AUTOMOTIVE INDUSTRY --PASSENGER CARS

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GROUP 1 (SECTION A)

Introduction:Indian automotive industry is one of fastest growing industries of the country. It comprises 22 per cent of the country's manufacturing gross domestic product (GDP). The industry is mainly divided in four major categories: two wheelers, passenger cars, three wheelers and commercial vehicles. Category wise market share of each of the ones mentioned above is illustrated in Figure A below. There are four segments in passenger car basis on body type, which is shown in Figure B below. With the annual production of 17.5 million vehicles, Indian automobile industry is the seventh largest in the world. Currently about 100 million vehicles are playing on Indian roads. It has the potential to be a global leader in the upcoming years. With improved affordability and rising income of the countrys population and emerging Indian market, we can expect solid growth in automobile industry in the near future. According to the Automotive Mission Plan (AMP) 2006-2016, the automotive sector's contribution to the GDP is expected to double, reaching a turnover of US$ 145 billion in 2016, with governments support and focus on exports of small cars, multi-utility vehicles (MUVs), two and three-wheelers and auto components.

Figure A Figure B

ContentSERIAL NUMBERTITLEPAGE NUMBER

1Industry Profile

Overview4

Market4

Performance 4

Challenges5

Trends6

Outlook6

2Players' Profile7

3Macroeconomic Profile12

Government Regulation12

Impact of Union Budget15

Impact of Foreign treaties16

4Graphs and Pictorial Representation`17

5References19

OVERVIEW OF THE INDUSTRY:Industry ScenarioIndian Auto Industry is the largest manufacturing industry in India, contributing approximately 7 percent to the Gross Domestic Product (GDP) and employees over 19 million people directly and indirectly. However the industry is witnessing lower sales realization.In the face of lower sales, the competitive pressure on automakers has increased and forced them to innovate offering newer models, technologies and following aggressive marketing strategies. The market share for auto companies has become highly volatile with the dynamic state of the market. This financial year 2013-14 saw sales surge by 3.53%, primarily due to curtailment of planned capacity addition to the plants. Automobile companies followed aggressive marketing activities and implemented of cost effective schemes (including layoffs) to boost sales. The interim budget of June 2014, proposing an excise cut until June 2014 was a help.Sales slowdown has left auto manufacturers with inventories and stagnation, with average automakers carrying 6 weeks to 10week of inventory (against ideal stock of 10 days to 2 weeks).Economic Liberalisation Effect In the years 1970-1980, industrys growth was not so promising. After 1980 when partial decontrol was introduced some growth observed in production. Auto industry witnessed drastic transformation in terms of competition when de-licensing and liberalization introduced in 1991. After that, there was a huge increment in production of number of vehicles because large number of global automobile manufacturing players and their parts suppliers were entered in Indian market. The production became three fold from 1980 to 1991. Due to short recession during 1991-1994, it took time to observe significant impact of de-regulation on the economy. In figure 1.5, production trend from 1985 to 1995 is given for better understanding of de-regulation effect on auto industry.

Performance of IndustryFY2014 was a dismal year for the automobile sector, with all vehicles i.e. passengers, commercial and three wheelers posting declining growth sales. The two wheelers industry segment was an exception to this trend.Production: FY 2013-14A total of 21,481,526 were produced, being about 4.04% less than the production in previous FY. The passenger cars segment saw a slide of 4.90% as against the previous year (Figure 1.1). Sales: FY 2013-14The total sales grew by 3.53% at 18,421,538 vehicles against 17,793,701 vehicles during the previous financial year. However the passenger car category recorded a drop in sales by 6.05% (Figure 1.2). Exports: FY 2013-14The industry witnessed a growth of 7.21% in exports for the FY 2014 at 3,107,893 vehicles as compared to 2,898,907 vehicles in the previous FY. Passenger vehicles segment exports grew at 6.09%. The new financial year saw a 12.98% growth in exports at 272,122 vehicles in a month (in contrast to 240,865 in the previous FY) (Figure 1.3).FDI in Automobile SectorThe industry attracted Foreign Direct Investment (FDI) at Rs. 9,027 Crores, a growth of 7.67%. The cumulative FDI into the auto sector between FY 2010-14 was recorded at Rs. 48,197 Crores, being 5% of the total FDI as per Ministry of Commerce (Figure 1.4).Challenges in Automobile SectorHigher Fuel Cost: Rising fuel prices is a matter of concern for the industry, negatively influencing consumers purchasing power. Fuel prices have raised since the government in January 2013 decided to raise rate by 50 paise per month until entire losses on the fuel are wiped out. Diesel car sales too have slumped by 14%, influenced by narrowing gap between diesel and petrol price.However the sale of Diesel vehicle could be further affected in case PM Narendra Modi led-government accepts a pending proposal to increase diesel prices by Rs. 3-4 per litre before deregulating it completely.The BJP government carrying forward reforms initiated during the previous Congress regime, hiked diesel prices by 50 paisa a litre, excluding state levies, marking the two increases in rates in three weeks.Infrastructure Challenge: Road infrastructure affects the automobile industry. Indias road infrastructure is not properly developed. The condition of the roads would only worsen with increasing number of vehicles hitting the road. Investment of up to $30 billion is required to repair roads in the country. Inventory Pile-up: With current slowdown in sales, estimates suggest that inventory level is at least 6 weeks and in some cases to over 10 weeks.Mergers and Acquisitions

