The Circuitous Path to Electrification of China's Automotive Industry

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Presentation delivered by Bill Russo at the 4th EV Battery Forum in Shanghai on November 7, 2011

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The Circuitous Path to Electrification of China's Automotive Industry

  1. 1. Booz & Company November 2011Synergistics LimitedThe Circuitous Path to Electrificationof China’s Automotive IndustryAchieving Cross Value Chain Collaboration And New Business ModelsTo Achieve Broader Acceptance Of Electric VehiclesPresented at 4th EV Battery ForumShanghai, ChinaNovember 7, 2011Bill Russo (罗威)
  2. 2. When the automobile was introduced in late 1800’s, it was notreadily apparent which engine technology would prevail Electric vs. Steam vs. Internal Combustion Electric Car Steam Car Gasoline-Powered Car (Robert Anderson, 1839) (Nicolas Joseph Cugnot 1769) (Carl Benz, 1886) At the end of 19th century, electrics outsold all other types of cars 1
  3. 3. ICE was victorious primarily due to its virtues of speed, power, andrange – courtesy of petroleum’s exceptionally high energy density Competitive Advantages By Powertrain Energy Density Of Petroleum Vs. Other Fuels Energy Available (Mega Criteria Electric Steam ICE Joules per Liter) 40 Clean, free of smoke/odor  X X 36.0 Quiet   X 35 32.0 Reliable, durable  X  30 Simple, easy to maintain  X X Easy to drive and control  X  25 Free of vibration   X 5x 20 Instant starting  X  15 Speed X   Acceleration    10 7.0 Power X   5.0 5 Range, distance X X  1.0 Infrastructure X X  0 Li-Ion Hydrogen Natural Gas Gasoline Diesel Battery (10K psi) (3K psi) Will this time be different?Note: ICE = Internal Combustion EngineSource: ANL, DOE, Sion, NRC, Booz & Company analysis 2
  4. 4. 1. A Changing World2. The Battle For Dominance Of The 21st Century Global Auto Industry3. China’s Next Revolution: “Leapfrog” To New Energy Vehicles4. Speed Bump: The Challenge of Reinventing Mobility5. The Alternate Route: Towards a New Ecosystem for Green Mobility 3
  5. 5. The distribution of global wealth has been historically skewedtowards mature markets Emerging and Mature Markets Emerging Markets Mature Markets Population Distribution in Emerging & Mature GDP Contribution by Emerging and Mature Markets Markets (2010; Total = 6,809 MM) (2010; Total = $62 Tn) Mature markets Emerging 17% markets Mature 31% markets Emerging markets 69% 83%Source: Global Insight; Booz & Company analysis 4
  6. 6. The world has entered a new era since 2008, with more than half ofhuman population living in urban areas Global Urban Population China’s Urban Population Mil. 2000-2050 Mil. 1980-2020 People Forecast People Forecast10,000 1,500 8,000 Rural 1,200 Rural 6,000 900 4,000 600 70.0% Urban 58% Urban 300 47% 52% 2,000 50.7% 46.7% 49.5% 36% 26% 19% 0 0 2000 2007 2008 2050E 1980 1990 2000 2009 2015E 2020E  More than half of the global population live in urban  At start of reform era, more than 80% of China’s area since 2008 population was in rural areas  Majority of China’s population will reside in urban areas by 2015  Creation of urban middle class fuels demand for personal mobilitySource: National Bureau of Statistics, UN, Booz & Company 6
  7. 7. 1. A Changing World2. The Battle For Dominance Of The 21st Century Global Auto Industry3. China’s Next Revolution: “Leapfrog” To New Energy Vehicles4. Speed Bump: The Challenge of Reinventing Mobility5. The Alternate Route: Towards a New Ecosystem for Green Mobility 7
  8. 8. For the Global Auto market, Asia pacific represents the greatestopportunity for growth… Eastern Europe Western Europe Growth thru 2020: 2,835K NAFTA Growth thru 2020: 1,527K CAGR (2010-2020): 6% Asia Pacific Growth thru 2020: 5,528K CAGR (2010-2020):1% Growth thru 2020: 12,626K CAGR (2010-2020):4% CAGR (2010-2020): 5% Africa/Middle East Growth thru 2020:1,264K = Area Reflects Size Of 2009 Actual PV Sales Latin America CAGR (2010-2020):4% Growth thru 2020: 2,899K = Area Reflects Size Of 2020 Forecasted PV Sales CAGR (2010-2020): 6% ’000 Units Market 2010 PV 2015 PV 2020 PV Asia Pacific 22,212 30,350 34,838 NAFTA 11,545 16,877 17,073 Western Europe 12,776 14,133 14,302 Eastern Europe 3,261 5,035 6,095 Latin America 4,030 5,570 6,929 Africa/Middle East 2,946 3,783 4,211Source: Global Insight Data 8
