Car Manufacturing in India June 2021: Marketline Industry Profile

MarketLine Industry Profile
Car Manufacturing in India

June 2021
Reference Code: 0102-2010
Publication Date: June 2021
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Industry Profiles
1. Executive Summary
1.1. Market value

The Indian car manufacturing industry shrank by 23.1% in 2020 to reach a value of $22.6 billion.
1.2. Market value forecast

In 2025, the Indian car manufacturing industry is forecast to have a value of $41.1 billion, an increase of
81.9% since 2020.
1.3. Market volume

The Indian car manufacturing industry shrank by 28.6% in 2020 to reach a volume of 2,608.4 thousand
units.
1.4. Market volume forecast

In 2025, the Indian car manufacturing industry is forecast to have a volume of 4,438.1 thousand units, an
increase of 70.1% since 2020.
1.5. Geography segmentation

India accounts for 4.3% of the Asia-Pacific car manufacturing industry value.
1.6. Market share

Suzuki is the leading player in the Indian car manufacturing industry, generating a 38.8% share of the
industry's volume.
1.7. Market rivalry

2020 was an incredibly tough year for car manufacturers amid the COVID-19 pandemic, which served to
intensify the rivalry level.

Industry Profiles
1.8. Competitive Landscape

The four leading players in the Indian car manufacturing industry, Suzuki, Tata, Renault and Hyundai Kia
Automotive Group, accounted for a combined 58% share of production volume in 2020. The leading
players in this industry are tapping into the growing demand for hybrid and electric vehicles, while alliances
within the industry are a common strategy. The COVID-19 pandemic temporarily halted production in
many countries in 2020, as well as disrupting the supply chain, and as such the leading players have been
negatively impacted.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Market volume.............................................................................................................................................2
1.4. Market volume forecast...............................................................................................................................2
1.5. Geography segmentation.............................................................................................................................2
1.6. Market share................................................................................................................................................2
1.7. Market rivalry...............................................................................................................................................2
1.8. Competitive Landscape ................................................................................................................................3
2. Market Overview 9
2.1. Market definition .........................................................................................................................................9
2.2. Market analysis ............................................................................................................................................9
3. Market Data 11
3.1. Market value ..............................................................................................................................................11
3.2. Market volume...........................................................................................................................................12
4. Market Segmentation 13
4.1. Geography segmentation...........................................................................................................................13
5. Market Outlook 14
5.1. Market value forecast ................................................................................................................................14
5.2. Market volume forecast.............................................................................................................................15
6. Five Forces Analysis 16
6.1. Summary ....................................................................................................................................................16
6.2. Buyer power...............................................................................................................................................17
6.3. Supplier power ...........................................................................................................................................18
6.4. New entrants .............................................................................................................................................20
6.5. Threat of substitutes ..................................................................................................................................22

Industry Profiles
6.6. Degree of rivalry.........................................................................................................................................24
7. Competitive Landscape 26
7.1. Market share..............................................................................................................................................26
7.2. Who are the leading players? ....................................................................................................................26
7.3. How are strategic alliances used by the leading companies? ....................................................................27
7.4. How is new technology opening up competition?.....................................................................................27
7.5. How are leading players progressing in the hybrid and electric cars segment? ........................................28
7.6. What impact has the COVID-19 pandemic had on leading players?..........................................................28
8. Company Profiles 29
8.1. Suzuki Motor Corporation..........................................................................................................................29
8.2. Tata Motors Limited...................................................................................................................................34
8.3. Hyundai Motor Company...........................................................................................................................38
8.4. Renault SA ..................................................................................................................................................42
9. Macroeconomic Indicators 50
9.1. Country data ..............................................................................................................................................50
Appendix 52
Methodology ...........................................................................................................................................................52
9.2. Industry associations..................................................................................................................................53
9.3. Related MarketLine research .....................................................................................................................53
About MarketLine....................................................................................................................................................54

Industry Profiles
LIST OF TABLES
Table 1: India car manufacturing industry value: $ billion, 2016–20 11
Table 2: India car manufacturing industry volume: thousand units, 2016–20 12
Table 3: India car manufacturing industry geography segmentation: $ billion, 2020 13
Table 4: India car manufacturing industry value forecast: $ billion, 2020–25 14
Table 5: India car manufacturing industry volume forecast: thousand units, 2020–25 15
Table 6: India car manufacturing industry share: % share, by volume, 2020 26
Table 7: Suzuki Motor Corporation: key facts 29
Table 8: Suzuki Motor Corporation: Annual Financial Ratios 31
Table 9: Suzuki Motor Corporation: Key Employees 32
Table 10: Suzuki Motor Corporation: Key Employees Continued 33
Table 11: Tata Motors Limited: key facts 34
Table 12: Tata Motors Limited: Annual Financial Ratios 36
Table 13: Tata Motors Limited: Key Employees 37
Table 14: Hyundai Motor Company: key facts 38
Table 15: Hyundai Motor Company: Annual Financial Ratios 40
Table 16: Hyundai Motor Company: Key Employees 41
Table 17: Renault SA: key facts 42
Table 18: Renault SA: Annual Financial Ratios 44
Table 19: Renault SA: Annual Financial Ratios (Continued) 45
Table 20: Renault SA: Key Employees 46
Table 21: Renault SA: Key Employees Continued 47
Table 24: India size of population (million), 2016–20 50
Table 25: India gdp (constant 2005 prices, $ billion), 2016–20 50
Table 26: India gdp (current prices, $ billion), 2016–20 50
Table 27: India inflation, 2016–20 50

Industry Profiles
Table 28: India consumer price index (absolute), 2016–20 51
Table 29: India exchange rate, 2016–20 51

Industry Profiles
LIST OF FIGURES
Figure 1: India car manufacturing industry value: $ billion, 2016–20 11
Figure 2: India car manufacturing industry volume: thousand units, 2016–20 12
Figure 3: India car manufacturing industry geography segmentation: % share, by value, 2020 13
Figure 4: India car manufacturing industry value forecast: $ billion, 2020–25 14
Figure 5: India car manufacturing industry volume forecast: thousand units, 2020–25 15
Figure 6: Forces driving competition in the car manufacturing industry in India, 2020 16
Figure 7: Drivers of buyer power in the car manufacturing industry in India, 2020 17
Figure 8: Drivers of supplier power in the car manufacturing industry in India, 2020 18
Figure 9: Factors influencing the likelihood of new entrants in the car manufacturing industry in India, 2020 20
Figure 10: Factors influencing the threat of substitutes in the car manufacturing industry in India, 2020 22
Figure 11: Drivers of degree of rivalry in the car manufacturing industry in India, 2020 24
Figure 12: India car manufacturing industry share: % share, by volume, 2020 26

Industry Profiles
2. Market Overview
2.1. Market definition

The passenger cars manufacturers market value is calculated in terms of manufacturer selling price (MSP), and
excludes all taxes and levies.
The volume represents the quantity of completely built up (CBU) cars in the particular country/region.
Passenger cars are defined as motor vehicles with at least four wheels, used for the transport of passengers, and
comprising no more than eight seats in addition to the driver's seat. Passenger cars are defined as motor vehicles
with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in
addition to the driver's seat. The market includes both petrol and diesel passenger cars, as well as hybrid and
electric. Passenger cars include mini, small, medium, large, exclusive and luxury cars, as well as mini, compact, mid
and full size SUV/crossover. The compact, small and large MPVs and mini, compact, mid and full size pickups are
included as are sport coupe cars. Any sort of light or heavy commercial vehicles e.g. vans or HGVs are excluded.
Market shares refer to the volume - not value - of built units in a particular country in the respective calendar year.
Note that this is respesentative of the number of cars manufactured.
All market data and forecasts are represented in nominal terms (i.e. without adjustment for inflation) and all
currency conversions used in the creation of this report have been calculated using constant 2020 annual average
exchange rates.
Car manufacturing can be a highly concentrated industry, and in some countries there is only one significant
manufacturer. Forecasts made in this profile should not be interpreted as predictions of any individual company's
performance.
COVID-19: The assumption has been made that after the pandemic is over the global economy will gradually go
back to the levels recorded before. It is also assumed that there is no widespread economic crisis as seen in 2008
due to announced financial support packages from governments around the world. In January 2021, at the time of
the preparation of this report, the economic implications of national and local lockdowns of many economies are
difficult to predict as there is no indication how long the pandemic will last, nor how many industries will be forced
to stay closed and the scale of the governmental aid involved.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

Industry Profiles
The Indian car manufacturing industry has fluctuated between growth and decline in value and volume terms in
recent years. The industry suffered a particularly steep decline in 2020 amid the COVID-19 pandemic. The industry
looks set to recover in the forecast period.
A key feature of the Indian industry during the historic period was the Indian government’s sudden decision to
announce demonetization. The economic alarm that was ignited as a consequence of the government’s actions
ultimately struck the country’s car manufacturing industry, as the sale of cars hit a 16-year low in December 2016.
Though sales have recovered, it was on the back of heavy discounts in order to boost demand. As such, even
though volume consumption levels recovered in the aftermath of the demonetization, the value of the market was
not able to grow at the same pace.
The Indian car manufacturing industry had total revenues of $22.6bn in 2020, representing a compound annual
rate of change (CARC) of -7.1% between 2016 and 2020. In comparison, the South Korean and Chinese industries
declined with CARCs of -7.9% and -8.4% respectively, over the same period, to reach respective values of $56.4bn
and $274.4bn in 2020.
A huge drop in volume and value was seen in 2020 amid the COVID-19 pandemic. There has been severe
disruption in the export of Chinese parts and widespread manufacturing plant closures around the world. This
meant that the manufacturing of cars was impacted. What’s more, consumer confidence is lowered as jobs are
placed at risk and the economy stalls. As such, spend on new cars has been constrained, which reduces demand in
the car manufacturing industry.
Industry production volumes declined with a CARC of -8.6% between 2016 and 2020, to reach a total of 2,608.4
thousand units in 2020. The industry's volume is expected to rise to 4,438.1 thousand units by the end of 2025,
representing a compound annual growth rate (CAGR) of 11.2% for the 2020-2025 period.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 12.7% for the five-year
period 2020 - 2025, which is expected to drive the industry to a value of $41.1bn by the end of 2025.
Comparatively, the South Korean and Chinese industries will grow with CAGRs of 5.2% and 5.9% respectively, over
the same period, to reach respective values of $72.6bn and $365.0bn in 2025.
The industry is expected to see recovery in 2021, as the immunization of the population will allow a gradual return
to normal from the second half of 2021 with the recovery of consumer spending. Improving macroeconomic
conditions, such as rising average annual wages and household consumption levels, coupled with declining
unemployment rates, has been bolstering the country’s middle-class population. Their financial ability to purchase
cars has grown strongly in recent years, which should help to drive domestic demand.

