LMC AUTOMOTIVE OUTLOOK BRIEFING...LMC AUTOMOTIVE OUTLOOK BRIEFING Losing momentum as we round the final corner October 2020 Gregory Daco Chief US Economist [email protected]

LMC AUTOMOTIVE OUTLOOK BRIEFING

Losing momentum as we round the final corner

October 2020

Gregory DacoChief US [email protected]

Follow us on Twitter

@GregDaco

@OxfordEconomics

mailto:[email protected]

A less-than-ideal health situation entering flu season

1

An uneven impact across the world

2 Questions: Use the question panel

-22.7 -22.1

-18.9-17.6 -17.3

-13.4

-11.5-10.2

-8.4-7.2

0.3

-25

-20

-15

-10

-5

0

5

ES UK FR IT PT CA DE US JP AU CN

Source: Oxford Economics/Haver AnalyticsEurozone countries in blue

GDP impact from coronavirusGDP level Q2 2020 vs Q4 2019, in %

A surprising Phase 1 of the recovery

-400

-300

-200

-100

0

100

200

300

2012 2013 2014 2015 2016 2017 2018 2019 2020

US Eurozone UK

World: Economic surprise indices

Source : Oxford Economics/Haver Analytics

Index

3

Absent a strong employment rebound, fiscal aid is key

4

Midwest states have become new hotspot

5

0

10

20

30

40

50

60

70

Mar Apr May Jun Jul Aug Sep Oct

Source: Oxford Economics/Haver Analytics

US: New cases of Covid-19

7-day MA of cases per 100,000

New York

New Jersey

Arizona

Texas

Florida

California

South Dakota

NorthDakota

Wisconsin

Montana

Easy and rapid employment gains are behind us

6

1998 2003 2008 2013 2018

120

125

130

135

140

145

150

155


US: Nonfarm payroll employmentMillions

June: +4.8mn

May:+2.7mn

Feb-Apr:-22.1mn

July:+1.8mn

Aug:+1.4mn

Sep+0.7mn

Unemployment rate still near recession peaks

7

7.1%

6.1%

9.0%

10.8%

7.8%

6.3%

10.0%

1960 1970 1980 1990 2000 2010 2020

0

2

4

6

8

10

12

14

16


US: U3 unemployment rate%

Apr: 14.7%

Sep: 7.9%

Average of 6 prior recessions

The low hanging fruits have been picked

8

The importance of fiscal aid

9

Rebound in consumer spending driven by low income earners

10

-40

-35

-30

-25

-20

-15

-10

-5

0

5

13-Jan-20 20-Feb-20 31-Mar-20 08-May-20 17-Jun-20 27-Jul-20

Low Income

Middle Income

High income

US: Consumer credit and debit card spending

Source: Oxford Economics/Opportunity Insights/Haver Analytics

% difference from January 2020

The importance of fiscal aid

11

Savings provides temporary buffer, but it’s falling fast

12

US Recovery Tracker falls in final week of September

01/31 02/28 03/27 04/24 05/22 06/19 07/17 08/14 09/11

0

20

40

60

80

100

FinancialMobilityProductionEmploymentDemandHealthRecovery Tracker

Sources: Oxford Economics

US: Recovery Tracker

(January 31st = 100)

Most regions lost ground in mid-September

0

20

40

60

80

100

120

2/29 3/21 4/11 5/2 5/23 6/13 7/4 7/25 8/15 9/5 9/26

Northeast SouthMidwest Southwest & MountainsPacific

US: State Recovery Tracker, by region

Note: Weighted by states' contribution to regional GDPSource: Oxford Economics/Haver Analytics

%; 2/29=100

A two-phased recovery

15

Rates held near zero until 2024…

Questions: Use the question panel on the right 16

US Election: What do political models show?

17

18

Economic Election Models: Electoral college vote

19

Uncertainty across key states on election night

Trump vs Biden: a slower post-Covid recovery

Multiple risks around the baseline

❑ The pace of the recovery has slowed markedly. We see the economy contracting 3.5% in 2020 but expect a relatively soft GDP 3.7% rebound in 2021.

❑ The economy has regained two thirds of the output lost in March and April, but many risks on the horizon: fiscal stimulus expiring, flu season approaching and election uncertainty rising

❑ The jobs rebound has been strong, but employment remains 10.7mn below pre-Covid levels. September gain was only 661k vs 1.4mn in August & the unemployment rate of 7.9% is still close to previous recession peaks.

❑ The pre-election uncertainty surrounding a fiscal stimulus package could represent a watershed moment for the US economy as fiscal stimulus is expiring and employment is slowing. The absence of additional fiscal aid would constrain GDP by 1.5% over the next year.

❑ Our Biden-lite scenario sees real GDP growth at 5.7% in 2021. This compares with 3.7% in our “status quo” policy baseline and 2.3% under a Trump sweep (presidency + Congress) scenario.

❑ Fed Chair Powell stressed the importance of conditional dovish forward guidance. The Fed will keep interest rates at the ELB until the economy is assessed to be at full employment and inflation has risen to 2% and is on track to moderately exceed 2% for some time.

21

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Questions: Use the question panel on the right 22

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© 2020 LMC Automotive Limited, All Rights Reserved.

Sales

Augusto Amorim, Sr. Manager, Americas Vehicle Sales Forecasts

Global Light Vehicle Outlook Briefing, Detroit

October 15, 2020

What does the recovery look like?