Mergers and acquisitions in the automobile industry happen as a business strategy to increase market share and reach, along with to attain economies of scale and augment product ranges. Some of the major deals were struck between 1990 and 2000; creating six major alliances - GM Alliance, Ford-Mazda, DCX Alliance, Toyota, VW Group and Renault-Nissan. Few of the major Merger and Acquisition activity that happened in the recent past are:Ford sold both Land Rover and Jaguar Cars to the Indian Tata Motors in 2008. This sale also included the dormant Rover brand.Chrysler and Fiat merger in 2009: Fiat would take a 35% stake in Chrysler and gain access to a North American dealer network in exchange for providing Chrysler with the platform to build smaller, fuel-efficient vehicles.Volkswagen AG purchased the remaining stake in Porsche AG equaling 100% of the shares in Porsche Zwischen holding GmbH, effectively becoming its parent company as of 1 August 2012.In January 2013,Hindustan Motors Ltdannounced the de-merger of its Chennai car plant, transferring it to itsfully-owned subsidiary Hindustan Motor Finance Corporation Ltd.

OutlookThe broad outlook for the industry is cautiously positive, with small cars, utility vehicles and Light Commercial vehicles expected to grow at a moderate rate.The industry is hopeful that the new government will affect the sector positively. Reforms in taxation, clearance of major infrastructure projects and production incentives to the sector will help revive the automobile industry. EMERGING TRENDS(1) Green Vehicles:Considering an Indian consumers high sensitivity towards fuel cost, vehicle price and rising fuel cost, it is expected to have greater emphasis on high fuel efficiency in coming decade by OEMs. Auto manufacturers are taking several initiatives in green automobiles, including investment in R&D for developing greener alternative fuel and greener manufacturing process. (2) Focus on differentiated costumer experience:Companies are now slowly shifting from just selling a car to providing a complete basket of services for an enhanced experience. Other than the competitive pricing and quality of product and services, companies are focusing on easy availability of spares, proximity and familiarity with service centre, loyalty program and promotions for retaining their customer throughout the vehicle life cycle in an increasingly competitive environment.(3) Multi Plant operation:Economic development in the country has led to an increase in the demand in tier II and tier III cities. To fulfil this increasing demand, manufacturers are expanding their assembly/production facilities to different locations of the country so as to minimize the transportation costs. (4) Focus on developing Captive financing business:Vehicle manufacturer with captive financing units are dominating market in developed countries. Auto financing is emerging as an important driver for demand in the auto industry.

PLAYERS PROFILES:Mahindra & Mahindra Ltd.Product Mix :- Scorpio, Bolero, Reva, Verito, VibeThe flagship company of Mahindra group Mahindra & Mahindra Ltd is mainly involved in selling vehicles and vehicle related parts. Passenger vehicles constitute about 41.37(Insight) of the product mix. The company sold about 254344 passenger vehicles which is an 18.1% de-growth compared to previous year. The de-growth is attributed to slow economic growth in the country according to companys annual report. M&Mmanufactures all its multi-purposevehicles, sports utilityvehicles (SUV)and some commercial vehicles at its Chakanplant which has a productioncapacity of 3.2 millionvehicles per year.The company also manufactures UVsand its passenger carVeritoat its Nashik plant. Also 10% of sales come from the export market which they are trying to expand. Company is expected to launch new version of Scorpio in October 2014.Share-Holding:Indian Promoters25.2%