Industry Profiles
3. Market Data
3.1. Market value

The Indian car manufacturing industry shrank by 23.1% in 2020 to reach a value of $22.6 billion.
The compound annual rate of change of the industry in the period 2016–20 was -7.1%.
Table 1: India car manufacturing industry value: $ billion, 2016–20
Year $ billion Rs. billion € billion % Growth

2016 30.3 2,248.6 26.6
2017 29.8 2,208.2 26.1 (1.8%)
2018 29.9 2,215.3 26.2 0.3%
2019 29.3 2,174.4 25.7 (1.8%)
2020 22.6 1,673.2 19.8 (23.1%)
CAGR: 2016–20 (7.1%)

SOURCE: MARKETLINE MARKETLINE
Figure 1: India car manufacturing industry value: $ billion, 2016–20

Industry Profiles
3.2. Market volume

The Indian car manufacturing industry shrank by 28.6% in 2020 to reach a volume of 2,608.4 thousand units.
The compound annual rate of change of the industry in the period 2016–20 was -8.6%.
Table 2: India car manufacturing industry volume: thousand units, 2016–20
Year thousand units % Growth

2016 3,736.6
2017 3,995.0 6.9%
2018 4,085.0 2.3%
2019 3,651.6 (10.6%)
2020 2,608.4 (28.6%)
CAGR: 2016–20 (8.6%)

Figure 2: India car manufacturing industry volume: thousand units, 2016–20

Industry Profiles
4. Market Segmentation
4.1. Geography segmentation

India accounts for 4.3% of the Asia-Pacific car manufacturing industry value.
China accounts for a further 51.7% of the Asia-Pacific industry.
Table 3: India car manufacturing industry geography segmentation: $ billion, 2020
Geography 2020 %
China 274.4 51.7
Japan 129.8 24.5
South Korea 56.4 10.6
India 22.6 4.3
Taiwan 4.1 0.8
Rest Of Asia-pacific 43.1 8.1
Total 530.4 100%

Figure 3: India car manufacturing industry geography segmentation: % share, by value, 2020

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2025, the Indian car manufacturing industry is forecast to have a value of $41.1 billion, an increase of 81.9%
since 2020.
The compound annual growth rate of the industry in the period 2020–25 is predicted to be 12.7%.
Table 4: India car manufacturing industry value forecast: $ billion, 2020–25
Year $ billion Rs. billion € billion % Growth

2020 22.6 1,673.2 19.8 (23.1%)
2021 28.7 2,128.9 25.2 27.2%
2022 33.5 2,480.0 29.3 16.5%
2023 35.9 2,661.3 31.5 7.3%
2024 39.2 2,903.5 34.3 9.1%
2025 41.1 3,047.5 36.0 5.0%
CAGR: 2020–25 12.7%

Figure 4: India car manufacturing industry value forecast: $ billion, 2020–25

Industry Profiles
5.2. Market volume forecast

In 2025, the Indian car manufacturing industry is forecast to have a volume of 4,438.1 thousand units, an increase of
70.1% since 2020.
The compound annual growth rate of the industry in the period 2020–25 is predicted to be 11.2%.
Table 5: India car manufacturing industry volume forecast: thousand units, 2020–25
Year thousand units % Growth

2020 2,608.4 (28.6%)
2021 3,337.7 28.0%
2022 3,868.8 15.9%
2023 4,073.9 5.3%
2024 4,346.1 6.7%
2025 4,438.1 2.1%
CAGR: 2020–25 11.2%

Figure 5: India car manufacturing industry volume forecast: thousand units, 2020–25

Industry Profiles
6. Five Forces Analysis

The car manufacturing market will be analyzed taking car manufacturers as players. The key buyers will be taken as
car dealerships, and suppliers of commodities as the key suppliers.
6.1. Summary
Figure 6: Forces driving competition in the car manufacturing industry in India, 2020
2020 was an incredibly tough year for car manufacturers amid the COVID-19 pandemic, which served to intensify the
rivalry level.
Car dealerships, which are the main buyers in this industry, serve as intermediaries between car manufacturers and end
users. Car dealerships generally have exclusive contractual agreements with one particular manufacturer, which
reduces buyer power. Suppliers in this industry provide commodity items such as metals or technological pieces and
fabricated components. Typical suppliers are likely to sell to a wide variety of manufacturing companies, with the car
industry accounting for only a small share of total supplier revenues, increasing supplier power.
Brand strength, goodwill, and reputation are exceptionally important in the car manufacturing industry, and it is
therefore quite difficult for new players to directly enter a particular country's industry. Where there is already a strong
manufacturing presence, it can be particularly off-putting for potential new entrants. Used cars and personal contract
purchase (PCP) related deals form the main substitutes to the car manufacturing industry. The emerging trend of car
sharing has also negatively impacted growth.
Rivalry in the car manufacturing industry is reduced through differentiation, with several defined segments within the
industry, such as luxury and budget vehicles. Most companies service a number of different segments, either through
different models or through different brands, in order to diversify their product portfolio and reduce competition.

Industry Profiles
6.2. Buyer power
Figure 7: Drivers of buyer power in the car manufacturing industry in India, 2020
Car dealerships, which are the main buyers in this industry, serve as intermediaries between car manufacturers and end
users (consumers). These dealerships tend to be relatively large and few in number, which increases buyer power.
However, these companies are usually linked to one specific manufacturer via exclusive contractual agreements,
meaning that the reliance on car manufacturers is increased. Therefore, buyer power is somewhat weakened as once
the dealership has agreed to sell a particular manufacturer’s cars, it is difficult to renege on that agreement. Buyers can
attempt to negotiate their exit from the contract with the manufacturer or wait for the contract to expire. The cost of
switching between manufacturers is high, due to the expense of rebranding and physically restocking the dealerships.
Buyers in this industry attempt to differentiate their products by offering new features (sat-nav, parking sensors or a
stop-start system). However, rival players generally offer a similar range of products, which reduces buyer power as
undifferentiated products can spark a price war between players (and suppliers). Increasing concern for the
environment will mean that hybrid and electric car manufacturers will grow in popularity. Players such as Tesla can
appeal to this segment of the industry.
Customers in this industry tend not to be loyal. Even though many customers buy cars from manufacturers they know
and trust or have been recommended, the industry is largely feature driven. Buyers are part of a price-driven industry,
which raises buyer power. Companies in this industry usually partner with multi-national corporations (industry players)
that have large financial backing. While the profit margin on new cars tends to be low, buyer power is raised by selling
in bulk or on a long-term deal (PCP deal). Conversely, buyer power is undermined, as while buyers are unlikely to
backwards integrate due to a dependence on manufacturers, industry players can potentially forward integrate to
become retailers. Buyers in the car manufacturing industry are dependent on manufacturers' products as operations
would halt without them, which also reduces buyer power.
Buyer power in the car manufacturing industry is assessed as weak overall.

Industry Profiles
6.3. Supplier power
Figure 8: Drivers of supplier power in the car manufacturing industry in India, 2020
Key inputs required by car manufacturers include commodity items, such as metals, as well as more differentiated
inputs, such as fabricated components produced by other companies, rather than being manufactured in-house.
Raw materials companies are unlikely to forward integrate into component production or new car production because
of their very different business set ups. Companies such as Arcelor Mittal and BP are major suppliers for a whole host of
industries and tend to concentrate on expanding geographically and improving their current operations rather than
vertically integrating their supply chains.
A notable feature at this stage is contract manufacturing. This is where manufacturing companies make parts and
components but do not put their own branding on them, instead selling them to other parts manufacturers and OEMs.
In this way, parts manufacturers are a key supplier to one another. Component producers can often secure contracts
with car manufacturers to ensure bulk purchases. However, as the car manufacturers have a lot of financial muscle,
prices could be driven down and the suppliers can lose out as a result.
The largest automotive manufacturers are also original equipment manufacturers (OEMs), producing some of the
vehicle-components on their own, but specialized parts and components are supplied by specialized manufacturers.
Automotive manufacturers assemble components, such as electronics and tires, which are manufactured by large
companies engaged in other industries. Some of the largest suppliers in electronics and other mechanical parts include
Bosch, Denso, Magna International, Aisin Seiki and Mahle. In tires, Bridgestone, Goodyear, Continental, Michelin, and
Pirelli are some of the largest suppliers for the automotive industry. Accordingly, limited backwards integration in the
manufacturing of such specialized components is in favor of these suppliers. Moreover, the fact that some of these
typical suppliers sell to a range of automotive manufacturers, as well as to other industries, enhances their bargaining
power as the new cars market contributes only part of their supplier revenues. Toyota achieves greater backwards
integration through a controlling stake in Denso and Aisin Seki. Hyundai and PSA have similar advantages through
Hyundai Mobis (a wholly-owned subsidiary of Hyundai) and Faurecia (controlled by PSA, but run independently), which
belong to the largest mechanical parts manufacturers in the automotive industry.
Players require operational and logistics excellence from suppliers, including rapid part identification and availability
checks, timely delivery, flexible replenishment and return logistics. These stringent requirements can only be met by a
few large manufacturers which favors concentration, and thus supplier power. Moreover, suppliers that are able to
meet these requirements can enter into long-term relationships with international players, increasing switching costs.

Industry Profiles
However, supplier power is reduced by the fact that there is often little to distinguish between suppliers, with raw
materials offering low differentiation. Despite this, the high importance of the quality of raw materials and components
to the car manufacturers (particularly when safety-critical) can enhance supplier power.
The manufacturing stage requires in-depth knowledge and precise technology in order to ensure the end product is
both safe and functional. The main body is assembled before the mechanical and electrical components are added;
each car must then go through testing before the finishing touches can be added. These processes mean that only
large, experienced companies tend to prosper in the new cars market.
Suppliers’ margins have been affected by globally fluctuating raw material prices, such as steel and aluminum, during
recent years. In order to minimize operating costs and distinguish themselves from rivals, suppliers can make changes
which decrease margins and increase turnover, while improving customer service. Faced with increasingly stringent
quality requirements, the industry is trying to achieve shorter delivery times. A key success factor for automotive
suppliers is the effective collaboration between themselves and market players, and the integration of processes
throughout the supply chain.
Labor is another major supplier-input for players in this market as the automotive industry is labor-intensive. Labor
unions can have strong bargaining power, impacting the cost and the efficiency of the manufacturing process. That
being said, increasing automation threatens the jobs of many production line workers in this market. Robotics and AI-
based technologies are becoming more mainstream in factories across the world, and innovations such as the 3D
printer, while expensive at the outset, are likely to save time and money once established.
Overall, supplier power is moderate.

