North America Light Vehicle Outlook - Economics & · PDF fileNorth America Light Vehicle...
Transcript of North America Light Vehicle Outlook - Economics & · PDF fileNorth America Light Vehicle...
North America Light Vehicle Outlook
July 18, 2012
Guido Vildozo Manager, Latin America IHS Automotive
Copyright © 2012 IHS Inc. All Rights Reserved.
Presentation Outline
Global Vehicle Sales Forecasts
North America Overview
Mexico
Brazil
Summary
Copyright © 2012 IHS Inc. All Rights Reserved.
0.7 0.75 0.8
0.85 0.9
0.95 1
1.05 1.1
1.15 1.2
Apr-05
Aug-05
Dec-05
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Aug-06
Dec-06
Apr-07
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Apr-08
Aug-08
Dec-08
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Aug-09
Dec-09
Apr-10
Aug-10
Dec-10
Apr-11
Aug-11
Dec-11
Apr-12
Synchronized Global Crash in November 08
Lehman Bros Trigger (Sept)
Japan Crisis
World Index of Seasonal Adjusted Annualised Sales Rates
SA
AR
Inde
x =
1 fo
r yea
r 200
7
June12
YTD May Est up 4.6%
Global Light Vehicle SAAR Volume is slowing down
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0.5 0.6 0.7 0.8 0.9
1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9
2 2.1 2.2 2.3
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
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Jan-09
Apr-09
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Jan-10
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Jan-12
Apr-12
CE EE China J/K NA SA WE
Seas
onal
ly A
djus
ted
Selli
ng R
ates
Inde
xed
2007
=1
2007 Sales Level
Lehman Bros Collapse
Global Light Vehicle Sales Outlook Regional SAARs
Copyright © 2012 IHS Inc. All Rights Reserved.
Global Light Vehicle Sales Outlook 2010 – 2012 Sales Volume
58
63
68
73
78
83
2010 2011 Greater China
North America
Japan/ Korea
South Asia
South America
Central/ Eastern Europe
Middle East/ Africa
Western Europe
2012
72.5 Million
75.6 Million
1.3 Million
1.6 Million
863,000
216,000 516,000
99,000 -1.2
Million 78.7 Million
+4.1%
-325,000
Sal
es in
Mill
ions
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-6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16%
0
10
20
30
40
50
60
70
80
90
100
2009 2010 2011 May 2012
YTD 2012
2012 2013 2014
Global Sales Change
Global Sales S
ales
in M
illio
ns
Year-Over-Year C
hange
• YTD 2012 global light vehicle sales rose 5.5% versus YTD 2011. Japan/Korea led the regional ranking, up by 38%, with Japan mounting an impressive 55% rise in demand. North America follows with sales rising a very decent 12.8%. South Asia remains in recovery mode, largely due to production and distribution disruptions in 2011 that resulted from the heavy flooding in Thailand.
• For full-year 2012, we penciled in 78.7 million units, up a further 4.1%, actually a shade higher than our previous forecast. For 2013 and 2014, we downgraded our expectations. Until the end of the forecast horizon in 2019, the global light vehicle sales market is expected to grow at a compound annual growth rate (CAGR) of 4.3% to reach 105.8 million units.
Copyright © 2012 IHS Inc. All Rights Reserved.
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
0 10 20 30 40 50 60 70 80 90
100
2009 2010 2011 May 2012
YTD 2012
Q2 2012
2012 2013 2014
Global Production Change
Global Production P
rodu
ctio
n in
Mill
ions
Year-O
ver-Year Change
• In May 2012, global production is estimated at 6.84 million units, up 12.3% versus 2011 levels, and a weak comparison due to the immediate aftermath of the Japanese tsunami and earthquake. YTD 2012 output is estimated at 34.53 million units, up 9.9%.
• Full-year 2012 output is expected to reach 80.47 million units, the negative trend partially obscured by the positive development year-to-date.
• Growth is expected to slow to 2.9% in 2013 and reach 82.83 million units as the economic woes in Europe continue.
