Luxury car-market-2014

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CMVCMV
A FOCUS ON LUXURY CAR MARKET
• SUPER LUXURY SUV´s
• HIGH END SPORT SUV´s
Outlook 2014

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CMV
Content
A FOCUS ON LUXURY CAR MARKET Page
2013 proved to be a record year for sales for many luxury auto manufacturers…………………………………….. 3-16
A Focus on „ SUPER LUXURY SUV´s “… .................................................................................................. 17-23
A Focus on High End Sport SUV´s: Mass reduction is on the agenda……………………………………………………..24-27
How relevant is the Chinese market for luxury premium makers........................................................... 28-33

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The automotive premium market is still strong:
2013 proved to be a record year for sales for many luxury auto manufacturers

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CMVThe automotive premium market in 2013
Press Release: 13.01.2014
BMW Group posts record sales for 2013
Deliveries climb 6.4% to 1,963,798 units
New all-time highs for BMW, MINI and Rolls-Royce brands
BMW Group expects further growth in sales in 2014
Audi delivered 1.58 (1.46; +8.3 percent) million vehicles
worldwide in 2013.
The premium brand from Ingolstadt developed particularly
well in the Asia-Pacific region, where customers took
possession of 579,100 (478,900; +20.9 percent) new
vehicles. Audi delivered 190,300 (168,800) models in the
North America region during the same period, an increase of
12.7 percent.
Mercedes-Benz on record course
With sales of 1,461,680 vehicles in 2013 Mercedes-Benz
delivered more cars to customers than ever before.
1.841.611
1.963.798
1.458.455
1.665.444
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
2010 2011 2012 2013
BMW SALES 2010 / 2011 / 2012 / 2013
Units
1.455.123
1.580.000
1.092.411
1.302.659
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
1.800.000
2010 2011 2012 2013
AUDI SALES 2010 / 2011 / 2012 / 2013
Units
1.345.800
1.461.680
1.178.300
1.279.100
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
2010 2011 2012 2013
Mercedes Benz Cars SALES 2010 / 2011 / 2012 / 2013
Units

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CMVThe automotive premium market is still strong:
BMW Group posts record sales for 2013
Deliveries climb 6.4% to 1,963,798 units
New all-time highs for BMW, MINI and Rolls-Royce brands
BMW Group expects further growth in sales in 2014
1.841.611
1.963.798
1.458.455
1.665.444
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
2010 2011 2012 2013
BMW SALES 2010 / 2011 / 2012 / 2013
Units
BMW Group sales in 2013 at a glance Sale vehicle units 2013 Comp. to 2012
BMW Group Automobiles 1,963,798 +6.4%
BMW 1,655,138 +7.5%
MINI 305.030 +1.2%
Rolls-Royce 3.630 +1.5%
BMW Motorrad 115,215 +8.3%

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CMV
Rolls-Royce Sales Units 2013: 3630 vehicles
Rolls Royce sold 3,630 cars globally during the year, which
represents the company’s fourth consecutive record.
The company said that strong sales growth was reported
across the globe, with notable results seen in the Middle
East (up 17%) and China (up 11%). Several countries
recorded strong sales performances, including Germany,
Japan, Qatar and Canada. China and the United States
remained the most significant individual markets for Rolls-
Royce Motor Cars followed by the Middle East.
3.575 3630
2.711
3.538
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
2010 2011 2012 2013
Rolls-Royce SALES 2010 / 2011 / 2012
Units
Rolls-Royce Sales Units 2012: 3575 vehicles