  9. 9. …within Asia pacific, the greatest growth opportunity is China China: Growth thru 2020: 8,653K CAGR (2010-2020): 6% Japan: = Area Reflects Size Of 2009 Actual PV Sales Mongolia Japan Growth thru 2020: -457K North Korea CAGR (2010-2020): -1% = Area Reflects Size Of 2020 Forecasted PV Sales China South Korea India Pakistan Nepal South Korea: Bhutan Bangladesh Myanmar Taiwan Growth thru 2020: 110K CAGR (2010-2020): 1% Laos ’000 Units Vietnam Taiwan: Cambodia Market 2010 PV 2015 PV 2020 PV India: Growth thru 2020: 79K Philippines Thailand CAGR (2010-2020): 2% China 11,462 17,296 20,115 Growth thru 2020: 2,621K CAGR (2010-2020): 8% Malaysia Japan 4,254 4,075 3,797 ASEAN: Growth thru 2020: 1,074K India 2,240 3,700 4,862 CAGR (2010-2020): 5% Indonesia ASEAN* 1,634 2,185 2,709 South Korea 1,302 1,407 1,412 Australia 807 1,020 1,117 Australia Australia: Taiwan 299 337 378 Growth thru 2020: 310K CAGR (2010-2020): 3% New Zealand 63 82 87 New Zealand Rest of Asia Pacific 152 247 328 Total 22,212 30,350 34,838Note: ASEAN figures include top 5 ASEAN member countries, including Thailand, Malaysia, Indonesia, Singapore, and Philippines Rest of Asia-Pacific includes Hong Kong and PakistanSource: Global Insight Data 9
  10. 10. China has only recently entered the accelerated growth phasetypical of emerging markets… Canada 600 Australia Discussion Germany The S- U.K.  A country’s threshold of 500 curve mobility lies near U.S. US$10,000 GDP per Poland capita (PPP), where Cars per 1,000 People 400 Malaysia automobile ownership accelerates Russia 300 Argentina  China is at the early Mexico taking-off stage of the S-curve Brazil 200 Turkey  Due to enormous Thailand growth potential, China 100 is likely to be a “game- Iran changer” for the global China Indonesia auto industry 0 India 1,000 10,000 100,000 China GDP Per Capita (Logarithmic Scale)Note: Each line of symbols represents a 19-year progression for one country, from 1990 through 2008, GDP Per Capita is in Purchasing Power Parity (PPP)Source: Booz & Company analysis 10
  11. 11. …and China’s continued economic development will stimulateauto industry growth for the foreseeable future China Passenger Vehicle Installed Base (PARC) Key Drivers Forecast (2009-2030)  Car ownership in China is powered by the 600 Increase in Car growing economy – the upside is High Forecast substantial Ownership Base Forecast 500 Passenger Vehicle PARC (million units) Low Forecast 480  Government has been continuously 400 410 Government’s guiding and supporting the industry’s Support to Auto development across manufacturing and Industry distribution 330 300  China’s financial system is less exposed China and GDP growth is still very fixed 200 Economy’s investment driven, thus is less vulnerable Resilience to recent financial turbulence impact 100  Highway network development provides Infrastructure foundation for more motor vehicle-based 0 Development based transportation 2009 2014 2019 2024 2029  China is investing in infrastructure to support alternative propulsionNote: Passenger vehicles contain sedans, MPVs and SUVsSource: Global Insight 2010, OPEC, DGS Report, Booz & Company analysis 11
  12. 12. 1. A Changing World2. The Battle For Dominance Of The 21st Century Global Auto Industry3. China’s Next Revolution: “Leapfrog” To New Energy Vehicles4. Speed Bump: The Challenge of Reinventing Mobility5. The Alternate Route: Towards a New Ecosystem for Green Mobility 12
  13. 13. With increasing pressure from air pollution, oil consumption andcongestion, China is compelled to reinvent propulsion technologies China to Reinvent Propulsion Technologies Air Pollution  Beijing, Xi’an, Shenyang, Shanghai and Guangzhou have been listed among the Top 10 cities with the worst air pollution. The massive growth of the automotive market only adds to the problem  The rapid growth of the automotive market worsens the problem. For example, Beijing’s automobile industry contributed 73% of the overall pollution problem in 2003 Energy Consumption  China imports two-thirds of its oil, and its ever-increasing thirst has had a dramatic impact on global energy prices  The gasoline and diesel consumption has accounted for half of the total consumption of petroleum products Traffic Congestion  In the light of the current rate of development and gas consumption level, China will have over 150 million vehicles and petroleum consumption will exceed 250 million tons in 2020 For alternative propulsion technologies such as clean diesel, hybrid and electric vehicles, China does not lead the technological developmentSource: Synergistics; Booz & Company analysis 13