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40
50
60
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80
90
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26
Mar 2009
Jun 2009
Sep 2009
Dec 2009
Mar 2010
Jun 2010
Sep 2010
Dec 2010
Mar 2011
Jun 2011
Sep 2011
Dec 2011
Mar 2012
Jun 2012
Sep 2012
Dec 2012
North America Europe China Japan/Korea Global
Regional and Global Production SAAR Rates
Europe Supported by Luxury Exports
Chrysler and GM Bankruptcies
North America Stabilizes
Trend Cycle G
lobal Production S
AA
R in M
illions
Tren
d C
ycle
Pro
duct
ion
SA
AR
in M
illio
ns
Earthquake in Japan Disrupts Production
Economic Uncertainty Slows Growth
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Greece Exit Lowers Global Sales by 1m units for 2013
60
65
70
75
80
85
90
95
2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Company Reports, Trade Associations, IHS Automotive.
(Units in Millions Light Vehicles)
Q1 GR Forecast
Debt Crisis Returns
1m Million Unit Downgrade Due to Greek Exit Assumption – Initial Run for 2013 0.1 m out of US forecast – Now 14.8m 0.62 m out of Europe – Now 18.3m 0.26 m out of BRIC’s-Mainly China, (Rus and India slightly higher) -5% -4% 13% 4.3% 4% 4.4% 7%
3/4m units Lost in 2014 (90% Europe)
June 2012 Fcast Japan supply constrains Auto sales
Greece Exits Euro mid 2013
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10
0
5
10
15
20
25
30
35
40
45
50 20
00
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
BRICs Mature Markets
Ann
ual L
ight
Veh
icle
Sal
es (i
n m
illion
s)
Note: Mature=US, Canada, W Europe, Japan BRICs=Brazil, Russia, India, China Source: IHS Data Insights
Global LV Sales: Changing of the Guard Long-Term Growth Only In Emerging Markets
Change 2011-2020: BRICs +69%, CAGR = 6.7% Mature +18%, CAGR =1.9%
76%
46%
37%
Share of World Sales in Triad -Mature Markets
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10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
70,000
75,000
80,000
85,000
OECD Non-OECD
Bn
US
$ (2
005)
19%
38%
28%
Between 2007 to 2024 Real Per Capita GDP will grow by 33% in OECD countries (down from 36% Last year) but 150% in non OECD countries
World Real GDP : Growing a little slower than previous forecasts and still being Re-distributed
March 12
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Recent Signposts to Vortex :- Undercurrents of Protectionism
• China – US
• Solar PV tariffs – US Vs China • Steel Wheel Tariffs • US Built Vehicle Tariffs • China : Rare Earth Policy
• India
• Raises Auto Import Tariffs on CBU in Recent Budget
• Brazil • Backtracks on FTA with Mexico imposes $1.5bn (100k Vol) quota on imports from Mexico • Raises IPI by 30% on imported vehicles (65% local content) • New Industrial Policy ‘Brazil Maior’ adds requirement for localisation of 12 identified major auto
component target of 8 of the 12 by 2013 must be local/regional and 12 of 12 by 2018
• Argentina • 1:1 Auto import measures announced in 2011, • Nationalisation movement (YPF Oil company) – Spain, EU Retaliate • Import delays orchestrated, increasing delays from 30 days to 3-4mths • Argentina – Renege on Bilateral auto trade with Mexico • Luxury Tax started earlier this year from 10 to 25% on cars over $35K
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• Pent – Up demand is driving the auto recovery • The first quarter (the high point for the year) was outstanding but
unsustainable • Retail, rather than fleet, remains the main driver, although
February saw more fleet volume • Sales have improved, as Japanese cars return to the showrooms,
but there are still some issues of availability • High gasoline prices actually helped sales (trade-in gas guzzlers) • Incentive spending has risen modestly, as inventories rebuild, but
there is more pricing discipline today • Auto credit availability is improving • Supply constraints are becoming a concern • The used car and truck market remains very strong • Cost pressures will return but industry profits are good Bottom Line – A weak economy will hurt the release of pent up
demand, slowing not derailing, the auto market recovery
US - Auto Market Overview
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Pure Raw Material Cost in a Car – Debt Crisis Lowers Input Costs
European Car @ 2700 Lbs in Euro
US Vehicle @ 3500 Lbs In $
Steel Aluminium Plastic Resins Rubber Glass Iron
(Excludes Fuel, Processing and Transportation costs)
Latest Data Point March 2012
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Intention to Buy New Vehicle in 6 Months
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
6 Month Moving Average Actual
(Percent Yes)
Conference Board
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1.0
1.5
2.0
2.5
3.0
3.5
4.0
1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011
Direct (Bank) Loans Indirect (Dealer) Loans
(% - Accounts past due 30 days or more)
Months