US 2020 sales are forecast to total 13.4 mn Light Vehicles

2

0

2

4

6

8

10

12

14

16

18

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Mill

ions

Thousands

US Monthly Sales

Retail Fleet SAAR

▪ Sales grew

just in

February

and

September

▪ September

SAAR was

at 97% of

February

rate

▪ Sales YTD

are down by

19% YoY,

losing 2.4

mn unitsSource: LMC Automotive


Cars and MPVs are off by 33% YoY through September

3

0%

20%

40%

60%

80%

100%


Body Style Market Share

SUV Pickup Car MPV Van Sporty

▪ Large

Pickup was

the US

market

leader in

April

▪ Cars are

about 3 pp

down from

Jan-Feb

▪ SUVs

reached a

record high

53.5% share

in JuneSource: LMC Automotive


Premium sales have fluctuated more during the pandemic

4

0%

20%

40%

60%

80%

100%


Status Market Share

Non-Premium Premium Super-Premium

▪ Pickups gave Non-Premium an 89% share of US sales in April

▪ Premium reached a 14.5% share in June

▪ Lease extensions are now hurting Premium sales

Source: LMC Automotive


Prices keep breaking records and reached USD36,000

5

$31,000

$32,000

$33,000

$34,000

$35,000

$36,000

$37,000


Average Transaction Prices in the US

2019 2020

▪ ATP has

been above

USD35,000

since June

▪ SUVs,

Large

Pickups and

Premium

bring prices

up

▪ Incentives

were below

USD4,000

in

SeptemberSource: J.D. Power


An 8% recovery is expected for next year, to 15.4 mn units

6

17.0

14.3

15.4

16.216.6 16.9

12

13

14

15

16

17

18

2019 2020 2021 2022 2023 2024

Mill

ions

US Annual Sales

-1.4%

7.8%

4.9%

2.7%1.6%

-15.7%



Pickups are projected to outsell Cars in the US next year

7

48.8% 51.7% 53.9% 55.6% 55.6% 56.3%

17.9%19.8% 19.9% 19.4% 19.6% 19.5%

25.1%20.9% 18.7% 17.5% 17.0% 16.2%

0%

20%

40%

60%

80%

100%

2019 2020 2021 2022 2023 2024

Body Style Market Share

SUV Pickup Car MPV Van Sporty



Vehicle activity will likely help Premium to recover faster

8

86.6% 86.6% 85.6% 85.4% 85.0% 84.8%

13.2% 13.2% 14.2% 14.4% 14.7% 14.9%

60%

80%

100%

2019 2020 2021 2022 2023 2024

Status Market Share in the US

Non-Premium Premium Super-Premium



A rapid upturn could bring sales back to 17 mn in 2021

9

10

12

14

16

18

20

2019 2020 2021 2022 2023 2024

Mill

ions

US Annual Sales

Base Premature easing Second wave Financial crisis Rapid upturn

Source: LMC Automotive/Oxford Economics


Brazil is forecast to have the strongest recovery in 2021

10Source: LMC Automotive

1.9 1.6 1.7 1.8

0

1

2

3

2019 2020 2021 2022

Mill

ions

2.72.0

2.5 2.7

0

1

2

3

2019 2020 2021 2022

Mill

ions

1.31.0 1.0 1.2

0

1

2

2019 2020 2021 2022

Mill

ions

438302 341 378

0

200

400

600

2019 2020 2021 2022

Thousands 26%

-26%

8%8%

-3%-20% 11% 6%

-43%

-31% 13% 11%

9% 13%-8%

-27%


Outlook

Bill Rinna, Director, Americas Vehicle Forecasts

Global Light Vehicle Outlook Briefing, Detroit

October 15, 2020

Americas Production – Building Back Up


Outline

▪ North America Production Outlook

▪ South America Production Outlook

© 2020 LMC Automotive Limited, All Rights Reserved. 3

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

March April May June

Mill

ion

s

Work

ing D

ays

Working Days Lost Volume Lost

Costly shutdowns

▪ Cumulative

impact of

industry-wide

shutdowns

totalled 3.7k

working days

and 2.8mn

vehicles “lost”.

▪ Plants were

down on

average 45

days.

-2.8mn vehicles



Inventory remains very lean

▪ September

inventory

increased 3.6%

from August but

970k fewer units

(-27%) YoY.

▪ Last in, first out:

past two

months, dealers

turning over half

their start-of-

month inventory.

▪ GM had 190k

less in inventory

to start the year.

Source: Wards Intelligence

8778

6976

64 67 66 61 6676

69

95

119

60 59 55 51 50

0.00

1.00

2.00

3.00

4.00

5.00

0

20

40

60

80

100

120

140

Mill

ion

s

US Light Vehicle Days' Supply

Yr-Ago Days' Supply Days' Supply

2019 Inventory 2020 Inventory


Playing catch-up

-1,600

-1,400

-1,200

-1,000

-800

-600

-400

-200

0

NA-Built SUVSales

NA SUVProduction

NA-Built PickupSales

NA PickupProduction

Th

ou

sa

nd

s

August YTD Change

▪ In-demand

Pickup and SUV

production

struggles to

keep up with

demand.

▪ Pickups have

been least

impacted on the

demand-side.

53

1k

53

1k

46

1k


16.2

3.33 0.19

13.1015.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2019 H1 H2 2020 2021

Mill

ion

s

Short-term production outlook

▪ H2 overtime and low

base help offset

production constraints

- capacity,

absenteeism, turnover.

▪ Demand, inventory

rebuild drive 2021

rebound.


-39.4%

+2.5%

-19.4%

+17.1%


-35%

-25%

-15%

-5%

5%

15%

25%

35%

45%

55%

Ma

zd

a

Te

sla

Da

imle

r

BM

W

Su

baru

Toyota

GM

Ind

ustr

y

Honda

VW

Fo

rd

Hyun

da

i

FC

A

RN

M

2020 2021

Short-term OEM group outlook

7

▪ Mazda an outlier in ‘20 with full-year of CX-30.

▪ Tesla should see slight growth in ‘20 with new Model Y,

‘21 gets more capacity w/expected Austin plant.