Industry Profiles
6.4. New entrants
Figure 9: Factors influencing the likelihood of new entrants in the car manufacturing industry in India, 2020
Brand strength and reputation are highly important in the car manufacturing industry. As such, it is difficult for new
players to directly enter the industry, particularly given the dominance of incumbents such as Suzuki and Hyundai. Due
to the high fixed costs of car design and manufacture, as well as the economies of scale gained from mass production,
new start-up companies are rare as the capital requirements for a manufacturing facility of feasible scale are simply too
high. Scale is vastly important within this industry as high financial is backing required for new entrants.
The SAIC Motor Corporation, a Chinese car manufacturer, began production in India in 2019 under a newly registered
company, MG Motor India. MG is actually a British brand that is now owned by SAIC. Silicon Valley-based electric
carmaker Tesla was mulling over the idea of entering the Indian industry in 2018 and 2019, while reports in February
2021 suggest that this move is close to materializing.
Electric vehicles are becoming more prominent as many countries attempt to tackle climate change. As electrification
becomes mainstream, there are a number of ground-breaking changes all happening at once. These changes are not
just technological, as electric vehicles move to replace internal combustion engines, but also impact ownership models
as car ownership becomes less aspirational and fully autonomous vehicles move closer to becoming a reality. The
widespread adoption of electric vehicles is not only providing challenges for existing automakers, but is also creating
lanes for new companies to enter into the market. Tesla, for example, positioned itself in the electric vehicle market as
an early adopter of TWI’s friction stir welding technology. These changes in the automotive sector mean that new parts
and materials are in demand, not just when it comes to batteries to power the next generation of vehicles, but right
across the vehicle manufacturing process.
The production of electric vehicles is relatively easier than fuel based engines, giving rise to a number of new entrants,
although the capital requirements are still vast and incumbents are already diversifying into this segment. Players such
as Volvo (Geely), General Motors, Aston Martin, and Jaguar Land Rover have all announced plans to switch over to
manufacturing only electric or hybrid cars at some point within the coming decade. This means that space for entry and
growth in this segment is limited over the forecast period, reducing the threat of new entrants.
Self-driving technology is seeing an abundance of new entrants within the industry. Google announced a partnership
with Fiat Chrysler Automobiles in 2016, Uber worked with Toyota in 2018 through a $500m deal and Amazon
purchased self-driving car company Aurora in 2019. Apple has also been rumored to be lining up a car manufacturing
project but this may only be in relation to infotainment systems for existing brands. The car manufacturing industry is
semi-differentiated due to the introduction of new technology and an increasing range of vehicles with varying levels of

Industry Profiles
features, in which more expensive vehicles tend to have the most features. Evidently, there are a number of firms
looking to capitalize on the industry, outside of the traditional industry players, thus increasing the risk of new entrants.
However, the self-driving segment is not without its problems. A new company looking to enter this segment would
require considerable capital in order to invest in R&D and the manufacture of a vehicle with self-driving technology.
Despite considerable investment and a huge amount of effort from established brands such as General Motors,
Google’s Waymo, Toyota, and Honda, fully autonomous cars currently remain out of reach.
Increasing consolidation in the car manufacturing industry in India serves to reduce the threat of new entrants as
manufacturers tend to work with a small range of suppliers and these are usually tied together with contractual
agreements that are costly to break. The same can be said for distribution channels. Manufacturers will attempt to hold
their share of the industry, preventing access to distributors and further reducing the potential threat. In fact, Suzuki
alone accounts for over 38% of all cars that are manufactured in India.
Intellectual property (IP) in the original car manufacturing industry is strong and relies on the ideas generated by design
engineers. Financial protection is required to ensure designs and components are not copied unlawfully. The need for
this financial backing serves to weaken the threat of new entrants.
The Indian car manufacturing industry witnessed a contraction in its value during the historical period. The COVID-19
pandemic led to car production being suspended or slowed in many countries in 2020, which raised a huge barrier to
entry. The steep decline in car manufacturing output as a result meant that 2020 was a difficult year for the industry,
which will have proved further off-putting to potential new entrants.
Overall, the threat of new entrants is weak.

Industry Profiles
6.5. Threat of substitutes
Figure 10: Factors influencing the threat of substitutes in the car manufacturing industry in India, 2020
Used cars are the main substitute to the car manufacturing industry. Car dealerships which sell both new and used cars
are likely to have sold more of the latter during the global economic downturn as consumers avoided making big
purchases. What’s more, uncertain times are almost certainly ahead as the world faces the economic impact of the
widespread outbreak of COVID-19. Car manufacturers should be wary of the possibility of dealerships agreeing to sell
cars from rival manufacturers. Car manufacturers that have long-standing contractual agreements with loyal car
dealerships will be better protected from this threat. However, those with short-term contracts or those where
agreements are close to expiry are more vulnerable.
It is, however, difficult for car dealers to switch between manufacturers due to the contractual agreements and the
switching costs of completely re-branding the showroom and removing and replacing existing stock. Manufacturers can
sometimes stipulate in contracts with dealers that only new cars may be sold, eliminating the threat posed by used
cars. Initiatives such as scrappage schemes, which have been offered in many countries, have incentivized customers to
purchase new cars. This mitigating factor has the potential to reduce the threat posed by used cars, although it is only a
short-term solution.
Increasing fuel prices have been pushing some urban drivers to use public transportation. Most vehicle owners still
agree that the convenience of using a personal vehicle offsets increases in fuel prices; however, if this trend continues
and automobile manufacturers are not able to provide a more cost-efficient solution, this threat will increase.
A growing indirect threat to this industry is the growth of car sharing. Whilst car sharing companies utilize cars as their
medium for operations, the sharing element results in a lower number of new cars being sold. According to a study
conducted by UC Berkeley’s Transportation Sustainability Research Center (TSRC), car2go car sharing reduced the
number of cars in Washington DC seven cars for each car2go shared vehicle. The equivalent figure in Calgary is 11 cars,
highlighting the strong substitution threat that car sharing poses to the car manufacturing industry. In India, car sharing
companies such as BlaBlaCar and Zoomcar have been growing in popularity in recent years.
A secondary substitute to the car manufacturing industry is the recent implementation of finance packages such as PCP
deals for new cars. These deals typically tie customers into a three-year deal, paying a monthly fee for the vehicle, with
a lump sum payable at the end of the deal to purchase the vehicle or to renegotiate the deal for a newer vehicle. The
ability to increase customer loyalty through long term deals increases the threat of this substitute, as customers may
see the long-term deal as a more affordable option. However, at the end of the deal the customer will not own the
vehicle, and has the ability to return it to the dealership. Dealerships are therefore able to continue re-leasing the same

Industry Profiles
vehicle to numerous customers (generally in the region of two to three different customers) increasing the possible
profit margins per vehicle. PCP deals are offered by a range of car manufacturers such as Ford, General Motors,
Renault, Toyota, and Fiat Chrysler, which serve a diverse range of countries globally.
Overall, the threat of substitutes is weak.

Industry Profiles
6.6. Degree of rivalry
Figure 11: Drivers of degree of rivalry in the car manufacturing industry in India, 2020
With the rise of international competitors, rivalry in the automotive industry has become far more intense as firms
compete on both price and non-price dimensions. Companies offer distinct incentives to differentiate themselves and
to attract customers to purchase their own vehicles. The four major players in this industry, Suzuki, Tata, Renault and
Hyundai Kia Automotive Group, account for 58% of the car manufacturing industry’s volume.
The degree of product differentiation is a fundamental aspect of competition in the car manufacturing industry. Firstly,
there is differentiation in terms of product attributes: there are several different segments within the market, such as
luxury and economy cars, including subcategories related to the size (subcompact/city cars, compact/family cars, SUVs,
minivans), type of fuel (gasoline, diesel and electric cars), and utility of a car (4x4, sports cars). Differentiation in the
industry also takes the form of brand discrimination, which is more or less adopted by the largest manufacturers. In
some cases, brand differentiation is tied to the product differentiation in terms of attributes, in other words, brands
may vary according to the size and value-segment of the car. Most importantly, the level of brand differentiation affects
the type of competitive advantage employed by the manufacturer. For example, Toyota, which adopts limited brand
and model differentiation, has higher profit margins – twice as high as Volkswagen. This reveals the different types of
strategies used in the industry. The differentiation strategy incurs increased production costs due to the variety of
different models that are produced, compared to the cost efficiencies of producing a few specific models, but it may
lead to bigger sales volumes. Volkswagen has managed to gain global market share leadership through differentiation
and price discrimination over its various brands. However, Toyota has been more profit-efficient based on cost-
efficiency, which is further enhanced by its backwards integration. Indeed, both strategies can be successful or a failure
depending on the industry context. In times of industry downturn, players with low differentiation which compete
based on lower costs have greater competitive capacity to sustain rivalry. On the other hand, the reliance on the
success of a few brands/models could be a disadvantage in terms of the reception of these products by consumers or
manufacturing flaws, as significant changes in production can be detrimental to the manufacturing process and the
manufacturer’s revenues.
Exit barriers for the industry players are high, making it difficult to leave, which increases rivalry. If a product fails, the
heavy initial investment in research and design, alongside the production of the car, mean that it is extremely difficult
to end the production and transition to a new product. Additionally, the production line is often taken up by a new
model, which has incurred large costs to be achieved. The heavy investment and focus upon a single model further
increases rivalry, as competitors cannot simply exit.

Industry Profiles
Offering extended warranties or service agreements with new cars is very common these days. To maintain low costs,
companies consistently have to make manufacturing improvements to keep the business competitive. This requires
additional capital expenditure which tends to eat up a company's earnings. On the other hand, if no one else offers the
same products/services, then the company may enjoy a monopoly. For example, the Tato NANO enjoyed the monopoly
of a small car which appealed to motorcyclists, of which there are no competitors in this segment. As such, the
company was able to maintain the same model throughout its life span without having to invest a large chunk capital
into research and development.
Buyers’ ability to switch between manufacturers is an expensive prospect, reducing rivalry between players, as the
costs associated with returning old stock and the arrival of new stock is likely to present a significant financial upheaval.
The weak performance of the Indian industry during the historical period serves to increase the degree of rivalry
amongst players, as they have to compete more intensely in order to maintain market share. The COVID-19 pandemic
ensured that 2020 was a particularly difficult year for car manufacturers, intensifying the rivalry level.
Overall, the degree of rivalry is assessed as strong.