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CMV
Crewe, 2014-01-08
Bentley's record year-posts 19% global growth
• 10,120 cars delivered in 2013
• Results confirm Bentley’s position as world’s most sought after
luxury car brand
• Flying start for Flying Spur
• Dealer expansion continues, now includes 54 territories
Bentley Motors has firmly reinforced its position as the leading
manufacturer of luxury vehicles in the world after announcing a 19%
increase in global deliveries in 2013. 10,120 cars were delivered, the
highest figure in Bentley’s 95-year history, against 8,510 in 2012.
8.150
10.120
5.117
7.003
0
2.000
4.000
6.000
8.000
10.000
12.000
2010 2011 2012 2013
Bentley Motors SALES 2010 / 2011 / 2012 / 2013
Units
SUV
Mulsanne
New Flying Spur
Continental GT
Continental GTC

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Porsche – Sales 2013 Units: 162,100 vehicles
The sports car manufacturer Porsche, which became a
Volkswagen Group brand on August 1, 2012, recorded full-
year deliveries totaling 162,100 vehicles.
Demand for vehicles built by the Stuttgart-based carmaker
was particularly high in the Asia-Pacific region, where 49,700
units were delivered, and in the North America region,
where 46,700 vehicles were handed over to customers.
141.075
162.100
96.473
116.978
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
180.000
2010 2011 2012 2013
Porsche SALES 2010 / 2011 / 2012 / 2013
Units
Wolfsburg, 2014-01-11
Audi delivered 1.58 (1.46; +8.3 percent) million vehicles
worldwide in 2013.
The premium brand from Ingolstadt developed particularly
well in the Asia-Pacific region, where customers took
possession of 579,100 (478,900; +20.9 percent) new
vehicles. Audi delivered 190,300 (168,800) models in the
North America region during the same period, an increase of
12.7 percent.
1.455.123
1.580.000
1.092.411
1.302.659
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
1.800.000
2010 2011 2012 2013
AUDI SALES 2010 / 2011 / 2012 / 2013
Units

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CMV
Sant’ Agata Bolognese, 2014-01-13
Lamborghini increases worldwide sales for the third year in a row to 2,121
cars delivered to customers
• All-time high in V12 sales with the record of the Lamborghini
Aventador (1,001 deliveries)
• USA largest single market followed by China
• Balanced presence across the three regions EMEA, America
and APAC
2.083 2121
1.302
1.602
0
500
1.000
1.500
2.000
2.500
2010 2011 2012 2013
Lamborghini SALES 2010 / 2011 / 2012 / 2013
Units
Aventador LP
Huracán LP 610-4
Gallardo LP 570-4 Squadra Corse
LAMBORGHINI HURACÁN
The Huracán replaces the Gallardo, which is the firm's best–selling model ever. Power
comes from a mid–mounted 5.2–litre V10 engine that develops 610bhp; Lamborghini
quotes a 0–62mph time of 3.2sec and a top speed of 202mph.

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CMV
Jan. 3, 2014 FRANKLIN, Tenn.
Total Infiniti sales of 116 455 in 2013 were down -2,9%
percent compared to the 119.877 units sold last year.
119.877 116.455
103.411
98.461
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
2010 2011 2012 2013
Infiniti SALES 2010 / 2011 / 2012 / 2013
Units
Mercedes-Benz on record course
With sales of 1,461,680 vehicles in 2013 Mercedes-Benz
delivered more cars to customers than ever before.
1.345.800
1.461.680
1.178.300
1.279.100
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
2010 2011 2012 2013
Mercedes Benz Cars SALES 2010 / 2011 / 2012 / 2013
Units