▪ Toyota outpaces industry in ‘20 w/RAV4 resourcing, ’21

benefits with redesigned Highlander and Sienna.

▪ Pandemic delayed GM’s T1 SUV launch, but those

models aid ‘21 growth, along with Bolt EUV.

▪ Extended shutdowns for changeovers hurt Ford further

in ‘20, but ‘21 should benefit w/new Bronco, Bronco

Sport, Mustang Mach-E and updated F-150.

▪ FCA ‘20 hurt by lower MPV demand and changeovers,

‘21 rebound aided by Jeep product push.

▪ RNM’s demand-related production cuts in ‘19 were a

precursor to poor ’20. Despite Van drops, ‘21 rebounds

w/new Rogue, Pathfinder and QX60.



0

5

10

15

20

25

30

Q32020

Q42020

Q12021

Q22021

Q32021

Q42021

Q12022

Q22022

Q32022

Q42022

Q12023

Q22023

Q32023

Q42023

New

Entr

ies/R

edesig

ns/F

acelif

ts

Pre-COVID Product Actions Post-COVID Product Actions

▪ Roughly 80% of

planned NA launches

impacted.

▪ New programs

prioritized based on

importance/strategic

initiatives.

▪ 5 programs

throughout the

forecast were

cancelled – likely to

be more.

Programs have been delayed


Capacity grows


13.515.9

5.0

5.52.4

2.220.9

23.6

0

5

10

15

20

25

2019 2027

Millions

Canada

Mexico

USA

Δ 1000s Growth % Δ

Canada -232 -10%

Mexico 525 11%

USA 2,376 18%

Total Capacity 2,668 13%


.4 .4.6 .7 .8 .8 .8 .9 .9.0 .1

1.2

1.7 1.6 1.6 1.61.8 1.7

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2019 2020 2021 2022 2023 2024 2025 2026 2027

Production Excess Capacity Utilization

BEV plant capacity outpaces demand


▪ Dedicated BEV

greenfield and

brownfield plants

blossom, but

demand will likely

lag.

▪ Short-term pain for

long-term gain?

Millions


▪ NA production

remains strong on

falling import

volume, localization

and growth in non-

Detroit brands.

Utilization remains

below 80%.

▪ Pre-COVID levels

not expected until

2022.

NA production rebounds and expands


17.0 16.9 16.2

13.115.3

16.5 17.1 17.3 17.7 17.9 18.0

3.1 3.9 4.7

7.9

7.06.9 6.6 6.3 5.9 5.7 5.5

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0.0

5.0

10.0

15.0

20.0

25.0

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Production Excess Capacity Utilization


OEM long-term outlook

12

OEM CAGR 19-27 Capacity Utilization

GM 1.0% -150k 72%

Ford 0.9% -55k 77%

Toyota 2.9% 538k 88%

FCA 0.0% 150k 76%

Honda -0.3% -60k 88%

RNM -0.4% 100k 60%

Daimler 3.1% 168k 65%

Hyundai-Kia 3.0% 200k 76%

VW 1.8% 100k 63%

BMW 2.0% 44k 72%

Subaru 1.7% 100k 96%

Other 6.0% 1484k 41%

Industry 1.3% 2.668mn 72%

▪ Despite low

utilization rates,

most OEMs

expanding

capacity and

growing.

▪ Investment in

region drives

above industry

growth.

▪ Plants remain at

risk.


Outline

▪ North America Production Outlook

▪ South America Production Outlook


Brazil production outlook

14

2.80

1.90

2.51 2.70

3.29

0%

10%

20%

30%

40%

50%

60%

70%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2019 2020 2021 2022 2027

Mill

ion

s

Post-COVID Pre-COVID Utilization

▪ Days’ supply sits

at 20 days in

September, down

from 48 days in

March. (44-48 is

about average).

▪ 2021 rebounds but

downside risks

remain.

▪ Long-term growth

supported by fresh

products,

particularly SUVs.

-32.2%+32.3%


Argentina production outlook

15

328 246

366 416

610

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

-

100

200

300

400

500

600

700

2019 2020 2021 2022 2027

Th

ou

sa

nd

s

Post-COVID Pre-COVID Utilization

▪ Pandemic has

piled on an

already down

economy.

▪ 2021 rebounds

but risk is high.

▪ Long-term

growth assumes

stable

environment.

-24.9%

+48.4%

We will return at: 09:30 EDT14:30 BST


The New Normal

John Zeng, Forecasting Director China

The Global Light Vehicle Outlook Briefing

October 15, 2020

Coronavirus Impact on China Car Industry


▪ COVID-19 Impact to Marco Economy

▪ Passenger Car Market Overview

▪ Market Dynamics: Sales Distribution, Brand Origins and Segments

▪ Outlook

Outline


China Still Under the Risk of a Second COV-19 Wave▪ China is ahead of the world from a recovery perspective but the risk of second wave of COV-19 is still high

▪ In May, a small scale of outbreak in Jilin province.

▪ In June, an outbreak of COVID-19 occurred in Beijing.

▪ In July 16th , cases restarted in Xinjiang province.

▪ In October 12th, new cases raised in Shandong province.