Industry Profiles
7. Competitive Landscape
The four leading players in the Indian car manufacturing industry, Suzuki, Tata, Renault and Hyundai Kia
Automotive Group, accounted for a combined 58% share of production volume in 2020. The leading players in this
industry are tapping into the growing demand for hybrid and electric vehicles, while alliances within the industry
are a common strategy. The COVID-19 pandemic temporarily halted production in many countries in 2020, as well
as disrupting the supply chain, and as such the leading players have been negatively impacted.
7.1. Market share
Table 6: India car manufacturing industry share: % share, by volume, 2020
Company % Share
Suzuki 38.8%
Hyundai Kia Automotive Group 11.9%
Tata Group 4.1%
Renault-nissan Aliance 3.3%
Other 42.0%
Total 100%
Figure 12: India car manufacturing industry share: % share, by volume, 2020
7.2. Who are the leading players?

Industry Profiles
The leading player in the Indian car manufacturing industry is Suzuki, accounting for 38.8% of production volumes in
India in 2020. The company is headquartered in Japan, but has an Indian subsidiary – Maruti Suzuki India. The company
has three manufacturing plants in India.
Hyundai is a leading player in this industry, accounting for 11.9% of Indian car manufacturing output in 2020. The
company produces vehicles under its Hyundai and Kia brands. The company has two manufacturing facilities in India.
Tata Motors operates as a leading player in the Indian car manufacturing industry, accounting for 4.1% of all cars
produced in the country in 2020. The company is headquartered in India and has manufacturing, R&D and design
facilities in more than 26 sites across Asia, Africa and Europe.
Renault is a leading player in this industry, accounting for around 3.3% of the cars produced in India in 2020. The
company is headquartered in France and has manufacturing facilities located across Europe, South America, parts of
Africa and Asia-Pacific. The company’s manufacturing site in India is dedicated to the production of vehicles as part of
the Renault-Nissan-Mitsubishi alliance.
7.3. How are strategic alliances used by the leading companies?

Strategic partnerships are a common strategy in this industry as companies share technology and intellectual property
to achieve greater economies of scale. Globally, many players in the car manufacturing industry have already
established alliances that help them fend off outside threats and ensure safe avenues of growth for the alliance
members. The Renault-Nissan-Mitsubishi Alliance is a prime example of such an alliance. Renault and Nissan initially
entered into a strategic alliance in 1999, with Mitsubishi joining in 2016. As part of the alliance, Renault holds 43.4% of
Nissan, while Nissan holds 15% of Renault and 34% of Mitsubishi. In 2018, the Alliance sold more than 10.76 million
vehicles. The alliance maintains company independence while ensuring cost savings and scale benefits for all
participants. Parts procurement savings and engineering technologies sharing have been successful, but the pressures
for even closer integration of Renault and Nissan – with the logical ultimate destination of a full merger – have been
building. These pressures appear to have culminated in political tensions between Renault and Nissan – accentuated by
government interference in the background – that led to alliance founder and leader Carlos Ghosn’s arrest on charges
of financial misconduct. A big question going forward is whether the alliance can survive.
In August 2019, Toyota and Suzuki announced that they had deepened their alliance with a Capital Alliance Agreement,
to establish a long-term collaboration in new fields including autonomous vehicles. It is hoped that the combined
strengths of the companies will enable faster and more successful development.
Jaguar Land Rover (Tata) works in alliance with BMW to develop electrified powertrains, but has recently stated that it
is open to more partnerships following rumors that Tata could be looking for a buyer. The company has ruled out a sale
but it is open to finding more partners for the automaker.
As car manufacturing costs have increased in recent years, an increasing number of players within the industry have
sought to intensify the movement of manufacturing facilities towards Asia, especially since growth in the wider car
manufacturing industry has been the strongest on this continent in recent years. A growing number of major global car
manufacturing players have therefore sought to enter into joint ventures (JVs) with local Asian players to manufacture
their vehicles in more cost efficient manufacturing facilities in Asia. This includes Hyundai, which has agreed to establish
a JV with local conglomerate Nishat Group, located in Pakistan.
7.4. How is new technology opening up competition?

Technology within the car manufacturing industry has been evolving rapidly. With the advent of commercially viable
electric cars, hydrogen technology and now autonomous vehicles, many impressive advances have been made in the
automotive industry. Self-driving technology is seeing a lot of investment from many car manufacturers, although fully
autonomous cars remain out of reach at present. Many of the world’s leading automotive manufacturers are in a race
to create the first fully autonomous car that can be sold to the public. However, tech giants including Apple and Google
have now entered the industry and are putting the leading players under pressure.

Industry Profiles
Arguably, the current industry leader is Google's Waymo. It is building a self-driving fleet in preparation for commercial
service. In December 2018, it became the first company to launch a limited commercial robotaxi service in Phoenix,
Arizona – stealing a march over Cruise and similar rivals. That said, the service is still in the testing stages and makes use
of safety drivers. The might of Google’s financial and technical resources mean Waymo can make developments faster
than the current mainstream industry leaders, and purchase the vehicles, components and facilities needed to support
its operations.
The rapid technological change is also forcing a shift in traditional supply chain relationships in the industry. The need
for ever-more advanced on-board software has seen software developers, telecommunications and telematics service
providers jostling to become Tier 1s. At the same time, OEMs and traditional Tier 1s are seeking alliances to rethink the
way their systems are designed, developed and brought to market.
7.5. How are leading players progressing in the hybrid and electric cars
segment?
Players operating within the car manufacturing industry have been facing greater pressure in recent years to become
more environmentally friendly. In response, car manufacturers from all over the world have made significant promises
to deliver only hybrid and electric vehicles in the future. The hybrid and electric cars market in India grew with a
compound annual growth rate (CAGR) of 9.6% between 2016 and 2020, compared to a compound annual rate of
change (CARC) of -7.1% seen in the overall car manufacturing industry over the same period. As such, the switch to
hybrid and electric vehicles not only pacifies growing environmental concerns, but it also makes good business sense to
tap into a growing market.
Electric cars are a strategic choice for Renault. The company has been one of the early innovators in electric cars, and in
contrast to most manufacturers, it first started making electric cars rather than hybrids, with the launch of the all-
electric mini-compact Renault Zoe in 2012. With a starting price at slightly less than $35,000, it has targeted a large part
of the market, that of upper-medium incomes driven by demand for small family cars. The Renault Zoe became a
success thanks to its best-selling point of 200 miles of range, becoming one of the best-selling electric cars worldwide.
Hyundai is one of the few car manufacturers that develops all types of electrified vehicles, from hybrid and plug-in
hybrid to all-electric. Hyundai has mainly focused on producing relatively affordable sub-compact and compact cars; its
first plug-in, the Hyundai Sonata compact sedan, was followed by the electric mass-market Hyundai IONIQ compact –
also available as a PHEV – followed by the most recent Hyundai Kona, all with starting prices around $30,000–35,000.
Although these offerings have been more price competitive to similar models in the market, their electric range has
been relatively smaller, something which Hyundai has sought to improve by launching updates of its existing models.
The Hyundai Kona electric SUV was the company’s breakthrough in this field with a range of up to 280 miles. Most
recently, Hyundai has decided to shift towards full electrification of its models, and aims to expand its range across all
class-sizes so it can tailor its supply to local demand in key markets. In terms of market positioning, the company aims
to target younger demographics and enterprise customers with affordable battery electric vehicles.
7.6. What impact has the COVID-19 pandemic had on leading players?
The 2020 global COVID-19 pandemic had a significant impact on the automotive industry globally. There was severe
disruption in the export of Chinese parts and widespread manufacturing plant closures. Automakers in India enforced
temporary shutdowns at production plants. All of the leading players in this industry were impacted by the pandemic,
with some more severely hit than others.
Between January and June 2020, Renault saw its worldwide vehicle sales fall by 34.9% compared to the same period in
2019, while revenue tumbled by 34.3%. During 2020 as a whole, this loss had been lowered slightly, with vehicle sales
registering a 21.3% decline and revenue falling by 21.7%. Between the beginning of April and end of June 2020, Tata
Motors experienced a revenue decline of 48%, while its Jaguar Land Rover vehicles saw unit sales drop by 42%.
Meanwhile, in the first six months of 2020, Hyundai saw its revenue fall by 47%. During 2020 as a whole, Hyundai’s
revenue declined by 1.7%.

Industry Profiles
8. Company Profiles
8.1. Suzuki Motor Corporation
8.1.1. Company Overview
Suzuki Motor Corporation (Suzuki or ‘the company’) is a provider of automobiles, motorcycles, and all-terrain
vehicles (ATV), and outboard motor equipment. It also offers aftersales maintenance kits to customers across
the globe. The company’s product portfolio includes cars, motorized wheelchairs, electro senior vehicles,
motorcycles, all-terrain vehicles, outboards, maintenance kits and others. It also provides after sales and
maintenance services to customers across the globe. The company’s business operations are spread across
many countries including Hungary, Germany, the UK, France, India, Pakistan, Indonesia, Thailand, Australia,
Mexico, Colombia and the US. Suzuki has established offices in several locations worldwide to distribute its
products efficiently and to reach out to a large customer base. The company is headquartered in Hamamatsu
City, Shizuoka, Japan.
The company reported revenues of (Yen) JPY3,178,209 million for the fiscal year ended March 2021 (FY2021), a
decrease of 8.9% over FY2020. In FY2021, the company’s operating margin was 5.5%, compared to an operating
margin of 6.1% in FY2020. In FY2021, the company recorded a net margin of 4.6%, compared to a net margin of
3.8% in FY2020.
8.1.2. Key Facts
Table 7: Suzuki Motor Corporation: key facts
Head office: 300 Takatsuka-cho, Minami-ku, , HAMAMATSU-SHI, Shizuoka, Japan

Telephone: 81534402061
Fax: 81534450040
Number of Employees: 68499
Website: www.suzuki.co.jp
Financial year-end: March
Ticker: 7269
Stock exchange: Tokyo Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Suzuki Motor Corporation (Suzuki or ‘the company’) is engaged in manufacturing and selling automobiles,
motorcycles, and all-terrain vehicles (ATV), and outboard motor equipment. It also offers aftersales maintenance
kits to customers across the globe. Suzuki’s business operations are spread across many countries including
Hungary, Germany, the UK, France, India, Pakistan, Indonesia, Thailand, Australia, Mexico, Colombia and the US.
The company has established offices in several locations worldwide to distribute its products efficiently and to
reach out to a large customer base.
Suzuki primarily operates in three reportable business segments: Automobile, Motorcycle and Marine.
Automobile segment manufactures and markets mini vehicles, sub-compact vehicles, standard-sized vehicles
under various brand names including Celerio, Ignis, Swift, Dzire, Baleno, Vitara, S-Cross, Jimny, Ciaz, Ertiga, APV
and others. In FY2020, the company’s total automobile production was 3,400,000 units. In FY2020, the Automobile
segment reported revenue of JPY3,157,434 million, which accounted for 90.5% of the company’s total revenue.