Foreign collaborators0.1%

Indian inst/Mut Fund15.9%

FIIs36.9%

ADR/GDR5.0%

Free float16.9%

Maruti Suzuki Product Mix:- Swift, Celerio, Alto, WagonR ,Ritz, SX4Maruti Suzuki is a subsidiary of Japanese auto giant Suzuki. Despite slowdown in the sector Maruti continued to grow but at lower rate of 3 %. Its sales volume for the year was 890455. This is because of its high penetration in rural market and robust network of delivery. Also the company attributed the continual growth to production of more diesel vehicles. Launch of Celerio also developed a surge of sale Maruti. Also owing to tax issues abroad Marutis export shrunk by 16%. Maruti hasa combined production capacity of 1.75 millionvehicles per annum at its Gurgaon and Manesar plants. It was also in the news for the Manesar tragedy where an HR manager was killed owing to labor unrest. Also Maruti stopped production of Maruti 800 which was perceived as Indias first common mans carShare-Holding:Indian Promoters0.0%

Foreign collaborators56.2%

Indian inst/Mut Fund14.0%

FIIs22.0%

ADR/GDR0.0%

Free float7.8%

Hyundai Motors India Limited Product mix:- Santro, i10, i20, Accent, Eon Verna, XcentHyundai motors India is a fully owned subsidiary of Hyundai Motors South-Korea. Hyundai Motor Indias sales fell 3.38 percent to 35,003 units (March 2013: 33,858 units). The Grand i10 was again their highest selling car with sales crossing 10000 units. Hyundai Motor India has two plants at Sriperumbudur, Chennai and a research and development (R&D) centre at Hyderabad with capacity of about 35000 units. Xcent was their new model which debuted in March 2014. As it is a limited company it is not listed in Indian stock marketToyota Kirloskar:Product Mix: Camry, Corolla, Prado, Innova, Fortuner, Etios, Etios LivaToyota Kirloskar Motor Private Limitedis a subsidiary ofworld's largest automobile manufacturer Toyota Motor Corporationof Japan. It started production in 1999 in India. The company sold about 13,847 units in July 2014. In domestic market it registered a 4% growth in the July when compared to last year.The company has two manufacturing facilities at Bidadi, in Bangalore, Karnataka. This automaker is expected to launch Toyota Vios, a mid-sized sedan an diesel variant of Fortuner by the end of 2014. DescriptionPercentage of share(%)

Promoters 64.28

Individuals13.68

Institutions5.34

FII15.33

Government0.00

Others1.37

Honda Cars India Ltd.Product Mix: City, Accord, Jazz, Brio, Civic, CR-V, Amaze, MobilioHonda Cars India Ltd.(HICL) is the subsidiary of automaker Honda of Japan. HCILs first manufacturing unit was set up at Greater Noida, U.P and second plant in Tapukara in Rajasthan. There are plans to set up athird plant in Gujarat. The company recorded sales of 15,709 in July 2014 registering a growth of 40% when compared to last year. This automaker is expecting to launch Jazz a hatchback and Vezel a compact SUV this fiscal. Tata Motors Ltd.Product Mix: Indigo, Indigo Manza, Indigo V2 Turbo, Indigo V2 Xeta, Indigo XL, Indigo Marina, Indigo Vista, Nano, Jaguar XL, Jaguar XF, Indica ev2, Indica Vista, Indigo Emax, Indica Emax, Nano Twist. Tata Motors is a subsidiary of Tata Group. Tata Motor has its operations in South Africa, UK, South Korea, Thailand and Indonesia. Tata Motors released Nano in 2009, which is termed as the people's car. Tata Motors had recorded sale of 1,10,612 units including exports for the quarter registering a decline of 28.3% when compared to last year. Tata Motors have six manufacturing plants. Indica, Indigo and UVs are manufactured at Pune, Ace and Magic are manufactured at Pantnagar, Nano is manufactured at Sanand and Ace Zip at Dharwad. The company'sdealership, sales, services and spare parts network comprises over 6,600 touch points, across the product range.This automaker is expected to launch Zest a compact sedan and Bolt a hatchback by the end of this year. It is also expected to launch SUV in 2015. It has nine manufacturing plants overseas. It is looking to set up plant in Venezuela.DescriptionPercentage of share(%)