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20

New cases

Jilin Beijing

Xinjiang

Xinjiang

(May) (June-July)

(July-August)

Shandong

(October)

Qingdao


China’s Macro Economy Recovered From 2020 Q2

4

-6.8%

3.2%

-1.6%

-10%

-5%

0%

5%

0

20,000

40,000

60,000

Q1 Q2 H1

2019 2020 YoY

-19.0%

-3.1%

-11.4%

-20%

-15%

-10%

-5%

0%

0

5,000

10,000

Q1 Q2 H1

2019 2020 YoY

-13.3%

0.2%

-6.2%

-15%

-10%

-5%

0%

5%

0

500

1,000

1,500

Q1 Q2 H1

2019 2020 YoY

-16.1%

4.6%

-3.1%

-20%

-15%

-10%

-5%

0%

5%

10%

0

10,000

20,000

30,000

Q1 Q2 H1

2019 2020 YoY

(bn RMB)

(bn RMB)(bn USD)

(bn RMB)

National fixed asset investment (excluding farmers)

Total retail sales of consumer goods

Export

GDP


Exports Show Surprising Surge as Global Economy Reopens

5

-6.6%

3.5%

-3.3%

0.5%

7.2%9.5% 9.9%

-17.2%

-13.3%-9.0%

-7.7%-6.2%

-4.1%-2.3%

-0.8%

-20%

-15%

-10%

-5%

0%

5%

10%

202001-02 202003 202004 202005 202006 202007 202008 202009

China Export

YoY Ytd YoY

RMB VS USD▪ China exports surged 9.9% in Sep despite Trump’s “tech

grenade” and strong RMB appreciation.

▪ Surge is powered by demands for lockdown goods overseas(medical supplies, electronics and work-from-homeequipment. Supply chain disruption in India/Asean regionsalso shifted overseas orders back to China.

▪ Strong recovery of exports sectors boosted consumerconfidence in coaster regions where the local economy moreopen to foreign trade


▪ COVID-19 Impact to Marco Economy

▪ Passenger Car Market Overview

▪ Market Dynamics: Sales Distribution, Brand Origins and Segments

▪ Outlook

Outline


14% 15%

10%

13%12%

3% 0%

20%

9%15%

31%

18%

6%0%

4%0%

4%7%

-8%-15%-14%-14%

-6%-2%

-45%

2%8%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

-

1

2

3

4

5

6

7

8

In m

illio

n u

nit

s

Sales Volumes Sales YoY Growth

New Car Wholesales Recovered as Economy Rebound

7

CHINA PASSENGER VEHICLE SALES (CAAM WHOLESALES)

Downswing Tax Cut Stimulus Payback

Source: LMC Automotive; CAAM Wholesales

Pre-buy effect: 4˜5 million extracar sales estimated during theperiod

COVID-19


0

0.5

1

1.5

2

2.5

3

3.5

20

15

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06

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18

07

20

18

08

20

18

09

20

18

10

20

18

11

20

18

12

20

19

01

20

19

02

20

19

03

20

19

04

20

19

05

20

19

06

20

19

07

20

19

08

20

19

09

20

19

10

20

19

11

20

19

12

20

20

01

20

20

02

20

20

03

20

20

04

20

20

05

20

20

06

20

20

07

20

20

08

Registration Wholesales

Retail Sales Followed the Wholesales Pace Tightly

8Source: LMC Automotive; CAAM Wholesales (exports are removed from 2018) ; Vehicle Registrations (2016 onwards: Insurance Data)

MONTHLY RETAIL SALES V.S WHOLESALES (2015 – AUG 2020)

0.8 million gap: 4% of 2015 retail sales

In M

illio

n U

nits


0.48million gap: 2% of 2016 retail sales


50% purchase tax cut 25% purchase tax cut

82,408 gap0.4% of 2019 retail

sales 49k gapYtd Aug

❑ Gap between Wholesales and Retails stood at only 49,000 units in first 8 months, suggesting that newly added inventory level remained at low level


-100%

-80%

-60%

-40%

-20%

0%

20%

40%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

YT

D G

row

th

Market Share (Ytd Aug 2020)

Brand Share & Growth in China

OEM Dynamics: Winners and Losers in Ytd Aug 2020

9

(12.8%, -21.9%)

Average -16%

(0.6%, 171%)


Segment Performance: Smaller Cars Suffers More…

10

-27.9%

-9.3%

-3.0%

-13.3%-16.7%

-58.2%

-34.8%

-3.0%

-16.7%

3.3%

-6.0% -3.5%

-28.3%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

0

0.5

1

1.5

2

2.5

3

3.5

4

Com

pa

ct

Fulls

ize

Fulls

ize P

lus

Mid

siz

e

Min

i

Sub-C

om

pact

Com

pa

ct

Fulls

ize

Com

pa

ct

Fulls

ize

Fulls

ize P

lus

Mid

siz

e

Sub-C

om

pact

Car MPV SUV

Mill

ion

s

Ytd July 2019 Ytd July 2020 YoY

Retail average -21.5%


Matthew Effect Appears in China Car Market

11Source: CAAM and Insurance data

50.9% 52.1%53.2%

56.3%

60.6%

75.4% 75.3% 76.1%78.7%

80.5%

88.4%87.2% 87.9% 89.3%

90.7%

50%

60%

70%

80%

90%

100%

2016 2017 2018 2019 2020 YTD May

Market Concentration ( 105 active brands in the market in 2020)

Top 10

Top 20

Top 30


Top 5 Chinese Brands: 10% Share Increase Since 2016

12

44.1% 46.9% 46.4% 48.2%53.6%

71.6% 71.1% 71.3% 73.4%77.1%

91.3% 90.1% 90.4% 92.4%95.0%

40%

50%

60%

70%

80%

90%

100%

2016 2017 2018 2019 2020 Ytd May

Market Concentration

2016 2017 2018 2019 2020 Ytd May

BRAND Share BRAND Share BRAND Share BRAND Share BRAND ShareChangan 11.7% Geely 12.1% Geely 14.5% Geely 15.3% Geely 17.6%

Haval 9.6% Changan 10.3% Baojun 9.2% Changan 10.1% Changan 14.3%

Geely 7.8% Baojun 9.9% Changan 9.0% Haval 9.6% Haval 10.0%

Baojun 7.7% Haval 8.3% Haval 8.0% Baojun 7.6% Roewe 5.9%

Beijing 7.2% Dongfeng 6.3% Trumpchi 5.6% BYD 5.6% Chery 5.8%

Top 5

Top 10

Top 20

( 54 active local Chinese brands in the market in 2020)