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CMV
Aston Martin – Sales 2012 Units Estimation: ~3500 vehicles
GAYDON-based Aston Martin, posted a pre-tax loss of almost £25m
(€-29, 25 Mio) for the year ended December 2012, up from a £21m (€-
24,75 Mio) loss the previous year. Sales were down by 9% to £460m (€-
538,2 Mio). Accounts filed at Companies House attribute the widening
loss to the "market segment (that) has been severely affected by
recession".
The 100-year old firm said that the high-end luxury sports segment had
been severely affected by recession and in 2012 global sales levels were
down by nearly 40% from its 2007 peak. The luxury sports car market may
well be down, and especially so in Europe, but that isn't the whole story.
In contrast, Ferrari, for example, posted record results in 2012, with its
best ever trading period in the company's 66-year history.
3.500
4.250 4.200
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
2010 2011 2012
Aston Martin SALES 2010 / 2011 / 2012
Units
2013 Aston Martin changes into a new ownership structure
The point is that other luxury car brands have done well while Aston Martin has struggled of late. Part of that struggle is down to the
fact that the firm was heavy on debt after it was sold off by Ford. The cost of servicing this debt in turn impacted on new model
development. While some new models have been introduced, the technological underpinnings stretch back in some cases to some
quite dated Ford technology.
Put simply, Aston has fallen behind rivals.
Aston Martin was majority-owned during 2012 by Investment Dar (a Kuwaiti investment fund) but late last year InvestIndustrial agreed
to invest £150m (€175,5 Mio). in return for a 37.5% stake. Despite recent losses, Aston Martin's management is looking forward with
some optimism. In large part that is due to the recent announcement that the German premium car firm Daimler could take a stake in
locally-based Aston Martin after the latter signed an intention to enter a technical partnership with Mercedes-Benz.
Daimler - which owns Mercedes - will take an equity stake of up to 5% in Aston Martin if the agreement does go ahead. Both sides have
indicated that they hope to sign an agreement in the next few months. It's a much needed move for Aston which will continue to
struggle on its own to develop new cars and to source new technology. In particular, Mercedes will supply Aston Martin with engines. In
addition, Mercedes-Benz Cars will provide Aston Martin with components for future models. This is a welcome move. Aston Martin has
indicated that it intends to invest £500 million (€ 585 Mio) over the next four years. But in car industry terms that doesn't go very far at
all: JLR for example spent well over £400m (€ 468 Mio) just getting the new Range Rover to market. So Aston Martin needs a tie up with
a bigger player to access technology and components and Mercedes offers just that opportunity.

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2013 Aston Martin changes into a new ownership structure
ChinaEquity invests in Aston Martin - 22 October, 2013
ChinaEquity Group has joined forces with European private equity firm, Investindustrial, investing
indirectly in Aston Martin, the 100-year old high-performance luxury sports car manufacturer.
ChinaEquity’s objective is to help Aston Martin successfully take on the large and growing Chinese
luxury auto segment. ChinaEquity was advised by Fozzati Partners, a private equity co-investment and
corporate finance advisory firm.
ChinaEquity and other co-investors joined Investindustrial to invest £150 million (€175,5 Mio) for a
37.5% stake in the company through Prestige Motor Holdings S.A. Other major shareholders include
Kuwaiti firms Investment Dar engaged with debt restructuring and Adeem a private investment
company.
Aston Martin recently announced a formal ‘technical’ partnership with Mercedes-AMG. The
partnership will give Aston Martin access to the supply of custom V8 engines, in addition to cutting
edge new technologies. Daimler will in turn own 5% of non-voting shares in Aston Martin.
ChinaEquity Group is a prominent China based private equity and venture capital investment firm with
several billion US$ under management. ChinaEquity is the founder of the China Team, the first
Chinese national sailing racing team to represent China in the America’s Cup. It is also a major
investor in China Grand Rally.
Investindustrial is a leading European investment group of independently managed investment
holding and financial advisory companies with €3.1 billion of combined assets under management. Its
mission is to actively contribute to the development of the companies in which it invests, by creating
growth opportunities and offering global solutions through an active ownership and entrepreneurial
vision.
Fozzati Partners is a private equity co-investment and financial advisory firm.