Promoters 34.81

Individuals7.21

Institutions12.93

FII27.62

Government0.08

Others17.35

NissanProduct Mix: Nissan X trail, Nissan Teana, Nissan 370z, Nissan Micra, Nissan SunnyNissan Motor Corporation (Nissan) is a Japanese multinational automobile manufacturer head quartered in Yokohama, japan. Since 1999, Nissan has been part of theRenaultNissan Alliance, a partnership between Nissan and French automaker Renault. Nissan was the sixth largest automaker in the world behindToyota,General Motors,Volkswagen Group,Hyundai Motor Group, andFordin 2012.Taken together, the RenaultNissan Alliance would be the worlds fourth largest automaker.Nissan sold 5.2 million vehicles around the world in the fiscal year ended March, controlling about 6.2 percent of global auto market. Nissan Motor India Pvt. Ltd. recorded 48% growth as compared to last year. This June, the company sold 4,362 units which are around two times of its last years sales, 2,949 units. In the year 2014 January-March profit was 114.9 billion yen ($1.1 billion), up from 109.7 billion yen the year before. Quarterly sales rose more than 20 percent to 3.2 trillion yen ($31 billion).

Volkswagen Product Mix:- Beetle, Polo, Punto, SUVs, 1 motorcycle brand- DucatiVolkswagen is a German automobile manufacturer whose head quarter is in Wolfsburg, Germany. It is the top selling and the biggest automaker in Germany and the 2nd largest maker in the world. The company develops vehicles and components and also produces and sells vehicle, in particular Volkswagen brand passenger cars and commercial vehicles. VW sales its cars worldwide with operations in Europe, North America, South America , Africa and Asia. It holds a global market share of more than 11%. Acquisition with other companies has helped VW to spread its international operations rapidly. In the year 2013 the sales of vehicle have increased at a rate of + 4.1 % compared to 2012.The revenue generated through sales reached a staggering figure of 197,007 million Euros.It generated profit of 9145 million Euros accounting after tax.

ChevroletProduct mix: Chevrolet Spark, Chevrolet Beat, Chevrolet Sail, Chevrolet Cruze, Chevrolet Tavera, Chevrolet Captiva, Chevrolet EnjoyChevrolet Division of General Motors LLC, is an American automobile division of the American manufacturerGeneral Motors(GM). Its head quarter is in Detroit, US. In India its head quarter is in Gurgaon and its technical centre is in Bangalore. It is the 5th largest car manufacturer in India. Annually 385,000 vehicles are produced by this group in India. It has vehicle manufacturing plants inHalol,GujaratandTalegaon Dabhade,Maharastra.Company Financials:Maruti SuzukiHyundai MotorsMahindra & Mahindra

