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Strategic Options for Azure Dynamics in Hybrid and Battery Electric Vehicle Markets

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Strategic Options for Azure Dynamics in Hybrid and Battery Electric Vehicle Markets STRATEGIC OPTIONS FOR AZURE DYNAMICS IN HYBRID AND BATTERY ELECTRIC VEHICLE MARKETS by James Gordon Finlay B. Sc. (Computer Science), University of British Columbia, 1981 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Management of Technology Program of the Faculty of Business Administration © James Gordon Finlay 2012 SIMON FRASER UNIVERSITY Fall 2012 All rights reserved. However, in accordance with the Copyright Act of Canada , this work may be reproduced, without authorization, under the conditions for Fair Dealing . Therefore, limited reproduction of this work for the purposes of private study, research, criticism, review and news reporting is likely to be in accordance with the law, particularly if cited appropriately. Approval Name: James Gordon Finlay Degree: Master of Business Administration Title of Project: Strategic Options for Azure Dynamics in Hybrid and Battery Electric Vehicle Markets Supervisory Committee: __________________________________________________________ Dr. Pek-Hooi Soh Senior Supervisor Associate Professor Faculty of Business Administration __________________________________________________________ Dr. Elicia Maine Second Reader Associate Professor Faculty of Business Administration Date Approved: __________________________________________________________ ii Abstract Azure Dynamics provides electric vehicle powertrain technology to commercial truck fleets in North America and Europe. Azure Dynamics is a firm in distress and fighting for survival, having filed for bankruptcy protection in March 2012. An analysis of commercial trucking markets reviews factors driving vehicle electrification and provides a market segmentation to find segments best suited to Azure’s technology. Porter’s Five Forces methodology is used to assess target market attractiveness and to identify key success factors. An internal analysis of Azure employs a value chain and a VRIO model to identify core competencies. A strategic fit matches firm capabilities to the Differentiation Focus generic strategy. A performance assessment maps Azure’s competitive position within light-duty and medium-duty truck market segments. Strategic options emerge from this analysis and are evaluated using a Balanced Scorecard. From the analysis, the strategic option of selling Azure as a going concern is recommended. Ideally, the acquirer would be a firm with deep financial resources and a long-term vision. This option provides Azure with enough working capital to let it deal with product gross margin issues, and to eliminate use of equity financing to fund operating costs. Keywords: Azure Dynamics; electric vehicle; hybrid vehicle; HEV; PHEV; BEV; battery; Truck; Powertrain; Outsourced Manufacturing; Fleet; Total Cost of Ownership; Incremental Cost; Payback; Porter Five Forces; Value Chain; VRIO; Core Competency; Strategic Fit; Generic Strategy; Differentiation Focus; Industry Attractiveness; Balanced Scorecard iii Dedication This thesis is dedicated to the memory of Dr. Tom Richardson, SFU Professor of Kinesiology, who was my close friend and mentor. Tom’s inquisitive nature and passion for learning will continue to inspire me for the rest of my life. Tom, you are greatly missed. iv Acknowledgements I would like to express my sincere appreciation for my thesis supervisor Dr. Pek-Hooi Soh and my second reader Dr. Elicia Maine for their excellent comments and diligence in reviewing my thesis drafts. I would also like to thank Dr. Rick Colbourne for his help during the early stages of my thesis outline development. I would also like to acknowledge the excellent support and encouragement of my project sponsors at Azure Dynamics in this endeavour. I am indebted in particular to Dr. Nigel Fitzpatrick, co-founder of Azure Dynamics for providing his expert background knowledge on the structure of the electric vehicle industry and the history of Azure Dynamics. My gratitude goes to Brad Oldham who helped with the review of my chapter on the value chain and core competencies of Azure Dynamics. Special thanks also go to the Azure management team including Ron Iacobelli, Stephen Lee, Jim Mancuso, Mike Elwood, and Nicolas Bouchon. Last, but not least, I would like to acknowledge the constant support of my dear wife Lesley, whose love, patience and encouragement has kept me motivated throughout the program. Thanks also go to my daughters Elspeth and Alexis who encouraged this “fifty-something” student to pursue my dreams, and to my parents Jim and Aileen who instilled in me a yearning for the pursuit of further education and learning. v Table of Contents Approval ............................................................................................................................................... ii Abstract .............................................................................................................................................. iii Dedication ........................................................................................................................................... iv Acknowledgements ........................................................................................................................... v Table of Contents .............................................................................................................................. vi List of Figures..................................................................................................................................... xi List of Tables ....................................................................................................................................xiv Glossary .............................................................................................................................................xvi 1 Introduction .............................................................................................................................. 1 1.1 Azure Dynamics Corporate Background .................................................................................................. 2 1.1.1 Company Mission, Vision and Competitive Advantages .................................................. 2 1.1.2 Existing Product Lines ....................................................................................................................... 4 1.1.2.1 Balance™ Hybrid Electric Step-Van and Shuttle Bus ............................................. 5 1.1.2.2 Transit Connect Electric (TCE) Light-Duty Panel Van .......................................... 6 1.1.2.3 Force Drive ™ electric vehicle systems and components ................................... 7 1.1.3 Corporate Structure ............................................................................................................................ 8 1.1.4 Azure Dynamics History ................................................................................................................... 9 1.2 Project Objectives ...............................................................................................................................................12 1.3 Structure of the Report ....................................................................................................................................12 EXTERNAL ANALYSIS ..................................................................................................................... 15 2 Commercial Hybrid and Electric Vehicle Markets: Opportunities and Market Drivers ................................................................................................................................ 15 2.1 Macro-Economic Drivers for Vehicle Electrification ........................................................................15 2.1.1 Energy Security Consequences of Oil Dependency ..........................................................15 2.1.2 Reduced Emissions for Environmental Sustainability ...................................................17 2.2 Enabling Technology – Alternative Vehicle Powertrain Options ..............................................19 2.3 Commercial Vehicles Expected To Lead Electrification .................................................................21 2.4 Market Drivers for Adoption of “Green” Commercial Truck Fleets ..........................................23 2.5 Market Challenges for Adoption of “Green” Commercial Truck Fleets ..................................26 2.6 Commercial Truck Market Segmentation ..............................................................................................28 2.6.1 Segmentation by Duty Class of Vehicle ...................................................................................29 2.6.2 Segmentation by Application .......................................................................................................30 2.6.3 Segmentation by Vehicle Utilization ........................................................................................31 2.6.4 Segmentation by Geographic Region .......................................................................................33 2.6.5 Segmentation by Fleet Size ...........................................................................................................33 2.6.6 Segmentation by Sector ..................................................................................................................35 2.7 Value Proposition for Fleet Owners ..........................................................................................................36
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