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CMV
Jaguar Land Rover Sales Units 2013: 372 062 vehicles
LandRover refreshed its Range Rover in August 2012 and it
also launched the refreshed Range Rover Sport in April
2013. As is the case with model lifecycles, the older
versions of these two highly profitable models were losing
volumes, while incentive spends of them were rising.
Range Rover volumes have already revived as a result of
the refreshed version, while the Range Rover Sport has
also likely bottomed in 1QFY14. In the case of Jaguar, the
launch of the F-type has been very successful. Within two
quarters, the model has contributed 17% of Jaguar’s
volumes. The success of these models has resulted in an
improving sales mix and lower incentives, which has led to
the improvement in margins.
314.433
372.062
428.230
193.982
243.621
0
50.000
100.000
150.000
200.000
250.000
300.000
350.000
400.000
450.000
2010 2011 2012 2013 2014E
Jaguar Land Rover SALES 2010 / 2011 / 2012 / 2013 / 2014E
Units
Financial Year End of March
March 2013
June 2013

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CMV
Maserati Sales Outlook 2013 ~ 14 000 vehicles
Harald Wester, Maserati’s CEO, told Reuters that the brand has
received around 17.000 orders so far this year. This number is almost 3
times higher than total units registered in 2012, which is not only
good, but is in line with Maserati’s goal of selling 50.000 by the year
2015.
This brand is one of the pillars for the future of Italian car output,
because Sergio Marchionne wants the Italian industry to specialize in
high-ended cars to be exported globally. At this point, the results the
brand has had so far give him a hope of going ahead with his plans and
at the same time, they are a safe first step for the future plans of Alfa
Romeo.
According to Wester, the new Quattroporte counted for 56% of total
sales (as of June 17th), while the Ghibli, on sale from September 2013,
got 2.249 orders (16%).
6.288
14000
5.675
6.159
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
2010 2011 2012 2013E
Maserati SALES 2010 / 2011 / 2012 / 2013E
Units
The automotive premium market is still strong in 2013
Premium market still very strong in 2013
New Quattroporte
Ghibli
GranTurisimo
GranCabrio
Maserati Sales Outlook
2013 ~ 14 000 vehicles
This means that, by that date, there were
almost 4.000 orders for the GranCabrio /
GranTurismo, which is also a strong number
considering previous years’ results. Anyway,
the good part is still to come, as the Ghibli is
expected to be a success (based on the
comments made by specialized press and
public), and will easily get over the
Quattroporte’s pole position.
Source: Press – Report ; Reuters 29-08-2013

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CMV
Maserati Sales Units 2013E: 14 000 vehicles
Following the recent disclosure for the third Quarter in
2013; Maserati should be able to sell 12 000 – 14000
vehicles in 2013 :
Key Facts Q03 / 2013
• shipments +176% YoY to almost 4k units
• sales +224% YoY to € 444 mn
• trading margin already close to double digit (9.7%)
• worldwide orders at ~22.5k units as of September 2013
(underlying that Ghibli was launched in Jun-13, and the new
Quattroporte in 1Q13)
6.288
14.000
5.675
6.159
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
2010 2011 2012 2013e
Maserati SALES 2010 / 2011 / 2012 / 2013 estimation
Units
November 25, 2013

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CMV
Ferrari Sales Outlook 2013 ~ 7 200 vehicles
Strong financial half year results in 2013
MARANELLO, Aug 7 - 2013:
On June 30th, Ferrari recorded excellent results confirmed by all of
the main economic indicators: trading profit jumped by 22% (176
million euro), while net profits hit 116.2 million, a boost of 20%.
Revenues rose to 1,177 million euro (+7.1%).
A total of 3,767 homologated cars were delivered to the dealership
network, an increase of 2.8%, a slower rate of growth compared to
Q1. The company's industrial net cash position, however, is the
best ever recorded: 1,220 million euro with very high investment
into our products and a net cash flow, generated in the first half of
the year, of 189 million euro. These figures are the result of
consistently successful sales right across the range.
7.318 7200
6.573
7.001
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
2010 2011 2012 2013E
Ferrari SALES 2010 / 2011 / 2012 / 2013E
Units
The automotive premium market is still strong in 2013
Premium market still very strong in 2013
Ferrari California
8 cylinder
Ferrari FF
12 cylinder
Ferrari F12berlinetta
12 cylinder
Ferrari 458 Spider
8 cylinder
Ferrari 458 Italy
8 cylinder
Of the 8-cylinders, the California 30 and
the 458 Spider continue to achieve
positive results, while in the 12-cylinder
sector, sales of the FF remain
consistently strong while the F12
berlinetta is yielding very good results
too. Its engine, in fact, won Ferrari the
Best Performance Engine of the Year
award for the third consecutive year
after the 458's V8 double achievement
and it was second this year.