Source: American Bankers Association
New Auto Loans — Delinquency Rates
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New Vehicle Buyers Average Credit Score
6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18%
650 660 670 680 690 700 710 720 730 740 750 760 770 780
Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
FICO SCORE % UNDER 670
Avg. Score
Source: CNW Marketing
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55%
60%
65%
70%
75%
80%
85%
Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12
Unweighted Average of Prime, Near and Subprime
Months
New Auto Loan Application Approvals
Source: CNW Marketing
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5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Quarters
(Percent)
Federal Reserve Board
New Auto Loan Rates – Commercial Banks
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12
14
16
18
20
22
24
26
1/1/2001 1/1/2002 1/3/2003 1/1/2004 1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012
(Percent)
CNW Marketing Months
Incentives to MSRP
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30%
40%
50%
60%
70%
80%
90%
100%
1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012
GM Ford Chrysler Industry Toyota Honda Nissan
Source: CNW Marketing Months
Residual Value Index (Index = Lease contract residual value versus CNW estimate of residual at end of lease term)
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20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012
Leases by Month
(Share)
U.S. Light Vehicle Sales — Lease Penetration
Source: CNW Marketing
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U.S. Light Vehicle Inventory — Units
Months — Seasonally Adjusted
(Units in thousands)
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
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U.S. Light Vehicle Inventory — Days Supply
30
40
50
60
70
80
90
100
110
120
Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 1/1/2004 1/1/2006 1/1/2008 1/1/2010 1/1/2012
(Days Supply)
Months — Seasonally Adjusted
Light Trucks
Cars
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8
10
12
14
16
18
20
22
Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
Actual Forecast
Months
(Units in millions)
United States — Car & Truck Sales, SAAR
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(Cents)
Source: DOE Weekly – Updated 6/25/2012
Gasoline Retail Price - All Grades Per Gallon
150
175
200
225
250
275
300
325
350
375
400
425
450
2004 2005 2006 2007 2008 2009 2010 2011 2012
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3
4
5
6
7
8
9
10
11
12
13
Jan-00 Jan-02 1/1/2004 1/1/2006 1/1/2008 1/1/2010 1/1/2012
CARS LT. TRUCKS
(Units in millions)
United States — Car & Truck Sales, SAAR
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0
1
2
3
4
5
6
7
Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12
GM FORD CHRYSLER
``
Months
(Units in millions)
Big Three by Manufacturer — Car & Truck Sales, SAAR
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8
10
12
14
16
18
8
9
10
11
12
13
14
15
16
17
18
1990 1994 1998 2002 2006 2010 2014 2018
June 2012 Forecast July 2011 Forecast
(Units in millions)
U.S. Light Vehicle Sales
2008: 13.2M units 2009: 10.4M units 2010: 11.6M units 2011: 12.7M units 2012: 14.3M units 2013: 14.8M units 2014: 15.6M units 2015: 16.2M units
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(Percent)
7%
9%
11%
13%
15%
17%
19%
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Non-farm Payroll
U.S. Light Vehicle Sales: Relative to Employment
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U.S. Sales — Major Manufacturers Market Share
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
GM FORD CHRYSLER/FIAT TOYOTA HONDA NISSAN HYUNDAI/KIA
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U.S. Sales — Asian Manufacturers Market Share
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
HYUNDAI KIA SUBARU MAZDA MITSUBISHI SUZUKI
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U.S. Sales — European Manufacturers Market Share
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
BMW DAIMLER AG VW GROUP PORSCHE
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U.S. Sales — By Car Segment (54%)
0% 2% 4% 6% 8%
10% 12% 14% 16% 18% 20% 22%
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Compact Full-Size Micro + Mini Mid-Size Sports Subcompact
(Light Vehicle Share)
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U.S. Sales — By Light Truck Segment (46%)
0%
5%
10%
15%
20%
25%
30%
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
CUV MPV PUP SUV VAN
(Light Vehicle Share)
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8%
10%
12%
14%
16%
18%
20%
22%
24%
0
2
4
6
8
10
12
14
16
18
20
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Mill
ions
Volume - L Canada- R Mexico - R
`
(Units in millions)
North America - Light Vehicle Production
(Share of NA Prod.)
