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【英文】德银报告:2019全球汽车行业(67页)

英文研究报告 2020-01-15 29 管理员

Not everyone has to achieve the 95 g/km sector benchmark as the target is weight  and mix based, which is why premium OEMs tend to have a higher target than mass  market brands. However, most OEMs face a significant challenge to reduce  average emission to the 2021 target. In general, the speed of reduction of average emission needs to accelerate in the  years to come in order to achieve the target. If not met, OEMs could face significant  reputational damage and hefty fines. If the industry does not manage to accelerate  emission reduction and maintains the pace we have seen over the long run, they  would miss the target by about 13 grams. Hence, back of the envelope, there could  be a double-digit €bn risk for the industry, which is diversely spread across OEMs. Fiat and Opel have the longest way to go to hit the target, but VW also needs to make  a significant move. Toyota could hit the target even with the historic rate of  reduction. VW has announced a major BEV initiative to bring down emissions. Fiat,  on the other hand, did not announce a strategic partnership or initiative to electrify  the line-up, which is why it could struggle the most with the European regulation.

This week, the US Commerce department delivered its auto tariffs report to  President Trump, leaving him 90 days to act on it. This is based on a trade law  provision that allows tariffs on subjects that threaten national security. In 2018, Mr.  Trump used this to impose duties on foreign steel and aluminium. Duties can  include tariffs on fully assembled vehicles coming directly from Europe or be more  isolated, on technologies and components related to automated, shared,  connected or EVs. There is no official confirmation yet whether the report  concludes that auto imports are indeed a threat to national security. We consider  this another negative overhang for the sector as it could imply several €bn additional  costs for German OEMs. A scenario frequently picked up suggests a 25% import tariff for vehicles from  Europe into the US (Mexico and Canada are excluded from tariffs as NAFTA is  renewed and now runs under the name of USMCA). We estimate that a 25% tariff  creates $2.5bn of additional tariff associated costs for VW Group, $2bn for BMW,  $1.6bn for Daimler and US$1.5bn for JLR. VW brand would be exempted from  additional tariffs due to their production in Mexico and the US. All this could hit  OEMs in a negative way as price increases would dampen demand or OEMs would  need to accept the uptick. One way to mitigate additional costs for either customers  or OEMs would be to localize production in the respective markets even further.  That way, they would avoid tariffs but it could cause inefficiencies in the plant and  logistic network. In an industry where scale matters, this is a shift in the wrong  direction and we argue that customers would not benefit from a solution like this  either. We would see the reversal of global trade as a potential lose-lose situation  for OEMs and customers.

【英文】德银报告:2019全球汽车行业(67页)

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