Industry Profiles
The Motorcycle Business segment offers motorcycles, all-terrain vehicles (ATV), motor-driven bicycles and related
products. In FY2020, the company’s total production was 2,000,000 units. In FY2020, the Motorcycle business
segment reported revenue of JPY242,561 million, which accounted for 7% of the company’s total revenue.
Under Marine business segment Suzuki offers outboard motors, motorized wheelchairs, electro senior vehicles
and houses. In FY2020, the Marine business segment reported revenue of JPY88,437 million, which accounted for
2.5% of the company’s total revenue.
Geographically, the company classifies its business operations into three regions: Japan, India and others. In
FY2020, Others accounted for 34% of the company’s revenue, followed by Japan (33.8%) and India (32.1%).

Industry Profiles
Table 8: Suzuki Motor Corporation: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % -0.35 18.54 3.04
Operating Income Growth % 17.17 63.90 -36.23
EBITDA Growth % 7.82 33.89 -26.13
Net Income Growth % 37.11 34.87 -17.14
EPS Growth % 78.15 12.39 15.13
Working Capital Growth % 57.78 -24.77 -51.07
Equity Ratios
EPS (Earnings per Share) JPY 234.92 362.48 473.74 395.20
Dividend per Share JPY 32.00 44.00 74.00 74.00
Dividend Cover Absolute 7.34 8.24 6.40 5.34
Book Value per Share JPY 2171.16 2538.41 2937.63 3018.65
Profitability Ratios
Gross Margin % 27.25 28.64 29.43 29.25
Operating Margin % 6.07 7.14 9.87 6.11
Net Profit Margin % 3.67 5.05 5.74 4.62
Profit Markup % 37.47 40.13 41.70 41.35
PBT Margin (Profit Before Tax) % 7.72 9.31 10.22 7.71
Return on Equity % 12.18 14.28 16.62 12.84
Return on Capital Employed % 12.41 11.74 17.67 11.47
Return on Assets % 8.64 5.50 6.68 5.30
Return on Working Capital % 39.68 29.47 64.21 83.67
Operating Costs (% of Sales) % 93.93 92.86 90.13 93.89
Administration Costs (% of Sales) % 16.99 16.07 15.76 16.79
Liquidity Ratios
Current Ratio Absolute 1.42 1.65 1.47 1.21
Quick Ratio Absolute 1.17 1.37 1.18 0.95
Cash Ratio Absolute 0.68 0.87 0.76 0.52
Leverage Ratios
Debt to Equity Ratio Absolute 0.56 0.58 0.46 0.28
Net Debt to Equity Absolute -0.25 -0.34 -0.27 -0.22
Debt to Capital Ratio Absolute 0.26 0.33 0.28 0.18
Efficiency Ratios
Asset Turnover Absolute 2.35 1.09 1.16 1.15
Fixed Asset Turnover Absolute 8.40 4.19 4.82 4.53
Inventory Turnover Absolute 16.16 7.32 7.74 7.77
Current Asset Turnover Absolute 3.90 1.77 1.99 2.25
Capital Employed Turnover Absolute 2.04 1.64 1.79 1.88
Working Capital Turnover Absolute 6.54 4.13 6.50 13.70
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 9: Suzuki Motor Corporation: Key Employees
Name Job Title Board

Hideaki Domichi Director Non Executive Board
Hideaki Doumichi Director Non Executive Board
Hirofumi Nagao Managing Officer Senior Management
Hisanori Takashiba Managing Officer Senior Management
Hisashi Takeuchi Managing Officer Senior Management
Ichizo Aoyama Senior Managing Officer Senior Management
Katsuhiro Kato Managing Officer Senior Management
Kazuki Yamaguchi Managing Officer Senior Management
Kazunobu Hori Managing Officer Senior Management
Keiichi Asai Managing Officer Senior Management
Keiji Miyamoto Managing Officer Senior Management
Kenichi Ayukawa Executive Vice President Senior Management
Kenichirou Toyofuku Managing Officer Senior Management
Kinji Saito Director Executive Board
Senior Managing Officer -Global Automobile
Kinji Saito Executive Board
Marketing
Masahiko Nagao Director Executive Board
Masahiko Nagao Senior Managing Officer Executive Board
Masahiro Ikuma Managing Officer Senior Management
Masamichi Suzuki Managing Officer Senior Management
Masayuki Fujisaki Managing Officer Senior Management
Naoki Suzuki Managing Officer Senior Management
Executive General Manager, Corporate
Naomi Ishii Senior Management
Planning Office
Naomi Ishii Senior Managing Officer Senior Management
Osamu Honda Chief Technology Officer Executive Board
Osamu Honda Director Executive Board
Osamu Honda Senior Technical Executive Executive Board
Osamu Kawamura Director Non Executive Board
Satoshi Uchida Managing Officer Senior Management
Shigeo Yamagishi Managing Officer Senior Management
Shigetoshi Tori Managing Officer Senior Management

Industry Profiles
Table 10: Suzuki Motor Corporation: Key Employees Continued

Shinichi Akama Managing Officer Senior Management
Shinichi Imaizumi Managing Officer Senior Management
Taisuke Toyoda Managing Officer Senior Management
Toshiaki Suzuki Director Executive Board
Executive General Manager, Domestic
Toshiaki Suzuki Executive Board
Marketing I, Domestic Marketing
Toshiaki Suzuki Senior Managing Officer Executive Board
Toshihiro Suzuki Chairman Executive Board
Toshihiro Suzuki Director Executive Board
Toshihiro Suzuki President Executive Board
Yoshikazu Ozawa Managing Officer Senior Management
Yukihiro Yamashita Director Executive Board
Executive General Manager, Automobile
Yukihiro Yamashita Executive Board
Powertrain Engineering
Yukihiro Yamashita Senior Managing Officer Executive Board
Yuriko Katou Director Non Executive Board
Yutaka Kikukawa Managing Officer Senior Management

Industry Profiles
8.2. Tata Motors Limited
Tata Motors Limited (Tata Motors or 'the company') is an automotive manufacturing company engaged in the
development, design, manufacture and assembly, sale, and financing of vehicles, as well as sale of auto parts
and accessories. Its product portfolio includes passenger vehicles and commercial vehicles. It operates through
the brands such as GenxNano, Tiago, Zest, Nexon, Sumo Gold, Bolt, Tigor, Hexa, Safari Storme, Range Rover, Rr
Sport, Velar, Evoque, Discovery and Discovery Sport.It also distributes and markets Fiat branded cars in India.
The company operates across Europe, the Middle East, North America, Africa, Asia, Russia, Central America,
and South America. The company is headquartered in Mumbai, India.
The company reported revenues of (Rupee) INR2,497,947.5 million for the fiscal year ended March 2021
(FY2021), a decrease of 4.3% over FY2020. The operating loss of the company was INR67,876.1 million in
FY2021, compared to an operating loss of INR41,801.5 million in FY2020. The net loss of the company was
INR134,513.9 million in FY2021, compared to a net loss of INR120,708.5 million in FY2020.
8.2.2. Key Facts
Table 11: Tata Motors Limited: key facts
Head office: 24 Homi Mody St Hutatma Chowk, , MUMBAI, India

Telephone: 912262407101
Fax: 912266657799
Website: www.tatamotors.com
Financial year-end: March
Ticker: TATAMOTORS
Stock exchange: National Stock Exchange of India
Tata Motors Limited (Tata Motors or 'the company') is an Indian automobile manufacturer with a portfolio
comprising of light commercial vehicles, medium and heavy commercial vehicles, utility vehicles, and passenger
cars. It has automotive operations in India, South Korea, South Africa, Thailand, Bangladesh, Singapore, Spain, and
the UK. The company is a part of the Tata Group, one of the leading business groups in India.
The company operates through two reportable business segments: Automotive Operations and Others.
The automotive segment is sub-divided into four sub-segments: Tata Commercial Vehicles, Tata Passenger
Vehicles, Jaguar Land Rover and Vehicle Financing. The automotive segment includes all activities relating to
development, design, manufacture, assembly and sale of vehicles including financing and sales of related parts and
accessories. It provides financing for vehicles sold by dealers in India. Tata and other brand vehicles, including
financing thereof, division includes the development, design, manufacture, assembly, and sale of vehicles. The
division also includes the sale of related parts and accessories as well as the financing for vehicles sold by dealers
in India. The division offers a wide range of automotive products, including passenger cars, utility vehicles, light
commercial vehicles, and medium and heavy commercial vehicles. Its passenger vehicle category consists of the
brands such as Tiago, Bolt, Tigor, Zest, Nexon, Hexa, Safari Storme. The commercial vehicle category comprises
brands including Ace Range, Xl Range, Yodha Range, Coaches, Urban Buses, Contract Carriages, Vans, Ultra Range,
Sfc&Lp Range, Cargo Range and Construck Range.In addition, through Tata Daewoo Commercial Vehicle (TDCV),
the company manufactures a range of high horsepower trucks ranging from 215 horsepower to 560 horsepower,
including dump trucks, tractor-trailers, mixers and cargo vehicles. The company operates seven automotive

Industry Profiles
manufacturing facilities for Tata Motors brand located in Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow
(Uttar Pradesh), Pantnagar (Uttarakhand), Dharwad (Karnataka), and Sanand (Gujarat) in India. TDCV has a
manufacturing facility in Gunsan, South Korea. The company's sales and distribution network in India includes
approximately 5,528 sales contact points for its passenger and commercial vehicle business. In FY2020, the
company sold a total of 961,463 vehicles. including 613876,730 passenger cars, and 347,587 Commercial
Vehicles. The Jaguar Land Rover division consists of the Jaguar Land Rover business operations that the company
acquired from Ford Motor in 2008. The sub segment operates, designs, manufactures, and sells Jaguar luxury
performance cars and Land Rover premium all-terrain vehicles (ATVs). Jaguar's principal products include three car
lines, the XF and XJ sedans, the F-TYPE two-seater sports cars and the XK coupe and convertible. Land Rover's
range of products includes the Range Rover, Range Rover Sport, including the Range Rover Sport SVR, the Range
Rover Evoque, Land Rover Discovery, including the Discovery 4 which features 7-seat capacity, the Discovery Sport
and the Defender. Jaguar Land Rover markets products in 175 countries, through a global network of 23 national
sales companies, 77 importers, 2 export partners, and 2,874 franchise sales dealers, of which 1,323 are dealers for
both Jaguar and Land Rover. In FY2020, the company sold 475,952 units of Jaguar Land Rover vehicles including
125,820 units of Jaguar and 153,757 units of Land Rover vehicles. The segment also has two product development
facilities in the UK at Gaydon and Whitley. In FY2020, the automotive operations segment reported revenue of
INR2,592,916.3 million, which accounted for 99.3% of company’s total revenue.
Tata Motors other operations business division includes information technology and machine tools and factory
automation solutions. Through its other subsidiary and associate companies, the company is engaged in providing
engineering and automotive solutions, construction equipment manufacturing, and automotive vehicle
components manufacturing and supply chain activities. In addition, it provides machine tools and factory
automation solutions, high-precision tooling and plastic and electronic components for automotive and computer
applications, and automotive retailing and service operations. In FY2020, others segment reported revenue of
INR17,763.4 million , which accounted for 0.7% of company’s total revenue.
Geographically, the company has operations across six regions that include the US, India, Rest of Europe, the UK,
China and Rest of World which accounted for 19.9%, 18%, 16.6%, 16.3%, 11.4% and 17.8% respectively of
company’s total revenue in FY2020.