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CMV
A FOCUS ON „ SUPER LUXURY SUV´s “

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CMV
Overview: SUPER LUXURY SUV´s
SUVs are the fastest-growing segment in the car market, but one into which super-luxury carmakers have not
really ventured so far. Porsche, the maker of high-end sports cars which like Bentley also belongs to Europe's
biggest car maker Volkswagen, has seen its sales boosted by its Cayenne SUV. There's a gap which Bentley is now
trying to fill and other carmakers are already on the starting grid.
Maserati and Bentley are the first in the SUPER LUXURY SUV LEAGUE but others will follow:
• Range Rover Ultimate Edition on the market
• Maserati Kubang Concept / Levante planned SOP 2015
• Bentley EXP 9 planned SOP 2016
• Lamborghini Concept Urus planned SOP 2017
• Aston Martin Concept Lagonda Geneva Motorshow 2009; (Mercedes / Investindustrial gives new space for speculation) SOP?
• Rolls Royce SOP?
Overview: High End Sport SUV´s:
• BMW M5 ; BMW X6 M – Class
• Porsche Cayenne Turbo
• Audi Q7
• Mercedes AMG ML 63
A New Segment is emerging : „ SUPER LUXURY SUV´s “

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CMVRange Rover Autobiography Ultimate Edition
Range Rover Autobiography Ultimate Edition
A $
The US$ 320,000-plus Range Rover could become a
permanent fixture in showrooms as Land Rover aims to
future-proof its iconic off-roader from a raft of new super-
luxury SUVs.
The Range Rover Autobiography includes a high standard
in automotive interior . It features a full leather colourway
theme with light and dark options. There are real wood
veneers, real wood door top rolls and illuminated
treadplates. Plus a higher grade leather topper for the
instrument panel and door trims.
The exclusivity even extends to the loadspace which boasts
the very finest in style, taste and craftsmanship with
decking in teak.

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CMVMaserati Levante SOP 2015
The Levante originally planned to be built in a Chrysler US
factory but demand for Jeep vehicles is now reportedly too
strong for the factory to support Levante production. The
new model is now expected to be produced in Italy.
Engines for the 2015 Maserati Levante will reportedly
include the Ghibli,s twin-turbocharged 3.0 litre V6
developing 300kW, along with a twin-turbocharged 3.8 litre
V8 engine developing 395kW.
Again like the Ghibli, a turbo-diesel engine is also expected,
with all engine options linked to an eight-speed automatic
transmission.
The all-wheel – drive system from the Maserati
Quattroporte may be used to give the Levante a sportier
appeal, although Jeep is expected to have some input to
ensure the Levante survives off-road.
The Levante is also expected to share its underpinnings with
the Ghibli sedan, while some of the electronics will be
borrowed from Chrysler products.
Maserati hopes to increase sales from the current 7000 cars
per year to as high as 50,000 cars per year in the next few
years, and an entrant in the booming SUV market could
support this ambitious sales target.