  14. 14. Comparing with mature markets, China stands out as asignificant opportunity and seems more ready to introduce EV Key Forces in China Driven by greater environmental  Passenger ownership per pressure and energy Government Consumer capita in China suggest a very China consumption, China Support Acceptance low penetration of vehicles in government has stronger Market Is a China incentive to promote cleaner Significant  Consumer habit in China is still technologies in automobile Opportunity in the forming process due to industry relatively short driving history Meanwhile, China’s automobile  Thus consumer acceptance to industry has lagged behind EV is comparatively high than foreign leaders under internal mature markets (e.g. US with Mass Production combustion engine era, and approx. 20-year driving history) Environment the emergence of EV provides  Meanwhile, the switching cost is a great opportunity for China to expected to be low catch up Readiness for EV  China possesses ample resources to achieve low cost production Mature Market  Established battery manufacturers with China large-scale capacity, especially supply lithium battery to cell phone/laptopSource: Booz & Company analysis industry 15
  15. 15. In the “12-5” period, China has committed to developing sevenemerging industries 12-5 Plan Strategy Highlight Drivers for the Trend  Continue to increase value added  China’s leading industries, such as steel  Eliminate outdated capacity industry and petrochemical industry, consume a Leading  Develop advanced equipment Energy larger amount of energy per unit of GDP, Industries manufacturing industry Consumption whose growth will not be sustainable with the limited reserve of energy  Increase government support to  China has very limited reserve of natural develop the 7 emerging industries* resources such as ore, oil, etc, which motivates Seven Lack of the Chinese government to cultivate industries of strategic significance Emerging Natural that are less natural resource consuming Industries  GDP contribution of the 7 industries Resources should increase to 8% by 2015 from the current 2%  Cultivate the culture industry to be a  With China’s labor cost rising, Chinese industries leading industry have been losing edge in international competition Producer  Implication: the share of value added Increasing  It is necessary for China to transform its industry Services of GDP by the culture industry needs Labor Cost structure to make it more technology and Industry to double from the current 2.5% to innovation-driven 5%Note: 7 strategic emerging industries include energy efficiency & environmental protection, new generation information technology, bio-technology, high-end equipment manufacturing, alternative energy, new materials, electric vehicleSource: China 12-5 plan; Literature research; Booz & Company analysis 17
  16. 16. China government has established their medium-term targets forNEVs, and planned around 5~10Mn PARC by 2020 Electric vehicles in Chinese central government’s Alternative-energy vehicles 12th five-year plan (2011-15) development plan (2011-20) Highlights Highlights  No. of electric vehicles on the road: 1Mn by 2015  Financials: Chinese central government to provide  Production capacity of vehicle batteries: 10Bn 100Bn RMB for the next 10 years in developing WH. Cost of vehicle batteries should halve due to alternative-energy electric vehicles increased production scale  Number of electric vehicles on the road: 5~10Mn by 2020. Equivalent to 20% of all private passenger Guidelines vehicles  R&D: continue the country’s 3-by-3 R&D framework  Production capacity of BEV: 1Mn a year by 2020 and increase its pace in EV commercialization  Infrastructure: increase the network of EV charging Program coverage stations  R&D and technical developments  Technical standards: set Chinas own EV standards  Development of core EV components as well as participating in setting international  Commercialization, demonstration and roll-out pilot standards programs  Expand the use of EV in the public transport  Establish network of charging stations in public places sector (such as car parks)  Increase technical collaborations between EV stakeholders  Develop technical and R&D talentsSource: Literature research, Booz & Company analysis 19
