美国汽车与汽车零部件：FT移动未来峰会

《美国汽车与汽车零部件：FT移动未来峰会》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、CreditSuisseEquityResearchU.S.Autos&AutoPartsFTFutureofMobilitySummit25November2019EquityResearchúAmericasResearchAnalystDanLevyTel:+(212)325-4617dan.levy@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUS

2、OFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdec

3、ision.ConferenceDebate:WillCompaniesseeaReturnonInvestmentinSelf-DrivingCarswithintheNextDecade?KeyConsiderations:1.‘TwoClocks’–autoplayersbalancing‘near’with‘far’2.Timing–rampfrominitialtoscaleddeployments3.Cost–initial+ongoingcost4.Revenue–emphasisonutilization,differentroles,leverageinvestmen

4、tsCSConclusion:Initialinvestmentlikelynotrecoupedinnextdecade.Yetpotentialtoturnprofitsasscaleemerges.Theautoindustry’schallenge–balancingtwoclocksTheNearTheFarGlobalIHSLightVehicleProductionEstimatesMarketshaveweakenedconsiderablysincemid’18OEMEV/AV/NewMobilityAnnouncedSpendSignificantspendrequ

5、iredaheadmnunits+2.4%CY2019CY2020U.S.AutosEBITMarginMargincompressionamidweakerendmarkets+spendonfuturetech10%10210098969492908886Y/Y+2.1%Y/Y+0.1%Y/Y-5.7%Y/YU.S.AutosAdj.EBITMargin8.8%9.0%8.3%8.2%7.2%7.2%7.3%7.4%marginspeakedin20177.5%6.7%6.4%CompanyElectrification/Autonomy/NewMobilitySpendAnn

6、ouncementFord•Invest$11bn+inelectrification(2015-2022),and$4bninAVdevelopmentthrough2023GM•DoublespendonElectrificationandAutonomyFCA•Invest€9bninelectrificationby2022VW•Spend€60bn(~$66bn)onelectriccars,digitalization,newmobilityandautonomousdrivingby2024Daimler•€10bninvestedine-mobilityby2022JL

7、R•Investing£13.5bn(~$18bn)inelectrificationover3yrs.endingin2021Toyota•Investmorethan¥1.5tn($13.3bn)through2030todevelopEVbatteriesHyundai•Investing$35bninmobilitytechnologyincludingautonomous,connected,andelectriccarsaswell