-DC / DC 100 -50 -40 -30 -20 -10 10 20 30 40 50 60 70 80 90 0 1 945 1 947 1 949 1 951 Margin compared to break even point of Renault and VW parent companies,1947-2015 parent VW even pointofRenault and tobreak compared Margin 1 953 of Renault and VW and of Renault 1 955 point even the break above rate Average margin 1 957 1 959 1 961 1 963 Renault –20,6,VW +41,2 Renault 1 965 1 967 1 969 1 971 1 973 companies parent 1 975 1 977 year 1 979 sas Renault 1 981 1 983 1 985 1 987 1 989 , since 2009 1 991 AG VW 1 993 1 995 1 997 1 999 2 001 " 2 003 2 005 2 007 2009 5 2011 2013 2015 Elaboration: Freyssenet M., 2009 and uptodate. ISSN Freyssenet M.,2009anduptodate. 1776-0941 Elaboration: CCFA, Sources: annual reports, OICA. vehicules 10 000 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 0 1 945 1 947 Groups: PSA - 0,5 M Renault + 0,1 M VW +3,7M VW +0,1M -0,5M Renault Groups: PSA 1 949 1 951 1 953 1 955 Worldwide production comparison 2007-2015 comparison production Worldwide 1 957 Daimler Chrysler Daimler Groupe VW Groupe Alliance Renault-Nissan Alliance 1 959 1 961 1 963 1945-2015 carmakers, European ofcurrent production Worldwide 1 965 1 967 1 969 1 971 1 973 1 975 1 977 year 1 979 vehicule all BMW Groupe Fiat Groupe PSA 1 981 1 983 1 985 1 987 1 989 1 991 1 993 1 995 Fiat 1 997 1 999 Daimler DaimlerChrysler Groupe Daimler Groupe Renault Porsche 2 001 Renault 2 003 PSA 2 005 2 007 Renault-Nissan BMW 2 009 FiatChrysler VW 6 2 011 2 013 2 015 Production comparison of Chinese joint ventures: 2007-2014 Groups: PSA: + 0,54M Renault: 0 VW: + 2,67M Production of Chinese joint ventures of main carmakers, 1984-2014 4000000 3500000 3000000 GM VW 2500000 2000000 Hyundaï vehicules 1500000 Nissan 1000000 Toyota Honda 500000 Ford PSA BMW Renault-AMC 0 2 011 1 985 1 986 1 987 1 988 1 989 1 990 1 991 1 992 1 993 1 995 1 996 1 997 1 998 1 999 2 000 2 001 2 002 2 003 2 005 2 006 2 007 2 008 2 009 2 010 2 012 2 013 2 015 1 984 1 994 2 004 2 014 Sources: CCFA, OICA. Elaboration: Freyssenet M., 2009 and uptodate. year PSA Renault Nissan VW GM Ford Fuji-Subaru Honda Isuzu Mitsubishi Daihatsu Fiat Mazda Suzuki Toyota Hyundaï-Kia BMW Mercedes 7 Western Europe Market shares comparison: 2007-2015 Groups: PSA – 2,3 pts Renault + 1,2 pts VW + 4,3 pts Market share of automobiles Groups in Western Europe (17 countries), personal vehicles, 1990-2015 26,0 24,0 VW 22,0 20,0 18,0 16,0 PSA 14,0 Alliance Rnlt GM Ford Nissan 12,0 market share 10,0 Renault Tous Japonais 8,0 Fiat, Daimler 6,0 BMW Autres 4,0 Hyundaï-Kia Nissan 2,0 0,0 2 011 2 000 2 001 2 002 2 003 2 005 2 006 2 007 2 008 2 009 2 010 2 012 2 013 1 990 1 991 1 992 1 993 1 995 1 996 1 997 1 998 1 999 2 004 1 994 Sources: ACEA, AAA. Elaboration: Freyssenet M. 2012 and updatings year 8 Élaboration: B. Jetin, 2006; M. 2009and updatings B.Jetin, 2006; Freyssenet, Élaboration: ofcompanies, CCFA, OICA. Sources: annual reports world market share 10,0 12,0 14,0 16,0 18,0 20,0 22,0 24,0 0,0 2,0 4,0 6,0 8,0 1 970 1 971 Groups: PSA –1,5 Groups: PSA 1 972 1 973 1 974 1 975 1 976 1 977 1 978 2007-2014 sharescomparison: market World 1 979 Word market share of main automobile groups, 1970-2014 of main automobile groups, market share Word 1 980 1 981 1 982 1 983 1 984 1 985 1 986 pt 1 987 –0,5 Renault 1 988 1 989 1 990 year 1 991 1 992 1 993 1 994 1 995 1 996 1 997 1 998 1 999 