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North America - Light Vehicles Imports
15.0%
17.0%
19.0%
21.0%
23.0%
25.0%
27.0%
29.0%
2.5 2.7 2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3 4.5
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Mill
ions
Volume - L Share of LV - Sales - R
(Units/)
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North America - Light Vehicles Exports
-30%
-20%
-10%
0%
10%
20%
30%
40%
0.0
0.5
1.0
1.5
2.0
2.5
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Mill
ions
Volume - L Change - %
(Units/)
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N.A Export Sales – By Region of Destination
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Asia Europe Middle East/Africa South America
Copyright © 2012 IHS Inc. All Rights Reserved. 40
Autos - The Bottom Line
• The auto industry is in its best shape to withstand economic adversity • Auto credit quality is outstanding, availability will improve this year • Industry pricing power will continue to improve • Leasing is on the way back • Small cars will gain market share but crossovers will remain very popular • Higher fuel economy standards are the next big challenge (opportunity) • The industry has done a great job reducing capacity and cost, but we can’t
rest on our laurels • Initially replacement demand drives volume, longer term demographics
sustain sales • Eventually the economy will support volume levels that are more normal for
the auto industry • The industry has become more profitable and once volume returns, it will
become even more so
Copyright © 2012 IHS Inc. All Rights Reserved. 41
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1/1/1997 1/1/1999 1/1/2001 1/1/2003 1/1/2005 1/1/2007 1/1/2009 1/1/2011
(Units in Millions)
Mexico Light Vehicle Sales — Seasonally Adjusted Annual Selling Rate - SAAR
Monthly
Annual Average
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-30%
-20%
-10%
0%
10%
20%
30%
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
1,500,000
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Light Veh -L Annual Change -R
Mexico - Light Vehicle Sales
Units
Used car imports and credit availability limit growth
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2007 2009 2011 2013 2015 2017 2019 Others Suzuki Daimler BMW Mitsubishi Mazda Honda Toyota Chrysler Ford Volkswagen General Motors Renault/Nissan
Percentage
Mexico –Market Share
Nissan grows in coming years
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Mexico — Global Segmentation
0.00
0.10
0.20
0.30
0.40
0.50
0.60
A B C D E F HVAN
Mill
ions
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Units
Copyright © 2012 IHS Inc. All Rights Reserved. 45
Mexico — Bodystyle
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
Mill
ions
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Units
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0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
PROD
Producing for Export
Mexico Light Vehicle Production (millions of units)
Forecast at risk due to Brazil
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Mexico to Brazil –ACE 55
47
2009 2010 2011 2012 2013 2014 Imports from Mexico [US$] 947,500,00 1,260,900,000 2,070,000,000 1,450,000,000 1,560,000,000 1,640,000,000
Imports from Mexico [Units] 60,138 76,748 121,745 93,500 100,000 104, 500
Vehicle price per unit [US$] 15,755 16,429 17,003 15,500 15,600 15,700
•Very little impact YOY to 2012 figures, but we had expected 200-250K. Impact will be hardest for 2013 and 2014. •Difficult to compete after quota is hit, so far Asians are down 20-40%
Copyright © 2012 IHS Inc. All Rights Reserved. 48
Mexico Light Vehicle Production — By OEM
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Renault/Nissan General Motors Volkswagen Ford Chrysler Fiat Mazda
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Units
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*Annual average, **Billions of US dollars