  17. 17. 1. A Changing World2. The Battle For Dominance Of The 21st Century Global Auto Industry3. China’s Next Revolution: “Leapfrog” To New Energy Vehicles4. Speed Bump: The Challenge of Reinventing Mobility5. The Alternate Route: Towards a New Ecosystem for Green Mobility 20
  18. 18. 3 Hybrid/ Electric VehiclesxEVs are becoming popular as they provide higher fuel efficiencyby using electric motor to supplement/ replace engine power Comparison between Different Powertrain Technologies Internal Hybrid Electric Plug-In Hybrid Extended Range Electric Vehicle Combustion Vehicle Electric Vehicle Electric Vehicles (EV) Engine (ICE) (HEV) (PHEV) (ER-EV) Car Model Honda Toyota Ford Chevrolet Tesla Civic Prius Escape Volt Roadster Petrol usage: Petrol usage: Petrol usage: Petrol usage: Petrol usage: Powered entirely by Engine powers car Petrol generator Petrol generator None petrol, diesel, CNG or when additional power recharges battery when recharges battery when biofuels, other than a is required charge is low charge is low Technology battery for starting Electricity usage: Electricity usage: Electricity usage: Electricity usage: Electricity usage: Generated by Battery with mains runs Battery with mains or Runs entirely on None regenerative braking, the vehicle alone or to generator charge runs electricity from mains supplements engine supplement the vehicle alone charge powerFuel Efficiency savings 0% 5 - 40% 1 5 - 50% 1 35 – 60% 1 100% Electrification Petrol / Diesel Electricity1) Depends on xEV battery sizeSource: Official car websites, Booz & Company analysisJune 2011 23
  19. 19. The potential for xEVs is tied to cost of ownership for a powertrain 5 Year Total Cost of Ownership Discussion of Component Measured in USD Thousands, Year = 2010 $27.4  Fuel cost represents mix of vehicle efficiency, driving patterns and fuel prices $6.5 Fuel Cost  In the example, fuel cost assumes a fuel price of $3.00 per gallon, annual mileage of 12,500 and blended mpg of 25.4  Maintenance expense includes oil, filters, brake pads, and $3.4 Maintenance Cost other wear items replaced at regular intervals  Fixed cost includes initial purchase price minus the residual value of the vehicle at end of life (in this example - 5 year life cycle)  Residual values are adjusted based on vehicle miles $17.5 Fixed Cost (net of depreciation) Midsize Gas ICE (12,500 miles / year)Booz & CompanyApril 2011 25
  20. 20. After considering the key decision factors, xEVs are not economical today, as the initial costs far outweigh operating cost savings U.S. MIDSIZE CAR EXAMPLE 2010 Total Cost of Ownership (5 Years) 5 Year TCO 12,500 Miles Per Year, $3.00/gallon fuel, Battery Cost/kWh = $750, No Range Anxiety Adj for BEV($ in Thousands) Electricity Fuel Maintenance Fixed Cost (net of depreciation) 50 48.6 1.7 Pattern holds true for 2.0 China and Europe 40 (where diesel beats gas) 36.1 1.0 1.5 2.2 30 28.1 29.0 27.4 4.9 6.5 5.9 3.0 44.9 20 3.4 3.4 31.4 10 18.8 21.1 17.5 0 Gas Diesel Hybrid PHEV 40 BEV 100 Sources: Booz & Company market model Booz & Company April 2011 26
  21. 21. However, in ten years, the gap between ICE and xEVs will close considerably U.S. MIDSIZE CAR EXAMPLE 2020 Total Cost of Ownership (5 Years) 5 Year TCO 12,500 Miles Per Year, $3.00/gallon fuel, Battery Cost/kWh = $340 - $460, No Range Anxiety Adj for BEV($ in Thousands) Electricity Fuel Maintenance Fixed Cost (net of depreciation) 50 Pattern holds true for 40 China and Europe 30.8 32.0 30 1.0 1.7 27.2 27.9 28.0 1.4 2.0 2.2 5.3 4.5 5.9 3.4 3.0 20 3.4 26.2 28.3 10 19.2 20.4 17.9 0 Gas Diesel Hybrid PHEV 40 BEV 100 Sources: Booz & Company market model Booz & Company April 2011 27
  22. 22. In the interim, a number of technologies will achieve incrementalimpact on efficiency improvement in ICE Technology for Improved Fuel Economy and Reduced CO2 Emissions Fuel Efficiency Gain* Incremental Cost Per Car (%) (€) Engine Downsizing (with Turbo or Supercharger) 13% 300 Direct Injection/Lean Burn 12% 400 Light Weighting 10% 500 Stop Start with Regenerative Braking 7% 550 Dual Clutch Transmission 7% 1,400 Variable Valve Actuation 6% 300 Electric Steering 5% 100 Reduced Mechanical Friction 4% 50 Electric Power Hydraulic Steering 4% 50 Stop Start 4% 200 Low Rolling Resistance Tires 3% 100 Aerodynamics 2% N/A* Fuel efficiency gains are calculated as the individual technology impact to fuel efficiency immediately after it is applied to a base engine using state-of-the-art technologySource: King Review, Deutsche Bank, NHTSA, Booz & Company analysis 28