Top 5 Global Non-Premium Brands: 17% Share Increase Since

2016

13

60.9%65.5%

69.4%74.6%

77.6%

88.7% 89.2% 91.4% 93.0% 94.1%99.6% 99.8% 99.9% 99.9% 99.97%

50%

60%

70%

80%

90%

100%

2016 2017 2018 2019 2020 Ytd May


Top 5

Top 10

Top 20

( 29 global mass-market brands in the market in 2020)

2016 2017 2018 2019 2020 Ytd May

BRAND Share BRAND Share BRAND Share BRAND Share BRAND ShareVolkswagen 24.0% Volkswagen 25.5% Volkswagen 26.6% Volkswagen 28.3% Volkswagen 25.9%

Buick 9.6% Honda 11.4% Honda 12.3% Honda 14.1% Toyota 17.8%

Honda 9.5% Buick 9.8% Toyota 11.5% Toyota 13.5% Honda 14.8%

Hyundai 9.0% Toyota 9.7% Nissan 10.1% Nissan 10.8% Nissan 11.0%

Toyota 8.9% Nissan 9.1% Buick 9.0% Buick 7.9% Buick 8.1%


Competition Situation Is Much Stable In Premium Segment

14

69.9%67.9% 67.8% 67.6% 68.8%

80.6% 79.6% 81.2% 80.8% 81.9%

95.8% 94.9% 96.0% 95.4% 96.8%

60%

70%

80%

90%

100%

2016 2017 2018 2019 2020 Ytd May


Top 3

Top 5

Top 10

( 22 active premium brands in the market in 2020)

2016 2017 2018 2019 2020 Ytd May

BRAND Share BRAND Share BRAND Share BRAND Share BRAND ShareAudi 26.7% Mercedes-Benz 23.3% Audi 23.2% Mercedes-Benz 23.0% Mercedes-Benz 24.5%

Mercedes-Benz 21.6% Audi 23.1% Mercedes-Benz 23.0% BMW 22.9% BMW 23.6%

BMW 21.6% BMW 21.6% BMW 21.6% Audi 21.7% Audi 20.7%

Cadillac 5.7% Cadillac 6.6% Cadillac 7.8% Cadillac 6.8% Lexus 6.9%

Lexus 5.0% Lexus 5.0% Lexus 5.7% Lexus 6.4% Volvo 6.2%


Expansion of Chinese Brands Are Forced To Be Delayed

15

o China's Great Wall agrees to buy GeneralMotors' India plant in January,as theChinese automaker expands overseasamid slowing domestic demand.

Great Wall’s plan to India market

GAC’s plan to US marketChery’s plan to US market……

Zotye’s plan to US and Europe marketo Zotye has the plan to entry US and Europe market,

but the OEM is overwhelmed by the Covid-19pandemic

Lynk&Co’s plan to Europe market

o Lynk&Co has the plan to entry Europe market, butObliged to delay its plan for the Covid-19 pandemic


Production Allocation of Global Brands Also Impacted

16

0

100

200

300

400

500

600

700

2019

Th

ou

sa

nd

sCN US EU KR JP

PV Export by BR

CN US EU KR JP Grand Total

2019 421,964 141,885 52,289 50,208 14,117 680,463

Share 62.00% 20.90% 7.70% 7.40% 2.10% 100%

❑ Volvo’s current production capacity in China also provides a global export business in addition to meeting domestic market demand. However, with the change of the international business environment, Volvo will no longer export Chinese-made cars to the U.S. and European markets, given the U.S.-China trade dispute, said Hanken Samuelson, Volvo’s chief executive

Volvo exported 44k cars from China in 2019

Buick exported 34k cars from China in 2019

❑ As tensions grow between China and US, potential uncertainty hangs over GM’s export to north American market


China PV Market Sales Outlook

17

8.3%

47.4%

36.0%

9.5%12.2%

19.0%12.9%

8.1%

16.7%

2.4%

-3.9%

-8.9% -8.6%

10.0%6.8%6.3% 4.8% 3.8%3.3%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

-

5.0

10.0

15.0

20.0

25.0

30.0

In m

illio

n u

nit

s

Sales Volumes

Sales Growth


Chaos

May Arthapan, Director Asia Pacific

Global Light Vehicle Outlook Briefing, (Detroit)

October 15, 2020

Asia on Rebound


Asian economy in worst shape

2

-12

-9

-6

-3

0

3

6

9

12

Asia China India ASEAN Japan Korea

% GDP (YoY Change)

1998 2020 2021

▪ Emerging markets (India and ASEAN) most distressed

Source: Oxford Economics


0.0

0.5

1.0

1.5

2.0

2.5

Mill

ion

s

LV Production Sales

▪ Sales and production expected to rebound to pre-pandemic level in September

Asia ex China: The worst is over though recovery will be slow

3

2019

Sales: 15.6m (-5%)

Build: 21.8m (-4%)

2021

Sales: 14.0m (+12%)

Build: 20.2m (+17)

2020

Sales: 12.6m (-19%)

Build: 17.3m (-21%)

2022

Sales: 14.7m (+5%)

Build: 21.3m (+6%)


Asia minus China: Pre- versus post-pandemic LV outlook

0

5

10

15

20

25

30

Sales Export Production

Mill

ion

s

Pre- Post-COVID

2020

44

-2.7

-18%

-1.9

-20%

-4.8

-22%

0

5

10

15

20

25

30

Sales Export Production

Pre- Post-COVID

2021

-1.7

-11%

-0.6

-6%

-2.5

-11%

Sales = Total LV sales including imports


0

100

200

300

400

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Th

ou

sa

nd

s

PV LCV Sales

Indian market hardest hit in region but with provisional uptick

5

2019: 3.5m (-12%)