Industry Profiles
Table 12: Tata Motors Limited: Annual Financial Ratios

Key Ratios 2014 2015 2016 2017 2018
Growth Ratios
Sales Growth % -1.14 7.62 2.21
Operating Income Growth % -19.06 -25.23 -333.19
EBITDA Growth % -7.39 -1.73 -116.95
Net Income Growth % -35.62 20.59 -420.69
EPS Growth % -48.62 15.66 -219.62
Working Capital Growth % -82.94 -1578.21 203.95
Equity Ratios
EPS (Earnings per Share) INR 34.26 21.95 26.46 -84.89
Dividend per Share INR 0.20
Dividend Cover Absolute 171.28
Book Value per Share INR 232.51 170.98 281.01 177.21
Gross Margin % 44.74 41.95 41.00 39.20
Operating Margin % 7.50 6.14 4.26 -9.73
Net Profit Margin % 4.17 2.72 3.04 -9.55
Profit Markup % 80.95 72.26 69.49 64.48
PBT Margin (Profit Before Tax) % 5.09 3.39 3.78 -10.39
Return on Equity % 14.67 12.84 9.42 -47.90
Return on Capital Employed % 13.00 10.66 6.70 -18.16
Return on Assets % 8.67 2.76 2.97 -9.03
Return on Working Capital % 724.29 3437.00
Operating Costs (% of Sales) % 92.50 93.86 95.74 109.73
Administration Costs (% of Sales) % 29.31 28.45 28.91 29.78
Liquidity Ratios
Current Ratio Absolute 1.03 1.00 0.95 0.85
Quick Ratio Absolute 0.71 0.69 0.64 0.57
Cash Ratio Absolute 0.46 0.44 0.34 0.29
Leverage Ratios
Debt to Equity Ratio Absolute 0.88 1.35 0.93 1.76
Net Debt to Equity Absolute 0.26 0.48 0.42 1.07
Debt to Capital Ratio Absolute 0.42 0.53 0.43 0.59
Efficiency Ratios
Asset Turnover Absolute 2.08 1.01 0.98 0.95
Fixed Asset Turnover Absolute 7.77 3.89 3.70 3.53
Inventory Turnover Absolute 9.14 4.59 4.35 4.34
Current Asset Turnover Absolute 5.05 2.43 2.34 2.33
Capital Employed Turnover Absolute 1.73 1.74 1.57 1.87
Working Capital Turnover Absolute 96.60 559.93

Industry Profiles
Table 13: Tata Motors Limited: Key Employees

Girish Wagh President Commercial Vehicles Business Unit Senior Management
Guenter Butschek Chief Executive Officer Executive Board
Guenter Butschek Managing Director Executive Board
Hanne Sorensen Director Non Executive Board
Mitsuhiko Yamashita Director Non Executive Board
N. Chandrasekaran Chairman Non Executive Board
O P Bhatt Director Non Executive Board
P B Balaji Chief Financial Officer Senior Management
Pratap Bose Vice President Global Design Senior Management
Rajendra Petkar Chief Technology Officer Senior Management
Rajendra Petkar President Senior Management
Ravindra Kumar G.P Chief Human Resources Officer Senior Management
Ravindra Kumar G.P President Senior Management
Shailesh Chandra President Passenger Vehicle Business Senior Management
Sudeep Bhalla Head Corporate Communications Senior Management
Thierry Bollore Director Non Executive Board
Thomas Flack Chief Purchasing Officer Senior Management
Thomas Flack President Senior Management
Vedika Bhandarkar Director Non Executive Board

Industry Profiles
8.3. Hyundai Motor Company
Hyundai Motor Company (Hyundai or 'the company') is one of the largest automobile manufacturers in the
world. The company is specialized in the production and sale of automobiles, including passenger cars, sports
utility vehicles (SUVs), buses, and trucks. It offers its vehicles under various brands such as Centennial / Equus,
Creta, Genesis, Veloster, Azera, Sonata, i40, Elantra, Accent, ix35 Fuel Cell, Sonata Hybird, County, Aero Town,
Super Aero City Santa Fe, Tucson / ix35 and Universe. It has manufacturing presence in the US, China, India,
Czech Republic, Turkey, Brazil, and Russia, besides South Korea. The company is headquartered in Seoul, South
Korea.
million for the fiscal year ended December 2020 (FY2020), a decrease of 1.7% over FY2019. In FY2020, the
company’s operating margin was 2.4%, compared to an operating margin of 3.4% in FY2019. In FY2020, the
company recorded a net margin of 1.4%, compared to a net margin of 2.8% in FY2019. The company reported
revenues of KRW27,390,871 million for the first quarter ended March 2021, a decrease of 6.3% over the
previous quarter.
8.3.2. Key Facts
Table 14: Hyundai Motor Company: key facts
Head office: 12 Heolleung-ro, Seocho-gu, Seocho-gu, SEOUL, Republic of Korea (South Korea)
Fax: 82234643477
Website: www.hyundai.com
Financial year-end: December
Ticker: 005380
Stock exchange: Korea Stock Exchange
Hyundai Motor Company (Hyundai or 'the company') is a Korea based company that is engaged in the design,
development, and manufacturing of automobiles. The company is part of the Hyundai Group, which includes
companies with diverse market range, including steel, construction, auto parts, finance and services, information
technology and software, and logistics. Hyundai primarily operates in Korea, North America, Europe, Asia, and
other countries. The company operates through three business segments: Vehicle, Finance, and Others. The
Vehicle segment is engaged in the design, development, manufacturing and sales of automobiles. The company's
passenger vehicles include passenger cars and sports utility vehicles (SUVs). The company also offers commercial
vehicles, including cargo, dump, mixer, and tractor trucks. Its commercial vehicles also include buses, trucks and
special vehicles. The company sells its passenger cars under Centennial, Equus, Genesis, Veloster, Azera, Sonata,
i40, Elantra, Accent, i30, i20, ix20, i10, Eon, and HB20 brand names. The company markets its SUVs under Creta,
Santa Fe, Tucson, and ix35 brand names. The segment also offers bare chassis for customers. In FY2019, the
Vehicle segment reported revenues of KRW 82,486,696million, which accounted for 78% of the company's
revenue. Hyundai has three factories in South Korea, including Ulsan, Asan, and Jeonju factories. The Asan factory
is a produces high-quality midsize and full-size cars, such as Sonata and Azera (Grandeur), every year. The Jeonju
factory is the world's biggest production center for commercial vehicles with an annual capacity to produce
100,000 vehicles per year. The Jeonju factory specializes in the production of commercial vehicles such as trucks,
buses, and specially equipped vehicles. The company also operates manufacturing bases outside South Korea,
including the US, China, India, Czech Republic, Turkey, Brazil, and Russia. The Indian plant is manufacturing base

Industry Profiles
for strategic vehicles such as EON, i10, and i20. The Czech plant manufactures Europe market focuses on strategic
vehicles such as i-series. The Russia plant manufactures strategic model Solaris (Accent) focused on the local
market. Hyundai Motor’s Brazil plant manufactures local market focused strategic vehicle, HB20. The company's
Finance segment operates vehicle financing, credit card processing and other financing activities. In FY2019, the
Finance segment reported revenues of KRW 16,026,456million, which accounted for 15.2% of the company's
revenue. The Other segment includes the research and development (R&D), train manufacturing, and other
activities of the company. In FY2019, the Others segment reported revenues of KRW 7,233,270million, which
accounted for 6.8% of the company's revenue. Geographically, the company classifies its operations into five
segments, namely Korea, North America, Europe, Asia, and Others. In FY2019, Korea segment accounted for 35.8%
of the company's revenues, followed by North America with 34%; Europe with 17.7%; Asia with 9.7%; and Others
with 2.8%.

Industry Profiles
Table 15: Hyundai Motor Company: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % 1.84 2.91 0.45 9.23
Operating Income Growth % -19.02 -24.57 -43.21 61.58
EBITDA Growth % -7.07 -12.89 -19.55 24.00
Net Income Growth % -15.75 -25.41 -62.60 97.60
EPS Growth % -13.73 -16.94 -61.81 81.05
Working Capital Growth % 9.59 6.85 -23.51 -3.40
Equity Ratios
EPS (Earnings per Share) KRW 23878.72 20133.12 15011.27 5650.43 11327.56
Dividend per Share KRW 4000.00 4000.00 4000.00 4000.00 4000.00
Dividend Cover Absolute 5.97 5.03 3.75 1.41 2.83
Book Value per Share KRW 230858.83 250098.18 257221.96 256422.29 267549.00
Gross Margin % 19.85 18.89 18.24 15.64 16.70
Operating Margin % 6.94 5.52 4.05 2.29 3.38
Net Profit Margin % 6.98 5.77 4.18 1.56 2.82
Profit Markup % 24.77 23.29 22.31 18.54 20.04
PBT Margin (Profit Before Tax) % 9.20 7.80 4.61 2.61 3.94
Return on Equity % 10.35 8.05 5.84 2.22 4.25
Return on Capital Employed % 5.14 3.82 2.89 1.69 2.53
Return on Assets % 7.76 3.14 2.26 0.84 1.59
Return on Working Capital % 24.25 17.92 12.65 9.39 15.71
Operating Costs (% of Sales) % 93.06 94.48 95.95 97.71 96.62
Administration Costs (% of Sales) % 11.93 12.25 12.41 11.98 12.07
Liquidity Ratios
Current Ratio Absolute 1.64 1.66 1.71 1.48 1.43
Quick Ratio Absolute 1.42 1.42 1.48 1.26 1.21
Cash Ratio Absolute 0.59 0.64 0.68 0.54 0.48
Leverage Ratios
Debt to Equity Ratio Absolute 1.05 1.09 1.04 1.08 1.17
Net Debt to Equity Absolute 0.65 0.68 0.62 0.68 0.81
Debt to Capital Ratio Absolute 0.47 0.49 0.47 0.47 0.50
Efficiency Ratios
Asset Turnover Absolute 1.11 0.54 0.54 0.54 0.56
Fixed Asset Turnover Absolute 3.96 1.93 1.90 1.91 2.00
Inventory Turnover Absolute 16.02 7.70 7.58 7.78 7.87
Current Asset Turnover Absolute 2.72 1.34 1.32 1.32 1.42
Capital Employed Turnover Absolute 0.74 0.69 0.71 0.74 0.75
Working Capital Turnover Absolute 3.49 3.25 3.13 4.11 4.64