  23. 23. Having said that, hybrid powertrains are expected to gain onlyabout 10% market share by 2020 - diesel & gasoline will stillremain leading technologies Sales forecast for PVs that use various technologies 2000-2050 Forecast, millionSource: IEA, Booz & Company analysis 29
  24. 24. A “leapfrog” of propulsion technology to electrical power willrequire concurrent innovation in auto design Evolution from Horse Power to Electric Power Example of an Electric Powered Skateboard Mechanical Electrical power power power HorseSource: Reinventing the Automobile, Booz & Company analysis 30
  25. 25. Future electric vehicles will be both internally and externallydifferent from current ICE vehicles Internal External ICE Vehicle Electric Vehicle  Power-trains of electric vehicles are  Future electric vehicles will have completely different from that of ICE vehicles smaller size and lighter weightSource: Reinventing the Automobile, Booz & Company analysis 31
  26. 26. Different electric-drive vehicles will meet different transportationneeds Characteristics of Electric-drive systems Electric-drive Vehicles for Different Transportation Needs Battery- Extended- Fuel-cell High load electric range electric electric vehicle vehicle vehicle Vehicle size ≤Small ≤Compact ≤Family Hours Refueling time Hours (battery Minutes Duty cycle charging) Range 100+ 300+ 300-400 (miles) Vehicle 0~40 miles 0 0 emissions daily Diverse/ Diverse/ Diverse/ Energy source Petroleum with Light load petroleum free petroleum free range extender Already Already Refueling available at Must be available at infrastructure home and deployed home City Intra-urban Highway-cycle Highway station Stop and Go Drive cycle ContinuousSource: Reinventing the Automobile, Booz & Company analysis 32
  27. 27. 1. A Changing World2. The Battle For Dominance Of The 21st Century Global Auto Industry3. China’s Path To Electrification4. Speed Bump: The Challenge of Reinventing Mobility5. The Alternate Route: Towards a New Ecosystem for Green Mobility 33
  28. 28. Solutions for the“mobility revolution”require a new“eco-system”of collaborative partnerships 3 Dimensions of the New Eco-system Regulatory Innovation Frontier (Government)  New policies (including subsidy policy) to support the commercialization of green transportation technologies Technical Innovation Frontier Business Innovation Frontier (Auto Industry) (Cross Industry/Value Chain)  Partnerships among key  Partnerships between other players to deliver deep, industries and auto scalable solutions for future makers/suppliers to develop green transportation new business model for future green cars 34
  29. 29. RThe central government is playing a key role in shaping industrydevelopment Official China at Work SASAC Vehicle Manufactures Electric Vehicles Market Battery Utilities Manufacturers CompaniesNote: SASAC: State-owned Assets Supervision and Administration Commission of the State CouncilSource: Booz & Company analysisBooz & Company 35
  30. 30. TThere will be changes in OEM manufacturing footprint, and newsuppliers will play a role in the new EV powertrain value chain Dynamic Changes for OEMs and Suppliers New Supplier Segmentation in the EV Powertrain Value Chain Powertrain Development Power Train Integration Market changes from ICE to PT Infrastructure EV PT Batteries E-Motor Cables & System EV System Integration Components Auto OEMs Third-Party EV Depend OEMs Powertrain on E.g. Suppliers Utilities  Traditional in-house Standard industry ICE production Tier 1 capabilities Suppliers New Supplier Base Non-auto Suppliers 1. OEMs’ assets previously bound in ICE manufacturing facilities will be diversified Supplier 2. New suppliers that do not have a role in Concentration the past will come into play High Concentration Low Concentration Key Supplier Research/Minor SupplierSource: Interviews, Booz & Company analysisBooz & Company 36
  31. 31. TIn EV manufacturing, powertrain will be substantially reshapedby the technology migration from ICE to EV … Key Components in EV Ecosystem Description Discontinuities  Different integration challenges  Outsource for manufacturing Vehicle  Challenge in in-house focus of Assembler &  Integration and assembly production Developer  Brand refocus and new service requirements  Charging System  New Powertrain components with  EV Battery with BMS completely different technologies Powertrain  Inverter  Electrification of other components  Electric Motor  Consolidation of cell manufacturers  Transmission  Structure Optimization  Acceleration of lightweight  Lightweight technologies for new development of vehicle body Vehicle Body materials  Connection & Joining Technologies  Bottom plate  Much simpler to design and produce,  Suspension compared with ICE vehicles Chassis  Wheels  … Booz &