GDP: 4.9%

2021: 2.9m (+19%)

GDP: 9.2%

2020: 2.4m (-31%)

GDP: -10.0%

▪ Autumn peak-season demand, preference for private cars, robust rural demand (with risk)


0

100

200

300

400

500

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Th

ou

sa

nd

s

PV LCV

India LV production: Slow and painful recovery

6

2019: 4.2m (-11%) 2021: 3.5m (+22%)2020: 2.9m (-31%)

▪ Short-term rebound to meet pent-up demand and stock building for future lockdown

2025 (5 yrs set back)


0

100

200

300

400

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Th

ou

sa

nd

s

PV LCV

ASEAN sales unlikely to return to 2019 level until 2024

7

2019: 3.3m (-1%)

GDP: +4.4%

2021: 2.8m (+23%)

GDP: +6.3%

2020: 2.3m (-31%)

GDP: -4.2%

▪ Tax cut supporting demand in Malaysia and Vietnam. Indonesia and Thailand to follow


0

100

200

300

400

500

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Th

ou

sa

nd

s

Production for domestic sales For export

ASEAN build unlikely to return to 2019 level until 2023

8

2019: 4.1m (-4%) 2021: 3.6m (+34%)2020: 2.7m (-35%)

▪ Negatives: Second lockdown in Indonesia, Thailand’s recessed export and political risk


0

200

400

600

800

1,000

1,200

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Th

ou

sa

nd

s

For domestic sales For export

Japan production to return to 9m level in 2022

9

2019: 9.2m (-1%)

GDP: +0.7%

2021: 8.5m (+11%)

GDP: +2.5%

2020: 7.7m (-17%)

GDP: -5.7%

(Stimulus @20% of GDP)

▪ Sales rebounded to pre-pandemic level in July, build recovered in September


Japan: Robust model activity couldn’t come at better time

10

▪ 89 all-new and redesigned models in 2020-2021, 30 of which are SUVs


0

50

100

150

200

250

300

350

400

450

500

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

Th

ou

sa

nd

s

Production for domestic sales For export

Korea: Least impacted in region, quick response paid off

11

2019: 3.9m (-2%)

GDP: +2.0%

2021: 4.2m (+12%)

GDP: +2.9%

2020: 3.7m (-4%)

GDP: -1.0%

▪ Tax cut, preference towards private cars, new model activity, supports strong rebound


Korea: No delay in new launches is a boon

12

▪ 15 all-new and redesigned models in 2020-2021


Concluding remarks

13

▪ Asian economy is in worst shape, considerably worse than during the 1998 financial crisis.

▪ Situation is most disconcerting in emerging markets (India and ASEAN) which are less equipped to cope with economic and market shocks.

▪ India is hardest hit in the region, with a two-month national lockdown and with the economy and market already struggling before the pandemic. Recovery will be slow and painful. Structural problems in the economy and banking sector add to the pressure.

▪ ASEAN has also suffered a severe volume loss. Risk of further movement restrictions is imminent. Depressed export and tourism are detrimental to the regional economy.

▪ The Japanese market is on gradual rebound though risk of a rapid rise in new infection cases is imminent. Export recovery will be slow given the state of the European and US market.

▪ Quick response to the pandemic and vehicle tax cuts paid off in Korea. Export recovery will be slower and with risk.


Overview

Justin Cox, Global Director, Production

Global Light Vehicle Outlook Briefing, (Detroit)

October 15 2020

European Auto Industry: Recovery Incomplete


European Light Vehicle sales

Source: LMC Automotive 2

0

5

10

15

20

25

30

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

Millions


Pan European LV Sales: Incentives, ’Big-5’ markets.

3

France:

Germany:

Italy:

Spain:

UK:

Core Stimulus: mid year 2020€535 Fund€7k bonus: BEVs costing<€45k€2k bonus: some PHEVs costing<€50kScrapping incentives for older cars

€9k bonus: BEVs costing<€40k. Tapers to €65k.€6.75k bonus: PHEVs costing<€40k. Tapers to €64kTemporary VAT cut from 16% to 19%

€3.5k cash for clunkers: stipulations exist.€8k bonus for ZEV purchases (with scrappage)€5k bonus for ZEV purchases (without scrappage)Scrappage fund boosted from €150mn to €450mn

€400-€4000 cash for clunkers bonus scheme€250mn FundAvailable on lowest-emitting 45% of market.

No Sales stimulus

Status

Cut to €6k from 2021Cut to €1k from 2021Fund exhausted

ContinuesContinuesEnds 31 Dec 2020

Exhaustion?

sufficient till end 2020?

No Stimulus


Europe, Selected Countries: 2020 LV (SAAR)

4

16.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jan Feb Mar Apr May Jun Jul Aug Sep

Mill

ions

Germany

UK

France

Italy

Spain



Europe: COVID-19 Cumulative cases for 14 days

(per 100k of population)

5

16.5

0

50

100

150

200

250

300

350 Spain

UK

France

Italy

Germany

Source: ECDC


Pan-Europe: SAAR Development

4

9

14

19

24

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

Mar

-21

May

-21

Jul-

21

Sep

-21

No

v-2

1

SAAR Mov.Avg.