Industry Profiles
Table 16: Hyundai Motor Company: Key Employees

Albert Biermann Director Executive Board
Albert Biermann President RandD Division Executive Board
Brian K. Latouf Chief Strategy Officer North America Senior Management
Byung Kook Lee Director Non Executive Board
Chi-Won Yoon Director Non Executive Board
Dong Jin Hyun Vice President Senior Management
Dong Kyu Lee Advisor Senior Management
Dong Kyu Lee Director Kim and Chang Law Group Senior Management
Eon Tae Ha Director Executive Board
Eon Tae Ha President Executive Board
Eugene M. Ohr Director Non Executive Board
Euisun Chung Chairman Executive Board
Eun Soo Choi Director Non Executive Board
Vice President Product Line Management and
Fred DePerez Senior Management
Sales Planning, Hyundai Motor America
Heung Soo Kim Head Product Division Senior Management
Jose Munoz Chief Operating Officer Senior Management
Chief Executive Officer Hyundai Motor Brazil
Ken Ramirez Senior Management
and Central and South America
President Hyundai Motor Brazil and Central
and South America
Vice President Government Affairs,
Robert Hood Senior Management
Washington
Sang-Hyun Kim Director Executive Board
Sang-Hyun Kim Senior Vice President Executive Board
Sang-Seung Yi Director Non Executive Board
Thomas Schemera Chief Marketing Officer Senior Management
Thomas Schemera Head Consumer Experience Division Senior Management
Won Hee Lee Chief Executive Officer Executive Board
Won Hee Lee Director Executive Board
Won Hee Lee President Executive Board
Wonhong Cho Head Brand Strategy Support Division Senior Management

Industry Profiles
8.4. Renault SA
Renault SA (Renault or 'the company') is one of leading European automobile manufacturers. The company
manufactures, designs and distributes light commercial vehicles, passenger cars, and electric vehicles. Renault
operates through an alliance with Nissan Motor and owns Renault, Dacia, Alpine, Lada and Renault Samsung
Motors brands. It also offers a range of financing solutions to new vehicles, used vehicles, and replacement
parts and services through RCI Bank and Services for better experience in automotive mobility, with both new
and used cars.The company's operations are spread across Europe, Eurasia, North America, South America,
Asia-Pacific, Middle East and Africa. The company is headquartered in Boulogne-Billancourt, Ile-de-France,
France.
The company reported revenues of (Euro) EUR43,474 million for the fiscal year ended December 2020
(FY2020), a decrease of 21.7% over FY2019. The operating loss of the company was EUR2,039 million in FY2020,
compared to an operating profit of EUR2,071 million in FY2019. The net loss of the company was EUR8,008
million in FY2020, compared to a net loss of EUR141 million in FY2019.
8.4.2. Key Facts
Table 17: Renault SA: key facts
Head office: 13-15 quai Le Gallo , BOULOGNE-BILLANCOURT, France

Fax: 33176845033
Website: group.renault.com
Financial year-end: December
Ticker: RNO
Stock exchange: Euronext Paris
Renault SA (Renault or 'the company') designs, develops, manufactures, and markets passenger cars and light
commercial vehicles (LCVs) across the world. It has industrial and commercial presence in over 134 countries
across Europe, Asia Pacific, the Americas, Eurasia, and Africa Middle East India. The company produces vehicles
and mechanical products at 38 manufacturing sites.
The company operates through three operational business segments: Automotive excluding AVTOVAZ, AVTOVAZ
and Sales Financing.
The Automotive segment is engaged in the design, manufacturing, and distribution of passenger cars, LCVs, and
electric vehicles (EVs). The segment also offers used vehicles, gearboxes, engines, spare parts, and powertrains.
This division operates through three automotive brands: Renault, Dacia, and Renault Samsung Motors.In FY2019,
the Automotive segment reported revenue of EUR49,002 million, which accounted for 88.2% of the company's
revenue.
The company’s AVTOVAZ segment manufactures Renault-Nissan vehicles in Russia and holds joint venture Alliance
with Rostec Auto BV. Through AVTOVAZ, Renault assembles engines and gearboxes for Renault and Nissan. In
FY2019, AVTOVAZ produced 95,000 units under LOGAN, SANDERO, SANDERO Stepway, Nissan ALMERA and
Datsun ONDO and MI-DO models. In FY2019, the AVTOVAZ segment reported revenue of EUR3,130 million, which
accounted for 5.6% of the company’s revenue.

Industry Profiles
In the passenger cars segment, Renault offers a range of complementary models, including KWID, LOGAN,
SANDERO, SANDERO Stepway, TWINGO, CLIO, New CAPTUR, SYMBOL, SCALA and KANGOO. The company also
develops light commercial vehicles, not only under the Renault brand but also through manufacturing partnerships
with General Motors, Nissan, Renault Trucks, Daimler and Fiat on the TALENTO van. Its LCVs range comprises
vehicles from 1.6 to 6.5 metric tons and from two cubic meters to 22 cubic meters, in gasoline, diesel, and electric
versions. Key LCV models offered by Renault include Master, Traffic and Kangoo. The company offers electric
vehicles, including Twizy, Fluence Z.E., Kangoo Z.E., and ZOE. Dacia is the company's regional brand with presence
in 44 countries in Europe, Northwest Africa, Israel, and Turkey. Dacia's brand portfolio includes DUSTER, SANDERO,
SANDERO Stepway, LOGAN, LOGAN MCV, Lodgy and Dokker. The company's Sales Financing segment operates
through RCI Banque, Renault's captive financing arm which finances sales of the Renault, Dacia and Renault
Samsung Motors throughout the world. Operating in 36 countries across the globe, the segment also finances
sales of the Nissan, Infiniti and Datsun brands in Europe, Russia and South America. RCI Banque offers a wide
range of loans, rental solutions and services for both new and used vehicles for retail customers. RCI Banque also
provides an array of corporate products, including financial leasing, operational leasing, and maintenance and
service contracts. Additionally, RCI Banque provides services such as borrower insurance, financial loss insurance,
car insurance, warranty extensions, service contracts, repair warranty and battery hire. In FY2019, the Sales
Financing segment reported revenues of EUR3,405 million, which accounted for 6.1 % of the company's revenue.
During FY2019, the company recorded total registrations 35,90,468units of which 2 ,357,093 units of Renault
brand, 736,570 units of Dacia brand, 79,081 units of Renault Samsung Motors brand and 412,889 vehicles of Lada
brand and 4,835 units of Alpline.
Geographically, the company classifies its operations into five segments, namely Europe, Asia-Pacific, Africa-
Middle East-India, the Americas, Chinaand Eurasia. In FY2019, Europe accounted for 65.8% of the company's total
revenues, followed by Eurasia with 13.4 %; the Americas with 8%; Africa-Middle East-India Asia-Pacific with 12.7
and China 0.2%

Industry Profiles
Table 18: Renault SA: Annual Financial Ratios

Key Ratios 2014 2015 2016 2017 2018
Growth Ratios
Sales Growth % 13.05 14.69 -2.30 -3.28
Operating Income Growth % 50.87 15.93 -21.52 -30.67
EBITDA Growth % 24.86 11.91 -9.05 -5.65
Net Income Growth % 21.11 52.44 -36.65 -104.27
EPS Growth % 13.93 54.01 -26.90 -93.21
Working Capital Growth % -136.63 -574.16 67.22 -15.40
Equity Ratios
EPS (Earnings per Share) EUR 10.29 12.46 19.04 12.13 -0.52
Dividend per Share EUR 2.40 3.15 3.55 3.55
Dividend Cover Absolute 4.29 3.96 5.36 3.42
Book Value per Share EUR 95.81 105.52 114.94 122.70 118.71
Gross Margin % 20.37 21.44 20.92 20.90 19.58
Operating Margin % 4.80 6.41 6.48 5.20 3.73
Net Profit Margin % 6.23 6.67 8.87 5.75 -0.25
Profit Markup % 25.58 27.29 26.45 26.43 24.34
PBT Margin (Profit Before Tax) % 7.34 8.97 10.57 7.27 2.65
Return on Equity % 10.09 11.12 15.61 9.30 -0.41
Return on Capital Employed % 5.68 8.07 8.72 6.34 4.13
Return on Assets % 6.23 3.54 4.91 2.94 -0.12
Return on Working Capital % 298.49 300.63 141.10 115.63
Return on Working Capital % 298.49
Operating Costs (% of Sales) % 95.20 93.59 93.52 94.80 96.27
Administration Costs (% of Sales) % 10.62 10.41 9.95 10.09 10.00
Liquidity Ratios
Current Ratio Absolute 1.01 1.00 1.02 1.03 1.02
Quick Ratio Absolute 0.93 0.90 0.92 0.94 0.94
Cash Ratio Absolute 0.28 0.24 0.23 0.23 0.23
Leverage Ratios
Debt to Equity Ratio Absolute 1.43 1.48 1.49 1.48 1.70
Net Debt to Equity Absolute 0.90 1.00 1.04 1.04 1.22
Debt to Capital Ratio Absolute 0.25 0.24 0.21 0.19 0.25
Efficiency Ratios
Asset Turnover Absolute 1.00 0.53 0.55 0.51 0.47
Fixed Asset Turnover Absolute 8.12 4.24 4.42 4.12 3.56
Inventory Turnover Absolute 17.49 8.10 7.66 7.44 7.66
Current Asset Turnover Absolute 1.71 0.90 0.91 0.84 0.77
Capital Employed Turnover Absolute 1.18 1.26 1.35 1.22 1.11

Industry Profiles
Table 19: Renault SA: Annual Financial Ratios (Continued)
Key Ratios 2014 2015 2016 2017 2018

Working Capital Turnover Absolute 62.18 46.42 27.12 31.01
Working Capital Turnover Absolute 62.18