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CMVBentley EXP 9 planned SOP 2016
Bentley automobiles are characterized by many things, not
least the surge of torque provided by a big turbocharged
motor flinging you at the horizon.
Fans of the marque will be pleased to know the flagship
luxury Sport Utility Vehicle will use a twin-turbo 6.0 liter
W12 engine - essentially three quarters of a Bugatti Veyron
engine - developing 600bhp and 800 Nm of torque driving
an 8-speed close-ratio transmission.
Beyond the use of the twin-turbo W12 in its range-topping
model of the coming EXP 9 range, Bentley is considering a
range of powertrains including its recently launched 500bhp,
4.0 liter Twin turbo V8 and a V6 plug-in hybrid. The V6 will
offer a 30km fully electric range, CO2 emissions of 130g/km,
and a 0-100km/h time of less than 5 seconds.
The company is presenting the muscular SUV as "a
compelling new take on the Grand Touring Bentley – a
vehicle that feels equally at home at an opera gala
performance, on the sand dunes and the overtaking lane
of the autobahn."

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CMVLamborghini Urus planned SOP 2017
The Urus is set to be based on the Q7 platform as the rest of
SUV’s under the Volkswagen umbrella. The difference is that
the Lamborghini will make extensive use of lightweight
materials, possibly to differentiate itself as an ultra-luxury
SUV.
The Urus is Lamborghini’s entry into an already crowded
SUV market and while the rest of the lot don’t hold the
esteem of the Lamborghini name attached to them, it’s still
important for the Urus to be a step above its expected
competition.
That’s precisely why Lambo is expected to slap on a 4.0-liter
twin-boosted V-8 engine that will pump out just about 600
horsepower with an estimated 700 pound-feet of torque.
The Urus characterized by muscular and light weight should
offer plenty of space for four people, with also some
significant storage space which would make it a real car for
everyday use.

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CMVAston Martin SUV Lagonda SOP?
Aston Martin plans to invest $1 billion in new products and
technology after Italian private equity fund Investindustrial
agreed to buy a minority stake in the British luxury
carmaker. (December 2012)
Investindustrial is buying 37.5 per cent of Aston Martin via a
capital increase agreed with majority Kuwaiti owner
Investment Dar. The cash injection will help Aston Martin
better compete with Volkswagen's Bentley and rival UK
luxury car manufacturer Jaguar Land Rover, which was
bought by India's Tata Motors in 2008 and has since seen
huge sales growth, especially in China.
Aston Martin to make new models with Mercedes
Daily Telegraph (UK); 26 July, 2013
Aston Martin has entered into a technical partnership with
German car maker Mercedes to help it to develop a new
generation of models with V8 engines. As part of the deal,
Mercedes–owner Daimler will take a stake of up to 5
percentage in the 100–year–old maker of the DB9 and
Vanquish sports cars.
From the product portfolio it is worth to think about a Aston
Martin SUPER SUV. We will hear soon if this thoughts
turns into reality.
Concept Geneva 2009

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A focus on High End Sport SUV´s:
A FOCUS ON HIGH END SPORT SUV´s

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Market will see new entrants:
NEW crossover to rival BMW X6 will be built by Mercedes-Benz. It will build a new low-roofed coupe-SUV
crossover to face off against the BMW X6. A Mercedes executive told Car and Driver magazine that while an X6
rival would be something of a bizarre vehicle, it would make a lot of financial sense for the German carmaker.
The executive said the business case had a strong foundation in that development costs would be relatively
modest, while profit margins would be high.
The crossover segments are growing around the world: not only in Australia, Europe and the US, but also -- and
possibly more importantly -- in the developing markets of Asia, So Mercedes logically believes adding more to
their line-up makes good business sense.
Mercedes first hinted at a low-roofed coupe/SUV chimera a couple of years ago, when it announced that it would
begin producing a second model alongside the M-Class at its Tuscaloosa, Alabama plant in the US.
The new model which is likely to be based on the M-Class would slot into the line-up as a big brother to the
recently unveiled GLA-Class.
But they're not the only German brand to be eyeing the success of BMW's X6. Audi has also discussed the
possibility of developing a sporty, low-roofed crossover. As far back as 2011, Volkswagen Group head of design
Walter de Silva said Audi was planning to launch a sporty crossover that would slot between the Q5 and Q7.
Unofficially known as Q6, this crossover could end up being a bit smaller than the midsize X6 and ML-based
vehicles; in which case it would more comfortably be positioned against the future BMW X4.
A focus on High End Sport SUV´s: The market will see new entrants
Source:
Centralian Advocate (Australia)
15 October, 2013
Stephen Edelstein

