当海外Tier 1开始讲中国故事

Core Viewpoint - The article discusses the significant shift in the automotive supply chain, particularly focusing on the challenges and transformations faced by Tier 1 suppliers in the context of electric vehicle (EV) adoption and the increasing importance of the Chinese market [3][4][34]. Group 1: Industry Trends - Toyota has announced the "Chief Engineer in China" system, transferring R&D decision-making power from Japan to China, indicating a strategic shift towards local empowerment [3]. - Major Tier 1 suppliers like ZF and Bosch are relocating R&D centers to China, reflecting a trend of decentralization and increased focus on the Chinese market [4]. - The automotive supply chain is experiencing a structural change, with traditional suppliers facing pressure to adapt to the electric vehicle market while maintaining profitability [9][10]. Group 2: Profitability Challenges - Panasonic's automotive business, despite being a top contributor to revenue, has low profit margins, leading to a strategic reevaluation of its operations [6][8]. - The average EBIT margin for the global automotive parts industry is projected to be around 4.7% in 2024, with Chinese suppliers achieving a higher margin of 5.7% compared to 3.6% for European suppliers [13]. - Bosch's EBIT margin is expected to drop significantly, highlighting the financial pressures faced by traditional suppliers in the evolving market [13][14]. Group 3: Strategic Responses - Tier 1 suppliers are compelled to balance maintaining existing business advantages while investing heavily in new technologies to avoid falling behind [11][12]. - Companies like Continental and ZF are restructuring to focus on high-margin segments, such as tires, while divesting less profitable divisions [12][13]. - The shift towards electric vehicles has led to a reevaluation of customer relationships, with suppliers needing to select clients strategically, akin to stock selection [15][21]. Group 4: Market Dynamics - The article highlights the disparity in electric vehicle sales between traditional automakers and new entrants, with established companies struggling to meet their ambitious EV targets [27][28]. - Chinese electric vehicle sales have consistently outpaced those in Europe and the U.S., prompting Tier 1 suppliers to reposition themselves as R&D centers in China rather than just manufacturing hubs [29][32]. - The emergence of new technologies is disrupting traditional market dynamics, forcing established players to adapt or risk losing relevance [30][32]. Group 5: Future Outlook - The article suggests that the current window of opportunity for Tier 1 suppliers to rebuild competitiveness in the Chinese market may be their best chance to thrive amid the shifting landscape [34].