Total Pan-Europe Light Vehicle MarketS

ale

s V

olu

me (

mn u

nits/y

ear)

FY: 20.6mn+3.7%

FY: 20.6mn+0.1%

FY: 20.7mn+0.5%

FY: 16.5mn-20.2%


FY: 19.0mn+14.9%


Europe Base Forecast– Demand by Major Market


Light Vehicle sales (millions)

2.7 2.1 2.4

3.93.2 3.5

2.1

1.51.8

1.5

1.01.2

2.7

2.0

2.4

1.8

1.5

1.7

6.1

5.3

6.0

-

5

10

15

20

25

2019 2020 2021

France Germany Italy Spain UK Russia RoE

20.7

16.5

19.0


Pan-European LV Production 2020 by destination

8

0%

1%

1%

6%

7%

20%

65%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

S America

Middle East

Africa

N America

Asia

E Europe

W Europe

Source: LMCA European LV Trade Flow Forecast


Pan-Europe: 2020 LV Production


-100%

-80%

-60%

-40%

-20%

0%

20%

40%


2020: 16.9mn (-20% YoY)


Inventory metrics: Europe


6065

59

78

113

5761

65 65

1,000

2,000

3,000

4,000

5,000

6,000

0

20

40

60

80

100

120

Da

ys S

up

ply

Sto

ck L

eve

ls (

00

0s)

Days Supply

Stock Level (000s)


Europe: Model Program Disruption

0

5

10

15

20

25

30

35

40

45

2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2

Pre-COVID-19 Post-COVID-19



OEM Medium Term ‘Score-card’


2020 2021 2022 2023

All Pan-Europe 79 95 99 104

VW Grp 82 96 97 100

RNM 80 98 106 111

PSA 73 94 102 105

Daimler Grp 76 91 91 94

BMW Grp 82 87 90 95

Ford Grp 81 98 95 100

FCA 77 96 106 125

Hyundai Grp 80 97 104 109

Toyota 84 96 103 104

Geely (Volvo) 84 92 89 85

Tata (JLR) 76 104 112 129

Pan-European LV Production by Group: 2019=100


0.0

5.0

10.0

15.0

20.0

25.0

30.0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Mill

ion

s

Pan-Europe LV Production Outlook

3.2%

18.5%4.9%

4.4%

-20.1%

4.2%

1.8%2.8% 0.8%

2.8%

E Europe

W Europe

-4.1%CAGR*

E Europe : 2.8%

Russia : 4.3%

Turkey : 1.6%

Hungary : 4.7%

Romania : 5.2%

CAGR*

W Europe : 0.9%

Germany : 1.5%

Spain : 0.9%

France : 0.5%

Sweden : -3.8%

Pan-Europe CAGR*: 1.6%

*Compound Annual Growth Rate, 2019-2027

-0.4%



Risk Hot Spots: No-Deal Brexit

14

-700

-600

-500

-400

-300

-200

-100

-

2021 2022 2023 2024

Th

ou

sa

nd

s

Europe

• Risk of No-Deal Brexit has

grown following negotiation

tensions

• Trade obstacles are likely to

increase costs, delays and

prices in a number of sectors.

• Reduced economic activity will

undermine auto markets with

the UK worst hit.

• The UK imports almost 70% of

its LVs from the EU, with

Germany a key source.

• UK exports over half its LV

output to EU.

• 80% of non-domestic UK auto

content is from EU.

• Lower domestic UK scale, rules

of origin thresholds and higher

costs: threat to future investment

and long-run viability of UK mass

auto manufacturing.

Impact on Global LV Sales (000s)

ROW


We will return at: 10:35 EDT15:35 BST

Amazon Confidential, ©2020, Amazon.com or its affiliates. All rights reserved.

Alexa Auto: Voice in the CarARIANNE WALKER, CHIEF EVANGELIST, ALEXA AUTOMOTIVE


US Adults That Have Used a Voice Assistant in the Car1

129.7 Million in-car

252 Million U.S. Adult Population

Over half of US adults have used a voice assistant in the car

1 Source: Voicebot.ai In-Car Voice Assistant Consumer Adoption Report 2020


Voice assistants are projected to be embedded in nearly 90% of new

vehicles sold globally by 2028.-- Sam Abuelsamid, Principal Research Analyst, Navigant Research at Automotive World, Oct. 2019


O N - T H E - G O

“Alexa, time to go to work.”


Built-in voice recognition

T O P C U S T O M E R C O M P L A I N T

J.D. Power Initial Quality Study (2020)


Could use more features.

It does very poorly understanding what I’m

saying. It’s gets it wrong more often than

right.“

You have to say very specific things.“

It never works when I try to use [it]. Can

never understand my words no matter how

slow or normal I speak.“

Not knowing the proper language (term) to

use to complete some tasks.“

…is not always up to date. “

It does not have all the features like Alexa.“

2019 J.D. Power/Alexa Automotive In-Vehicle Voice Connectivity Study

I don’t like that it is outdated and can’t really

be updated... “

Challenges with Traditional Voice Recognition Systems


8.08

7.42

5.98

5.00

Traditional In-

Vehicle Voice

Recognition

In-Home Cloud-Based

Aftermarket

Device

SATISFACTION WITH VOICE INTERACTIONS

Voice Satisfaction

Q: Using a 1 to 10 scale, how would you rate your experience with your built-in vehicle voice assistant? N=2172

Q: Using a 1 to 10 scale, how would you rate your experience with the below voice assistant while in your vehicle? Phone

projection N=1467 Aftermarket device N=113 Built-in N=189

Q: Using a 1 to 10 scale, how would you rate your experience with your in-home voice assistant device? N=4989


Cloud-Based

Phone

Projection

Cloud-Based

Built-In

Voice Assistant

7.08

7.43


8.08

7.42

5.98

5.00

Traditional In-

Vehicle Voice

Recognition

In-Home Cloud-Based

Aftermarket

Device


Voice Satisfaction






Cloud-Based

Phone

Projection

Cloud-Based

Built-In

Voice Assistant

7.08

7.43


8.08

7.42

5.98

5.00

Traditional In-

Vehicle Voice

Recognition

In-Home Cloud-Based

Aftermarket

Device


Voice Satisfaction






Cloud-Based

Phone

Projection

Cloud-Based

Built-In

Voice Assistant

7.08

7.43


8.08

7.42

5.98

5.00

Traditional In-

Vehicle Voice

Recognition

In-Home Cloud-Based

Aftermarket

Device


Voice Satisfaction






Cloud-Based

Phone

Projection

Cloud-Based

Built-In

Voice Assistant

7.08

7.43


DESIRE FOR SAME SERVICE IN CAR

Q: Would you want to have the same brand of in-home voice assistant device installed in your next vehicle? N=5002

