Automotive Management

Transcription

1 Automotive Management by Jens Diehlmann Ernst & Young Europe Prof. Dr. Dr. Joachim Hacker German Institute of Corporate Finance 2nd edition Translation by Prof. Dr. Mathias Moersch Oldenbourg Verlag Miinchen

2 Table of Contents 1 The Automotive Value Chain 1 2 The Brand as a Central Value Component in the Automotive Industry Executive Summary Definition of Terms and Framework Definition of Terms: Brand and Brand Value Aim of the Chapter Structure and Approach Functions and Uses of a Brand Functions of a Brand in the Automotive Sector Importance of a Brand in the Automotive Sector Brand Perception Brand Perception in the Automotive Sector Brand from the Customer Perspective Brand from the Employee Perspective Brand Value and Brand Valuation Introduction to Brand Valuation Methods of Brand Valuation Different Methods to Calculate a Brand Value - An Overview Brand Census Interbrand Method Advantages and Disadvantages of the Valuation Methods Presented Advantages Disadvantages Comparison of Market Capitalization and Brand Value Development of Brand Values in the Automotive Sector 33 3 Strategic Alliances in the Automotive Sector Executive Summary Definition of Terms Strategic Alliances or M&A Proposition Why Strategic Alliances and not M&A will Dominate the Automotive Industry in the Future Volkswagen and Suzuki BMW and SGL Carbon 39

3 VIII Table of Contents Daimler and Renault/Nissan BMW and MyCityWay BMW and Sixt Assessment of the Joint Approaches 41 4 Strategic Development Potential of the Automotive Industry - The Example of Electric Vehicles Executive Summary Definition of Terms and Scope Drivers of Future Developments in the Automotive Industry Environmental Drivers Competition Challenges Electric Vehicles Technological Developments Alternative Drive Technologies Technology of the Electric Vehicle Competing Products and Developments Strengths and Weaknesses of Electric Vehicles Sales Markets and their Future Development Criteria for Selection and Analysis USA Europe Japan China India 82 5 Product Policies in the BRIC Countries Executive Summary Scope of the Analysis Status Quo of Automobile Distribution in the BRIC Countries The Four P's - Product as the Crucial Success Factor Standardization or Integration and Adaptation or Differentiation Importance of Product Adaptation for Automobile Manufacturers Relevance of the BRIC Countries for the Automotive Industry Brazil Russia India China Customer Demands and Requirements in the BRIC Countries Brazil Russia 99

4 Table of Contents IX India China Recommendations for Action The Changing Business Field of the Automotive Financial Service Providers Executive Summary Basic Terms and Scope Classification of the Market for Automobile Financial Services Captive and Independent Financial Service Providers Financing of the Own Brand Versus Financing of Other Brands by the CFCs Ill Corporate Affiliation and Legal Separation of the CFCs The Classical Product Areas of the CFCs Retail Leasing Retail Finance Wholesale Finance Fleet Business Strategic Relevance of the CFCs Leasing and Financing Today - An Overview of the Market for Leasing and Financing What are the Current Business Approaches of the CFCs? The Classical Captive Finance Approach Advanced Automotive Banking Approach Services Related to Mobility Services Unrelated to Mobility Cross-selling and Crossover in the Automobile Financial Services Sector CFC - Quo Vadis? The Strategic Options of the CFCs The Fields of Action for the Developed Automobile Markets in the Triad Accelerate Financing of Used Vehicles Develop or Expand the Business with Fleet Customers Introduce or Expand the Offering of Products with Risk Adjusted Pricing Establish Bank Branches Convert to a Bank Holding Company Rework Governance Structures and Operating Concepts Optimize the Areas Refinancing, Liquidity Management and Risk Management Jointly with the Automobile Manufacturers Recommendations for Action in the New Growth Markets Establish Financing Companies in Brazil, Russia, India and China New Operating Strategies for the Growth Markets Promising Answers to New Mobility Trends User-based Mobility via Car Sharing Location Based Services - Participation in Mobility Services that are Not Linked to the Vehicle 134

5 X Table of Contents The Expansion of Fleet Management - Corporate Car Sharing: The Model of Siemens New Leasing Models in the Area of Electronic Vehicles Splitting Battery and Vehicle Leasing Chances and Risks in the Area of Electromobility Mobility Needs and Mobility Concepts Executive Summary Definition of Terms Determinants of Future Mobility Needs Societal Developments Moral Developments Economic Developments Demographic Developments Urban Developments Ecological Developments Technological Developments Concepts in the Mobility Area Mobility Concept - Mu by Peugeot Mobility Concept -"Better Place" Mobility Concept - PRT 2getthere Outlook - Novel Mobility Concepts :1 "Car Packaging and Pooling" - a Mobile Usage Concept Combination of "Better Place" & "PRT"- anovel Mobility Concept Future Potential Competitors of the Automobile Manufacturers Strategic Currency Management for Automotive Manufacturers Executive Summary Fundamentals Definition of Terms Currency Currency Management Chapter Focus Currency Management: Reasons and Current Challenges Uses of Currency Management Current Challenges in Currency Management of Automobile Manufacturers Setup and Execution of Currency Management Setup of Currency Management at an Automobile Manufacturer Operational Structure of Currency Management at an Automobile Manufacturer Banking Policy Instruments Used in Currency Management by Automobile Manufacturers Overview of Available Financial Instruments 179

6 Table of Contents XI Forwards and Futures Options An Overview of Options Range Options Swaps International Strategies for Automobile Manufacturers Natural Hedging International Cash Management Techniques to Optimize Cash Flows Investing Excessive Cash Levels International Investment Planning of Automobile Manufacturers Investment Planning from Different Perspectives Parameters for the Investment Planning of Automobile Manufacturers Financial Hedging Exchange Rate Forecasting Calculating the Exposure Exposure Management Maximizing Shareholder Value in the Automotive Sector Executive Summary Definition of Terms Shareholder Value and Stakeholder Value Automobile Manufacturers and Automotive Industry Strategic Financial Management Sustainability and Sustainable Development Expectations Maximizing Shareholder Value in the Automotive Industry to Date Capital Markets Stock Market Listing Availability of Information Securities Transactions Accounting Standards National Accounting Standards - The Example HGB International Accounting Standards - The Example IFRS Company Strategy Company Goals Growth Strategy Management Remuneration Corporate Social Responsibility Maximizing Shareholder Value in the Automotive Industry in the Year Capital Markets Stock Market Listing Information Management Securities Transactions Accounting Standards 211

7 XII Table of Contents Company Strategy Company Targets Growth Strategy Management Remuneration Corporate Social Responsibility Automotive Industry or Mobility Industry in the Year Traditional Brands will Disappear - Local Brands will be Established Regulations in Support of Ecology and Sustainability Provide the Framework Conditions New Mobility Demands of the Customers Gain in Importance New Mobility Providers are Successful on the Market The Networked Vehicle will Become an Information and Communication Instrument Strategic Alliances are Key to Obtaining a Competitive Advantage Triad was Yesterday, BRIC is Today and Emerging Markets will be Tomorrow Tier-2 and Tier-3 Automotive Suppliers will Look for a New Orientation Electromobility - There is More than One Way Forward The Automobile Manufacturers Create a Global Brand Image Bibliography 223