Industry Profiles
Table 20: Renault SA: Key Employees

Executive Vice President Product Planning
Ali Kassai Senior Management
and Programs
Annette Winkler Director Non Executive Board
Anouk Poelmann Managing Director Renault Australia Senior Management
Anthony Plouvier Senior Vice President TdC Office Senior Management
Arnaud Deboeuf Senior Vice President Senior Management
Arun Bajaj Senior Vice President Human Resources Senior Management
Senior Vice President Alliance Light
Ashwani Gupta Senior Management
Commercial Vehicule Business Unit
Benoit Ostertag Director Non Executive Board
Executive Vice President Product Planning
Bruno Ancelin Senior Management
and Programs
Carlos Ghosn Director Non Executive Board
Catherine Barba Director Non Executive Board
Senior Vice President Communications Public
Catherine Gros Senior Management
Affairs and Social and Sustainable Impact
Cherie Blair Director Non Executive Board
Christian Steyer Alliance Senior Vice President Senior Management
Christian Steyer Product Development 1 Senior Management
Executive Vice President Quality and Total
Christian Vandenhende Senior Management
Customer Satisfaction
Clotilde Delbos Chief Financial Officer Senior Management
Clotilde Delbos Deputy Chief Executive Officer Senior Management
Executive Vice President Regions, Sales and
Denis Le Vot Senior Management
Marketing
Didier Wisselmann Director Audit and Risk Senior Management
Dirk De Beer Head Aerodynamics Senior Management
Eric Personne Director Non Executive Board
Fabrice Cambolive Chairman AMI Pacific Executive Board
Fabrice Cambolive Senior Vice President AMI Pacific Executive Board
Senior Vice President Transformation and
Francois Dossa Senior Management
Organisation
Francois Provost Chairman China Region, Groupe Renault Executive Board
Senior Vice President China Region, Groupe
Francois Provost Executive Board
Renault
Senior Vice President International
Francois Provost Executive Board
Development and Partnerships
Executive Vice President Human Resources,
Real Estate ,Facility Management, Prevention
Francois Roger Senior Management
,Protection, Transformation and Organisation
division
Frederic Barrat Director Non Executive Board

Industry Profiles
Table 21: Renault SA: Key Employees Continued

Frederic Texier Vice President Group Communications Senior Management
Frederic Vincent Chairman Renault Digital Executive Board
Executive Vice President Information Systems
Frederic Vincent Executive Board
and Transformation
Senior Vice President, Chief Executive Officer
Gianluca de Ficchy Senior Management
RCI Banque
Gilles Le Borgne Executive Vice President Engineering Senior Management
Gilles Normand Senior Vice President Electric Vehicle Senior Management
Hadi Ziblet Alliance Senior Management
Hadi Ziblet General Secretory Senior Management
Hadi Ziblet Senior Vice President Business Development Senior Management
Hakan Dogu Alliance Global Vice President Senior Management
Hakan Dogu Managing Director Alliance Aftersales Senior Management
Senior Vice President Groupe Renault
Hakan Dogu Senior Management
Aftersales
Ivan Segal Senior Vice President Market Area France Senior Management
Jean-Benoit Devauges Senior Vice President Legal Senior Management
Jean-Christophe Kugler Executive Vice President Europe Region Senior Management
Jean-Dominique Senard Chairman Executive Board
Customer Experience and Dealer Network
Jean-Philippe Roubes Senior Management
Development Director
Executive Vice President, Alliance
Jerome Olive Senior Management
Manufacturing and Supply chain
Chief Executive Officer RCI Bank and
Joao Miguel Leandro Senior Management
Services
Joji Tagawa Director Non Executive Board
Jose Vicente de los Mozos Executive Vice President Manufacturing and
Senior Management
Obispo Supply Chain
Jose Vicente de los Mozos Executive Vice President Manufacturing and
Senior Management
Obispo Supply Chain Operations 1
Senior Vice President, Sales and Marketing
for Europe G9
Laurens van den Acker Senior Vice President Corporate Design Senior Management
Senior Vice President Corporate Strategy and
Laurent Rossi Senior Management
Business Development
Luc Julia Chief Scientific Officer Senior Management
Luca de Meo Chairman Executive Board
Luca de Meo Chief Executive Officer Executive Board
Vice President Electro and LCV, North Pole
Luciano Biondo Senior Management
Industry, France
Ludovic Troyes Managing Director Renault Retail Group Senior Management

Industry Profiles

Luis Pedrucci Senior Vice President America Region Executive Board
Marc Ladreit de Lacharriere Director Non Executive Board
Marie-Annick Darmaillac Director Non Executive Board
Senior Vice President Alliance LCV Business
Mark Sutcliffe Senior Management
Unit, Alliance
Martin Vial Director Non Executive Board
Michael van der Sande Managing Director, Alpine Senior Management
Miriem Bensalah-Chaqroun Director Non Executive Board
Mouna Sepehri Executive Vice President Senior Management
Nadine Leclair Senior Vice President Expert Fellow Senior Management
Chief Executive Officer Groupe Renault
Nicolas Maure Senior Management
Operations Russia and CIS
Olivia Ronghong Qiu Director Non Executive Board
Olivier Murguet Managing Director Deputy Senior Management
Pascale Sourisse Director Non Executive Board
Patrick Thomas Director Non Executive Board
Philippe Brunet Alliance Senior Vice President Senior Management
Philippe Brunet Powertrain and EV Engineering Senior Management
Philippe Buros Chairman Europe Region Executive Board
Senior Vice President Sales ,Marketing
Philippe Buros Senior Management
Services
Executive Vice President Quality and Total
Philippe Guerin-Boutaud Senior Management
Customer Satisfaction Groupe Renault
Philippe Lagayette Director Non Executive Board
Pierre Fleuriot Director Non Executive Board
Richard Gentil Director Non Executive Board
Executive Vice President and Chief
Stefan Mueller Senior Management
Performance Officer
Stephen Whitcombe Head pro+ CV, Renault UK Senior Management
Thierry Derez Director Non Executive Board
Thierry Koskas Executive Vice President Sales and Marketing Senior Management
Thierry Pieton Controller Senior Management
Thierry Pieton Deputy Chief Financial Officer Senior Management
Thierry Pieton Senior Vice President Senior Management
Thomas Courbe Director Non Executive Board

Industry Profiles

Venkatram Mamillapalle Head India Senior Management
Alliance Global Executive Vice President-
Veronique Sarlat-Depotte Executive Board
Purchasing
Veronique Sarlat-Depotte Chairman Alliance Purchase Organisation Executive Board
Managing Director Alliance Purchase
Veronique Sarlat-Depotte Executive Board
Organisation
Xavier Martinet Senior Vice President Global Marketing Senior Management
Yu Serizawa Director Non Executive Board

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 24: India size of population (million), 2016–20
Year Population (million) % Growth

2016 1,269.0 1.2%
2017 1,283.6 1.2%
2018 1,298.0 1.1%
2019 1,312.2 1.1%
2020 1,326.2 1.1%
Table 25: India gdp (constant 2005 prices, $ billion), 2016–20
Year Constant 2005 Prices, $ billion % Growth

2016 1,847.6 7.7%
2017 1,990.6 7.7%
2018 2,146.3 7.8%
2019 2,315.9 7.9%
2020 2,500.7 8.0%
Table 26: India gdp (current prices, $ billion), 2016–20
Year Current Prices, $ billion % Growth

2016 2,671.5 14.3%
2017 3,035.3 13.6%
2018 3,453.7 13.8%
2019 3,932.6 13.9%
2020 4,509.7 14.7%
Table 27: India inflation, 2016–20

Industry Profiles
Year Inflation Rate (%)

2016 6.7%
2017 6.4%
2018 6.3%
2019 6.3%
2020 6.2%
Table 28: India consumer price index (absolute), 2016–20
Year Consumer Price Index (2005 = 100)

2016 246.5
2017 262.2
2018 278.7
2019 296.3
2020 314.6
Table 29: India exchange rate, 2016–20
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2016 67.1794 74.3472
2017 65.0484 73.5945
2018 68.4090 80.6918
2019 70.3943 78.8440
2020 74.1023 84.5848

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Society of Indian Automobile Manufacturers (SIAM)
Core 4B, 5th Floor, India Habitat Centre, Lodi Road, New Delhi - 110 003, IND
Tel.: 91 11 2464 7810/12
Fax: 91 11 2464 8222
www.siamindia.com
9.3. Related MarketLine research
9.3.1. Industry Profile
Global car manufacturers

Car manufacturers in Asia-Pacific
Car manufacturers in Europe
Car manufacturers in Australia
Car manufacturers in Japan

Industry Profiles
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© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Geography segmentation

1.6. Market share

1.7. Market rivalry

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.8. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Geography segmentation.............................................................................................................................2

1.6. Market share................................................................................................................................................2

1.7. Market rivalry...............................................................................................................................................2

1.8. Competitive Landscape ................................................................................................................................3

2.1. Market definition .........................................................................................................................................9

2.2. Market analysis ............................................................................................................................................9

3.1. Market value ..............................................................................................................................................11

3.2. Market volume...........................................................................................................................................12

4.1. Geography segmentation...........................................................................................................................13

5.1. Market value forecast ................................................................................................................................14

5.2. Market volume forecast.............................................................................................................................15

6. Five Forces Analysis 16

6.1. Summary ....................................................................................................................................................16

6.2. Buyer power...............................................................................................................................................17

6.3. Supplier power ...........................................................................................................................................18

6.4. New entrants .............................................................................................................................................20

6.5. Threat of substitutes ..................................................................................................................................22

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.6. Degree of rivalry.........................................................................................................................................24

7.1. Market share..............................................................................................................................................26

7.2. Who are the leading players? ....................................................................................................................26

7.4. How is new technology opening up competition?.....................................................................................27

8.1. Suzuki Motor Corporation..........................................................................................................................29

8.2. Tata Motors Limited...................................................................................................................................34

8.3. Hyundai Motor Company...........................................................................................................................38

8.4. Renault SA ..................................................................................................................................................42

9.1. Country data ..............................................................................................................................................50

9.2. Industry associations..................................................................................................................................53

9.3. Related MarketLine research .....................................................................................................................53

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Table 2: India car manufacturing industry volume: thousand units, 2016–20 12

Table 3: India car manufacturing industry geography segmentation: $ billion, 2020 13

Table 4: India car manufacturing industry value forecast: $ billion, 2020–25 14

Table 6: India car manufacturing industry share: % share, by volume, 2020 26

Table 7: Suzuki Motor Corporation: key facts 29

Table 8: Suzuki Motor Corporation: Annual Financial Ratios 31

Table 9: Suzuki Motor Corporation: Key Employees 32

Table 10: Suzuki Motor Corporation: Key Employees Continued 33

Table 11: Tata Motors Limited: key facts 34

Table 12: Tata Motors Limited: Annual Financial Ratios 36

Table 13: Tata Motors Limited: Key Employees 37

Table 14: Hyundai Motor Company: key facts 38

Table 15: Hyundai Motor Company: Annual Financial Ratios 40

Table 16: Hyundai Motor Company: Key Employees 41