pt G.M 2 000 +2,4 VW PSA 2 001 2 002 2 003 2 004 Ford 2 005 2 006 2 007 2 008 Toyota 2 009 pts Nissan 2 010 VW Others Hyundaï 9 2 011 Renault 2 012 2 013 2 014 Volkswagen, the more competitive European generalist carmaker, was, up to present… • less outsourced • with the highest labour costs • the less relocated 10 Elaboration: Jetin B. 1998,Volpato G 2006,Freyssenet M. 2012and updatings Jetin Elaboration: reports ofcompanies Sources: annual % cost of materials and services / revenue 100 40 45 50 55 60 65 70 75 80 85 90 95 1 945 1 947 1 949 1 951 1 953 1 955 1 957 Externalization rate n°1 rate Externalization 1 959 65% VW 77% Renault et Groups: PSA 1 961 1967-2015 Groups, VW auto, of Fiat PSA,Renault and Average outsourcing rate, since 2009 since rate, outsourcing Average 1 963 1 965 1 967 1 969 1 971 1 973 and / revenue) (cost ofmaterials services 1 975 1 977 year 1 979 1 981 1 983 1 985 1 987 1 989 VW 1 991 1 993 1 995 Fiat Auto Fiat 1 997 1 999 2 001 2 003 2 005 2 007 2 009 11 11 Renault 2 011 PSA 2 013 2 015 Elaboration: Jetin B.1998, Volpato G 2006,FreyssenetM. 2012and updatings Elaboration: annual reports ofcompanies Sources: % cost of materials and services / revenue 100 40 45 50 55 60 65 70 75 80 85 90 95 1 945 1 947 1 949 Renault companies: Parent 1 951 1 953 1 955 1 957 1 959 n°1 rate Externalization 1 961 1 963 companies,1947-2015 parent VW of PSA, Renault, 1 965 Average outsourcing rate outsourcing Average 1 967 1 969 1 971 (cost of materials and / revenue) (cost ofmaterials services 1 973 1 975 1 977 year 1 979 sas 1 981 93% VW AG 77% VW 93% 1 983 1 985 1 987 1 989 1 991 Peugeot SA 1 993 1 995 1 997 1 999 2 001 2 003 AG VW 2 005 sas Renault 2 007 12 12 2 009 2 011 2 013 2 015 Elaboration: Freyssenet M.,2013andupdatings Elaboration: reports ofcompanies Sources: annual percentage of suppliers Renault Renault 100 10 20 30 40 50 60 70 80 90 0 1 990 1 991 1 992 sas 1 993 70% VWAGGerman plants: 44% subsidiary: Spanish its and Percentage of purchases of Renault and VW from their origin country, 1990-2015 origin country, their from VW ofRenault and ofpurchases Percentage 1 994 % of purchases from home country, in 2004 2004 in from home country, purchases % of 1 995 1 996 1 997 1 998 1 999 2 000 2 001 and Fasa-Renault Renault sas Renault year 2 002 2 003 AG plants VW 6 in Germany 2 004 2 005 2 006 2 007 2 008 2 009 2 010 2 011 2 012 2 013 13 13 2 014 2 015 Elaboration: jetin B.1998,Freyssenet M. 2012and updatings jetin Elaboration: reports ofcompanies Sources: annuel total labour costs by employee in $ 100000 110000 10000 20000 30000 40000 50000 60000 70000 80000 90000 0 1 945 of Fiat Auto, PSA, Renault, VW Groups and Renault, VW parent companies,1947-2015 parent VW and Renault, Groups VW Auto, PSA, Renault, of Fiat 1 947 Renault companies: Parent 1 949 1 951 Groups: PSA,44.000 Renault 1 953 1 955 2009 since per employee expenses labour total Average 1 957 1 959 1 961 incurrent employee costs per labour Total 1 963 1 965 1 967 1 969 1 971 1 973 1 975 1 977 sas year 1 979 69.000 : 1 981 1 983 1 985 $ 1 987 54.000 VW $ 1 989 89.000 AG: VW 1 991 € , 1 993 1 995 1 997 Auto Fiat Renault Group Renault 1 999 Group PSA VW AG VW 2 001 2 003 $ 2 005 Renault sas Renault 2 007 Group VW 2 009 14 14 2 011 $ 2 013 2 015 Elaboration: Freyssenet M.
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