-60 -40 -20
0 20
2004 2006 2008 2010 2012 2014 1.5
2.0
2.5
3.0
2004 2006 2008 2010 2012 2014
-2 0 2 4 6 8
2004 2006 2008 2010 2012 2014
Real GDP Growth (%) Consumer Price Inflation (%)
Exchange Rate per USD* Current-Account Balance**
0
2
4
6
8
2004 2006 2008 2010 2012 2014
Brazil Outlook Summary
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0 2 4 6 8
10 12 14 16 18 20
1990 1995 2000 2005 2010 2015 2020 GDP per Capita
(US $ ,000)
Nominal GDP per Capita
GDP per Capita has broken US $10,000, allowing for strong consumer power
Copyright © 2012 IHS Inc. All Rights Reserved. 51
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
1990 1995 2000 2005 2010 2015 2020 R$/US$
(LCU/US$)
Exchange Rate
FX is poised to remain strong, despite gov’t trying to ease
Copyright © 2012 IHS Inc. All Rights Reserved. 52
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Current Base
Million Units
Brazil Market Outlook
Promising growth outlook with incredible potential
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2007 2009 2011 2013 2015 2017 2019 Others Chery Jianghuai Mitsubishi Honda Toyota PSA Hyundai Renault/Nissan Ford General Motors Volkswagen Fiat
Percentage
Brazil –Market Share
Big four continue to loose
Copyright © 2012 IHS Inc. All Rights Reserved. 54
Brazil — Global Segmentation
0.00
0.50
1.00
1.50
2.00
2.50
3.00
A B C D E F HVAN
Mill
ions
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Units
Copyright © 2012 IHS Inc. All Rights Reserved. 55
Brazil — Bodystyle
0.00
0.50
1.00
1.50
2.00
2.50
Mill
ions
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Units
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Brazil is using the IPI Tax Changes to increase local manufacturing (Manufacturer Wholesale Tax)
OEMs with local content
OEMs that don’t meet requirements
IPI IPI
Passenger Cars Fuel Type
Up to 1000cc Flex-Fuel 7 37
Up to 1000cc Gasoline 7 37
1001cc to 2000cc Flex-Fuel 11 41
1001cc to 2000cc Gasoline 13 43
2001cc Flex-Fuel 18 48
2001cc Gasoline 25 55
HCVs NA 30
Light Commercial Vehicles (PUPs/Vans) NA 4 34
Copyright © 2012 IHS Inc. All Rights Reserved. 57
Brazil New Regional Content Requirements rely heavily on the types of components
• Brazil has raised the IPI (manufacturers wholesale tax) by 30 percentage points. • The government’s plan, Brasil Maior it aiming at protecting the industry. • An OEM may be exempt from the new IPI if it has 65% regional content and meets eight out of these
12 requirements: Assembly Chassis assembly Chassis production with regional parts Corrosion treatment and paint Drivetrain/steering assembly Engine production Final assembly of cabins and accessorizing Plastic Injection Stamping Transmission production Welding Research and Development
Copyright © 2012 IHS Inc. All Rights Reserved.
0
1000
2000
3000
4000
5000
6000
7000
8000
Investment OEMs Investment Suppliers
US $ 76 Billion 1980-2010 US $ 26 Billion 2011-2026
US$ Millions
Brazil –Investment by the automotive industry
Copyright © 2012 IHS Inc. All Rights Reserved. 59
0.50
1.50
2.50
3.50
4.50
5.50
6.50
7.50
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Light Vehicle Production Capacity
• 5 MM capacity by 2015 • Two new plants in 2012: Hyundai, Toyota
Million Units
Production: Recent Investments Prepare for Market Growth
Copyright © 2012 IHS Inc. All Rights Reserved.
Bottom Line • With the exception of Western Europe, global demand will
continue to gather momentum • BRICs will outsell TRIAD (USA, WE and Japan) within a
few years • Mexico has to explore new opportunities given this
scenario, South America presents great potential • The US has turned the corner, promising outlook for sales
and production • Mexican demand has broken the million unit mark! • Production is promising but big uncertainties lie in the
future
Thank You for Your Participation!
• Guido Vildozo • Manager, Latin America • IHS Automotive
• Contact: • 24 Hartwell Ave • Lexington, MA 02421 USA
• Ph: +1 781 301 9037 • Em: [email protected]