  32. 32. BCoda’s network of partnerships is an example of a new businessmodel for collaborative EV development Collaboration Model The Co-Op Model: Case 1  Partners in Powertrain System – Coda formed a Joint Venture with Lishen Power Battery called Lio Energy Systems to develop batery systems exclusively for Coda Lio Energy – Motor technology from UQM, a U.S. based Systems manufacturer of electric motors, generators and controllers  Partners in Vehicle Platform – Entered a letter of intent with Great Wall Motor, a fast-growing Chinese automaker, to supply advanced electric powertrains and jointly develop BEVs that will be sold Hafei worldwide. – Current EV models sold in U.S. are based on gasoline-powered vehicle from Hafei Motor, a Global partnerships to develop subsidiary of stated-owned Changan Group, EV models for sale worldwide China’s fourth largest auto group.Source: Synergistics Limited analysis 40
  33. 33. BBetter Place is challenging the fundamental economics of EVownership by offering a battery leasing and service model Collaboration Model The Co-Op Model: Case 2  Business Model – Customers enter into contracts to purchase driving distance. The initial cost of an electric vehicle may also be subsidized by the ongoing per-distance revenue contract. The goal is to enable electric cars to sell for less than the price of the average gasoline car sold in the US.  Cooperation Model – The Israeli government will provide tax incentives to customers, Renault will supply the electric vehicles, and Project Better Place OEM Partnersips Government will construct and operate an Electric partnerships Recharge Grid across the entire country. Electric vehicles will be available for Infrastructure to be deployed on a country-by-country customers in 2011. basis, beginning with Israel and DenmarkSource: Synergistics Limited analysis 41
  34. 34. BHertz is teaming up with GE Energy and BYD to expand itspresence in the China market leveraging EV partnerships Collaboration Model The Co-Op Model: Case 3  Cooperation Model – Rental giant Hertz Global Holdings announced it will team up with GE Energy and BYD Auto to expand its electric-vehicle leasing business into China. – The intention is to capitalize on Chinas still- nascent EV market, though high cost and weak infrastructure remain the biggest hurdles to popularizing the technology. – Hertz will offer EV leasing to consumers and companies in Shanghai, Shenzhen and Beijing, initially using E6 electric crossovers made by BYD, with GE helping to build up an initial network of 770 charging stations. Private sector collaboration to jointly address infrastructure challenge with support from governmentSource: Synergistics Limited analysis 42
  35. 35. Conclusions: An auto revolution requires a new eco-system ofcollaborative partnerships Trends Implications The global economic center of gravity  The Green Mobility revolution requires new “eco- has shifted to the East, and China has system” of collaborative partnerships become the battleground for 21st Century – Regulatory frontier: proactive government auto industry dominance interventions to develop policies and deploy infrastructure for green cars Population, environmental, and – Technical frontier: partner among economical problems are urging ”Green automakers and new class of xEV suppliers to Mobility” innovations, which will deliver deep, scalable green mobility solutions dramatically change the auto industry – Business frontier: partner across value chain among OEMs, utility companies, distributors, China, with desire for a sustainable service and infrastructure providers to develop new business model growth and strong government support, is striving to lead this green mobility  Be fully aware of China’s leadership in the future auto industry and find opportunities to get revolution involved in its new EV eco-system development A mobility revolution requires a new “eco-system” of collaborative partnerships 43

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