EPS942454.879.1

BPS711.612626.5394.8

P/E16.94.711.4

P/CF 9.73.77.8

Net Profit Margin6.410.16.3

Sales/Assets 1.40.70.8

Return On Assets9.78.67.6

MACRO ECONOMIC ANALYSIS:Government regulation and policy changes:Post-liberalization, the Government of India's new automobile policy announced in June 1993 contained measures, such as delicensing passenger cars, automatic approval for foreign holding of 51% in Indian companies, abolition of phased manufacturing programme, reduction of excise duty to 40% and reducing import duties of Completely Knocked Down (CKD) to 50% and Completely Built Unit (CBU) to 110%.Acts, Policies and Plans TheMotor Transport Workers Act, 1961was enacted to provide for the welfare of motor transport workers and to regulate the conditions of their work. It applies to every motor transport undertaking employing five or more motor transport workers. Automotive Mission Plan 2006-16 (AMP 2016): The Government of India has drawn up an Automotive Mission Plan 2016 (AMP 2016) that aims to make India a global automotive hub as mid-term goal. This Automotive Mission Plan (AMP) 2016 aims at 10% contribution of automotive sector in gross domestic product (GDP) Motor Vehicles Act, 1988 and Central Motor Vehicles Rules 1989 This law governs emission norms and consolidates the law relating to motor vehicles. It lays down law relating to driving license, registration of motor vehicles, control of traffic, construction & maintenance of motor vehicleTax Laws Affecting the Automobile IndustryIncome Tax Act, 1961 It is tax on income imposed by Central Government..Residents in India are taxed on their worldwide income. Non- residents are taxed on Indian source of income If the tax payable by any company, including a foreign company taxable in India, is less than 18.5% of its book profits, it will be required to pay Minimum Alternate Tax When conveyance charges for official purposes are paid,user details in the form of log books, odometer readings etc. should be maintained. Where such details are not available or not properly maintained, the amount paid for or reimbursed for non-official purposes less Rs.1200 per month for small car or Rs.1,600 per month for large car would be valued as a perquisite.Custom Duty Customs duty is charged on imports of items into India. Excise duty on diesel engines is higher than on petrol engines. The 2012 Budget had introduced concessions for the import of specified parts of hybrid vehicles like lithium ion batteries the custom duty on such specified parts has been lowered from 10% to 6%.15Sales Tax / Value Added Tax (VAT) Sales tax/VAT is levied by states on sale of goods within its territory. Central Sales Tax is currently higher on diesel vehicles than on petrol vehicles.Central Value Added Tax (CENVAT) Duty imposed by Central Government on manufacture of goods. The government revises the rates of CENVAT from time to time.REGULATORY AGENCIESThe Ministry of Shipping, Road Transport & Highways (MoSRT&H) acts as the central agency for formulation and implementation of various provisions of the Motor Vehicle Act, 1988 and Central Motor Vehicle Rules, 1989 (CMVR). Additionally, the Ministry of Environment & Forest (MoEF), Ministry of Petroleum & Natural Gas (MoPNG) and Ministry of Non-conventional Energy Sources also govern various aspects of the automotive industry. The MoSRT&H has constituted certain standing committees of eminent individuals to advise the MoSRT&H which include:Central Motors Vehicles Rules (CMVR)- Technical Standing Committee Advises the MoSRT&H on technical aspects related to CMVR and any amendments that may be required in light of advancement in technology. Comprises of a wide range of stakeholders, from organizations such as the Ministry of Heavy Industries & Public Enterprises, Bureau of Indian Standards, Automobile Research Association of India, Society of Indian Automobile Manufacturers etc. Recommends the Government regarding international standards which can be used in lieu of standard notified under the CMVR to permit use of components complying with such standards. Assisted by another committee called the Automobile Industry Standards Committee which advises in drafting the technical standards related to safety.Standing Committee on Implementation of Emission Legislation (SCOE) This committee deals with issues relating to implementation of emission norms. The main functions of this committee are to discuss future emission norms, to recommend final norms for current vehicles to MoSRT&H and to finalize test procedures and implementation strategy for emission normsAutomotive Research Association of India (ARAI) ARAI is a cooperative industrial research association established by the automotive industry with the Ministry of Heavy Industries & Public Enterprises, Govt. of India. The objectives of the Association are R&D in automotive engineering for industry, testing, certification and homologation of automobiles, automotive equipment and ancillaries and framing of vehicle regulations.Impact of Union Budget 2014-2015:There were no major policy changes for the automotive sector in the Union Budget 2014.Focus on improvement of infrastructure especially in the rural areas (and North east) would tend to increase vehicle ownership in those areas. So this is a positive sign for the automotive sector. Federation of Automobile Dealers Association (FADA) president Mohan Himatsingka said a number of proposals in the budget will promote the growth of economy, including auto sector."Renewed thrust on infrastructure sector, particularly significant outlay for road infrastructure development, divestment of banks, and definite timeline for GST rollout are some of the positive highlights of the Budget," he said in a statement.Finance minister Mr.Arun Jaitleyhas extended the excise tax cuts for next six months, and now the benefits are valid till December 31st 2014.He has also announced the implementation of the Goods and Service Tax(GST) that the auto industry had been demanding for a quite long time. Reduction in steel prices and elimination of custom duty on auto components would favor the automotive sector.

India-EU free trade agreement (FTA)Inclusion of automobiles in the long negotiated India-European Union (IEU) Free Trade Agreement (FTA) is still under talks. EU has proposed that the duty on 50,000 European cars being brought into India should be reduced from 100 percent to 10 percent. If this FTA rakes shape, then the imports of cars and car components would almost be free, which would reduce the investment in India and thus Automotive Mission Plans (AMP) 2016 targets cannot be fulfilled. The government is struggling to find a good compromise formula; the inclusion of automobiles is still under discussion.As a developing country, Indian cars can be exported to EU at 6.5 per cent duty to Europe. If EU offers to reduce or abolish this duty, the Indian industry will not gain much, but if Indian duties are reduced by 50 per cent or even more, it will be a substantial reduction in tariff. -Society of Indian Automobile Manufacturers (SIAM) director Senior Director Sugato Sen. GRAPHS

Figure1.1 PRODUCTION OVERVIEW FY 2013-14

Figure1.2 SALES OVERVIEW FY 2013-14

Figure 1.3: EXPORTS OVERVIEW FY 2013-14

Figure 1.4: FDI in Automobile Industry

Figure 1.5: Production Trend in the Industry Figure 1.6: Sales Trends in Automobile Industry

Figure 1.7: Export Trends of the Automobile Industry

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