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CMV
A Focus on High End Sport SUV´s: Mass reduction is on the agenda
A focus on High End Sport SUV´s: Mass reduction is on the agenda
SUV Model
Curb weight
kg
Acceleration 0–
100 km/h in s
Engine
Max. output
in kW (hp)
kg / hp
Porsche Cayenne Turbo S
Tiptronic S
2215 4,5 s V8 biturbo fuel 405kW (550 hp) 4,0
Range Rover L 405 2330 5,4 s V8 Supercharged 375kW (510 hp) 4,6
Mercedes ML 63 AMG 2345 4,7s V8 Cylinder fuel 410kW (557 hp) 4,2
BMW X6 M 2380 4,7s 8 cylinder fuel 408kW (555 hp) 4,3
AUDI Q7 V12 TDI quattro
Tiptronic (DPF)
2710 5,5 s V12 TDI Diesel 368kW (500 hp) 5,4
SUV´s have reduced their weight significantly for example the
Range Rover L 405 has a curb weight of 2160 kg and the
previous version Range Rover L322 had a curb weight of 2580
kg. The L 405 has an aluminum content of 561,3 kg per vehicle ,
which is one of the highest content per car in the automotive
industry.
But mass reductions have more ways to be accomplished,
increased modularization, replacing mild steel with lower mass
materials including high strength steel (HSS), advanced high
strength steel (AHSS), aluminum, magnesium along with
increased utilization of composite materials and the application
of new design concepts, which results in reduction of parts and
this reduces total number of joints.

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CMVA focus on High End Sport SUV´s: Mass reduction is on the agenda
2215
2330
2345
2380
2710
0 500 1000 1500 2000 2500 3000
Porsche
Cayenne
Range Rover L
405
Mercedes ML
63 AMG
BMW X6 M
AUDI Q7 V12
Curb weight in kg
Who sets the benchmark below 2000 kg?

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How relevant is the Chinese market for luxury premium makers?
How relevant is the Chinese market for
luxury premium makers?

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CMVHow relevant is the Chinese market for luxury premium makers?
We start in 2004 when automotive
markets were radically different
from today. That year, the US auto
market at 16.9m units was almost
three times larger than the #2,
Japan (5.7m units). Although China
came in at #3 with 4.8m units, it
was primarily served by local
Chinese manufacturers in sharp
contrast to the situation today.
In 2014, the Chinese auto market is
likely to be 45% larger than the US,
Japan is now in third position and
the European market, is likely to be
down over 20% from the 2004 level.
Other emerging markets such as
Brazil and Russia have boomed as
well over the period. Such seismic
shifts have upended business
strategies for the world’s leading
auto makers. Getting it right now,
maximising the efficiency of their
model policy and industrial
structure is absolutely critical to
ensure relevance and establish a
long-term competitive advantage
over this decade

-30-
CMV
22,9
24,5
26,3
19,2
21,3
0,0
5,0
10,0
15,0
20,0
25,0
30,0
2012 2013E 2014E 2015E 2016E
China Light Vehicle Market 2012 -2016
Units