67%

Definitely

Would

Probably

WouldDon’t

Know

Probably

Would Not

Definitely

Would Not

16%

Interest in Same Brand of In-Home Voice Service To Be On Next Vehicle



1. I would already know how to use the feature

2. Consistent experience

3. My preferences are already known or would be more adaptable

Top 3 benefits of in-home voice service installed in vehicle




“Alexa, how’sthe weather?”

“Alexa, how’straffic look?”

“Alexa, startmy meeting.”

“Alexa close my garage door.”


Going Beyond Car Features

3%

23%

41%

58%

65%

72%

72%

75%

91%

Other

Vehicle education

Reading entertainment

Personal needs

Automotive services

Vehicle controls

Driver warnings

Musical entertainment

Navigation

Top Desires of In-Vehicle Voice Service

Q: What are the top 5 items you would want your vehicle voice assistant to be capable of doing, that your current vehicle

command system cannot? N=5002



“Alexa, play top hits.” “Alexa, join my conference call.”

“Alexa, find gas.” “Alexa, defrost my car.”



“Alexa, ask what3words to navigate to cloth grit dice.”

“Alexa, open Urgently.” “Alexa, find parking.”

“Alexa, where can I find gas nearby?”

“Alexa, ask Parkbob, what parking rules apply here.”

E X A M P L E S O F S K I L L S S P E C I F I C A L L Y

D E S I G N E D F O R A U T O M O T I V E



“Alexa, roll down the windows.”

M O R E A V A I L A B L E


Vehicle Integrations

EMBEDDED AFTERMARKET PROJECTION


Image slide (center)


Brands Integrating with Alexa


Auto Mode


Brands Integrating with Alexa


WIP

IT REMAINS DAY 1


VOICE INTEROPERABILTY

INITIATIVE



Thank you

Arianne Walker, Chief Evangelist, Alexa Automotive

[email protected]


Impact

Global Automotive Summary

Jeff Schuster, LMC Automotive

Global Light Vehicle Outlook Briefing (Detroit)

October 15, 2020


Global Light Vehicle sales


40

50

60

70

80

90

100

110

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Millions

Sept. 20

88.7mn


LV demand in all regions see major contraction

World – 76.3mn, down 16% from 2019

3

4.12.9

2019 2020

20.216.8

2019 2020

20.716.5

2019 2020

15.7

12.6

2019 2020

25.5 23.8

2019 2020

N. America

S. America

Europe China

Rest of AsiaUnits:

millions


-29%

-17%

-20%-7%

-19%


Not all sales are equally impacted

-40% -35% -30% -25% -20% -15% -10% -5% 0%

Car

Sporty

SUV

Van

MPV

Pickup/LCV

Industry

Global Sales % Change YTD August 2020 from YTD August 2019



Change to global Light Vehicle sales forecasts


95.1 94.4

90.3

76.3

84.3

89.7

65

70

75

80

85

90

95

100

2014 2015 2016 2017 2018 2019 2020 2021 2022

Millio

ns

Forecast Development

Oct-20 May-20 Dec-19

-14

-22

-28

-60

-50

-40

-30

-20

-10

0

2020 2021 2022

Millio

ns

Cumulative Projected Volume Loss (relative to pre-pandemic forecast)

-16%

+6%

Forecast Scenario Range

50

60

70

80

90

100

2020 2021 2022

High (V) Low (L) Base Forecast

+10%


Key markets medium-term recovery path

6

0.1%

3.6%

5.1%

5.8%

7.8%

8.8%

8.7%

10.2%

10.7%

13.4%

S. Korea

Japan

US

China

Global LV Sales

Western Europe

India

ROW

Eastern Europe

Brazil

CAGR Global Sales ‘20-’23

▪ Global CAGR at nearly 8%

2020-2023, with most emerging

markets outperforming mature.

▪ China and South Korea are in a

much stronger position in 2020

so recovery is less than other

markets.

▪ Growth into the longer term is

still dependent on stability in

mature markets and further

growth in newer markets.



Global launch activity impacted

52 55

214

68

122

5869 62

0

50

100

150

1Q2020

2Q2020

3Q2020

4Q2020

1Q2021

2Q2021

3Q2021

4Q2021

Tesla Model Y

Ford Mustang Mach E

Honda CR-V

Ramping up…


Upcoming…

Hyundai Tucson

Ford F-150

Nissan Qashqai

Audi A3


2020 Global LV production pattern

89.4 74.0

2020

Pre-Covid-19 Current

-17%


• Marked improvement in

performance with YTD

August off -26%.

• Sep-Dec now expected

up 2% from same period

in 2019, as inventory

rebuild ramps up.

• 2020 expected down -

17% from Pre-Covid-19,

improvement of 3.1mn

units from May.

• 2021 expected down -8%

from Pre-Covid-19

forecast, up 2.5mn.

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%


92.5

84.7

2021

Pre-Covid-19 Current

-8%


Utilization is at lowest level ever in 2020!

51%

64%

40%

50%

60%

70%

80%

90%20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

Global Utilization 61%45% 51%

2017 2020 2023

China

73%55%

69%

2017 2020 2023

Asia-China

73%55%

71%

2017 2020 2023

Europe

85%62%

73%

2017 2020 2023

North Am


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