-31-
CMV
China Association of Automobile Manufacturers
revealed in January 2013, the final results
achieved by the country’s auto industry in 2012.
In total, automakers in China delivered 19,3
million vehicles in 2012 , plus 4.33% more than
2011.
Passenger car sales increased in 2012 by 7 %
from 2011 to 15,495,200, while the commercial
vehicle market contracted 5.5% to 3,811,200
units.
If we take an annual growth rate of 7% the Light
Vehicle Market in China will growth to 26,3
million units by 2016.
How big is the passenger car market in China by 2016
Two trends will drive growth of the Chinese auto market
•Going bigger is a clear trend
•Chinese house holds are trading up and more urban residents buy a second car for
commuting, the trend is consistent with the market development of Germany and USA
22,9
24,5
26,3
19,2
21,3
0,0
5,0
10,0
15,0
20,0
25,0
30,0
2012 2013E 2014E 2015E 2016E
Units

-32-
CMV
By the end of 2011, China surpassed Germany as the world’s second-
largest premium automobile market. According to consulting firm
McKinsey & Co., China is expected to overtake the U.S. as the world’s
largest luxury-car market as soon as 2016, as higher incomes and the
desire for status elevate premium auto brands.
This key secular growth trend has largely been driven by the Chinese
consumer’s desire for brand-name items and the prestige associated
with luxury goods as the country embraces capitalism more
enthusiastically.
The spending power of China’s upper middle class has been rapidly
growing in tandem with wealth accumulation. At the top end of China’s
consumer spending, luxury consumption is flourishing, with customers
chasing global luxury brands, world-class services and products.
For instance we believe the growth pattern of SUVs in China will follow
that of its neighbours and developed economies. In Taiwan, for instance,
SUVs accounted for only 5% of total auto sales in 1996, but 33% by 2012
Likewise, the level is 30% in Korea now, compared to 20% a few years
ago. In the US, SUVs and crossovers together made up 29% of car sales
in 2012. We forecast China’s SUV segment to grow from 5% of total Light
Vehicle sales in 2005 to 10% in year 2012 and 15% by 2015 and 18% by
2016.
Based on that scenario, we expect 3,7 million SUV be sold by 2015 in
China and for 2016 we expect a SUV Sales volume of 4,8 million units
in China.
We expect the sales growth of SUVs in China to be 2-3 times faster than
that of the broader PV market. In other markets such as the US, Korea
and Taiwan, SUVs now account for one third of the total PV market.
Going bigger is a clear trend in China
3,7
4,8
2,0
0,0
1,0
2,0
3,0
4,0
5,0
6,0
2012 2015E 2020E
China Sales SUV Forecast 2012 - 2015 - 2016
Million Units
SUV+ 1,7 Million
units from 2012
to 2015
SUV+ 1,1 Million
units from 2015
to 2016
22,9
24,5
26,3
19,2
21,3
0,0
5,0
10,0
15,0
20,0
25,0
30,0
2012 2013E 2014E 2015E 2016E
Units

-33-
CMV
PREMIUM - SUV - Market 2012 -2020 2012
AUDI 353,330
BMW 435,978
INFINITI 80,717
LAND ROVER 295,816
LEXUS 196,362
MERCEDES
BENZ
274,863
VOLVO 157,761
JEEP
664,911
GESAMT 2,459,738
Q3 Q5 Q7
X1 X3 X4 X5 X6
EX FX JX QX
Freelander RR EVOQUE Defender Discovery
Range Rover Sport
Range Rover
RX GX LX
GLA GLK GLML
XC60 XC70 XC90
Compass Wrangler Cherokee Grand Cherokee
Below, we have outlined for the major premium SUV manufacturers the key product offering and Global Sales
figures 2012 and it is obvious that based on the sales estimation all major OEM’s keep an strong focus on the
Chinese SUV market, which could absorb 3,7 million SUV units by 2015.
3,7
4,8
2,0
0,0
1,0
2,0
3,0
4,0
5,0
6,0
2012 2015E 2020E
China Sales SUV Forecast 2012 - 2015 - 2016
Million Units
SUV+ 1,7 Million
units from 2012
to 2015
SUV+ 1,1 Million
units from 2015
to 2016

Luxury car-market-2014

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