24thAnnualGlobalAutomotiveExecutiveSurveyGettingrealabouttheEVtransitionIt’sstillanexciting—andrewarding—journey,butitmaytakelongerandtheridewon’tbesmooth.KPMG.MaketheDifference.kpmg.com/automotiveContentsForeword03Mainfindings04Theglobaloutlook06Powertrains09Digitalconsumers15Supplychains19Technology23Whattodonow30HowKPMGcanhelp31Respondentprofile32Abouttheauthor34KPMGcontacts35©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.2ForewordOur24thAnnualKPMGGlobalAutomotiveExecutiveupaswinners,notlosers,executivesshouldrethinkSurveycomesatapivotalmomentforautomakers.theirstrategiesandaskthemselvessomeimportantThebusinessopportunitieshaveneverseemedquestions:greater,drivenbyadvancesinelectricpowertrains,self-drivingtechnology,andthepromiseofamore•IsthecurrentslowdowninthegrowthrateofEVmagicalcustomerexperienceinthevehicle.Inthesalesmerelyapauseorasignofamoreprolongedfactory,theshowroom,andone-commercesites,reassessmentbyconsumers?WilltheirenthusiasmAIandothertechnologiesarechanginghowcarsareberekindledbythenewmodelsabouttohitthemade,sold,andserviced.market?Threeyearsago,whenwepublished“Placeyour•Howlongwillittaketoturnaprofitonbattery-billion-dollarbetswisely:Powertrainstrategiesforelectricvehicles(BEVs)andwillmanufacturershavethepost-ICEautomotiveindustry,”welaidouttheenoughcashtoseethemthrough?challengesandopportunitiesinthedevelopmentofthemarketforelectricvehicles.Then,evenpredictions•WillgovernmentscontinuetobeabletoaffordtoofanalystsdivergedonhowrapidlyEVswouldsubsidizethepurchaseofBEVs?penetrateglobalmarkets.1LastyeartherewasstillwidevariationinexpectationsaboutEVuptakeamong•Whatrolewillotherpowertrainchoicessuchasexecutivesinourannualsurvey.2hybridsandhydrogenfuelcellsplayinthemarket?Butourlatestsurveyofmorethan1,000executivesin•Whatarethestrategicchoicesforsuppliersthat30countriesandterritories,showsthattheindustryisarebeingsqueezedbymarketchanges,newbecomingmoresoberaboutmarketprospects.Havingcompetition,andrisingdemandsoforiginalcommittedmorethanhalfatrilliondollarstotheEVequipmentmanufacturers(OEMs)?Howcantheytransition,theindustryisaskingwhencompanieswillthrive,notmerelysurvive,inthisnewmarket?seeareturnontheinvestment.•HowmuchshouldautomotivefirmsverticallyInteractwiththedataintegrate—incaroperatingsystems,batterysupplychains,andcomputerchips?Readerscangotoourwebsitetointeractwiththedataandviewgraphicalresultsbycountry,companyFindingtherightanswerstotheseandotherstrategictypeandjobtitle.Explorenowquestionswillhelpdeterminehowcompaniessucceedinthecomingyears.WebelievethatadazzlingfutureOur24thannualsurveyexaminesindetailhowfortheautomotivebusiness—withamazingproducts,executivesentimentischangingandtheconcernsandmoredelightedconsumers,andapositiveimpactchallengesthatmakeglobalautomotiveleadersmoreontheplanet—isstillinview.Butgettingtherewillcautious.Theupshot:tohelpensurecompaniesendrequireovercomingnear-termchallenges.GarySilbergGlobalHeadofAutomotiveKPMGInternational1KPMGInternational,“Placeyourbillion-dollarbetswisely:Powertrainstrategiesforthepost-ICEautomotiveindustry”(December2022)2KPMGInternational,“23rdAnnualGlobalAutomotiveExecutiveSurvey”(July2021)©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.3MainfindingsTheglobaloutlookLessconfidenceinprofitablegrowthSlowergrowth,highercosts.Aroundtheworld,to36percent.Extremeconfidenceamongsuppliersautoexecutivesarelessconfidentthattheindustryfellfrom56percentto23percent.willachievemoreprofitablegrowthoverthenextfiveyearsduelargelytoconcernsovertheglobalAutomakersthinktheycanraisepricesineconomyandrisingcosts.TheshareofJapanese2024.Canthey?MorethantwothirdsofOEMsexecutivessurveyedwhoareextremelyconfidentanticipatea5to10percentpriceincreaseindroppedfrom32percentto10percent.Extremely2024.Independentdealersareevenmorelikelyconfidentrespondentsdroppedfrom31percenttoanticipatesuchpriceincreases.However,givento24percentinWesternEuropeandfellfrom48recentpricedeclinesandthehighnumberofnewpercentto43percentintheUS.OnlyinChinadidmodels,webelievethesepriceincreasesmightbeextremeconfidencerise,movingfrom28percentmoredifficulttoachievethananticipated.PowertrainsExecutiveshaveamorematureviewoftheEVtransitionGettingrealaboutmarketdevelopment.ThreestillexpectTeslatoremainontop.Theopeningofyearsago,whenweaskedhowmuchsharetheTeslaGigafactorynearBerlininMarch2022isofannualsalesEVsmightcapturein2030,thehelpingTeslagainshareandheighteningawarenessanswersrangedfrom20percentto80percent.abouttheglobalcompetitionamongEuropeanEvenamonganalysts,therewasa1.6Xdifferenceexecutives.Inoursurvey,moreEuropeanexecutivesbetweenthelowestandhighestestimates.3NowpredictedthatTeslawouldstayontopthrough2030therangeofestimateshasnarrowed,asignofandfewerpredictedthatBMWandAudiwouldgreaterrealism.dominate.Evenso,themeanestimatesforpenetrationroseinParitystillfaroff.Executivesarelessoptimisticthelatestsurvey.InWesternEurope,forexample,thisyearthanlastabouthowsoonEVscanreachrespondentslastyearestimatedthatbattery-electriccostparitywithconventionalcars(notcountingvehicleswouldaccountfor24percentofsalesinsubsidies).Inthepreviousyear’ssurvey,70percent2030;thisyeartheconsensusestimatewas30ofexecutivessaidtheyexpectedparityby2030;inpercent.IntheUS,theestimatewentfrom29thelatestsurvey,66percentsaidthatwaslikely.percentto33percentandinChinatheestimateHowever,87percentofChineseOEMexecutivesjumpedfrom24percentto36percent.expectparityby2030.Thatcompareswith71percentlastyear.Teslaontop.Despitetheflurryofnewmodelsbyestablishedbrands,oursurveyrespondents3KPMGInternational,“Placeyourbillion-dollarbetswisely:Powertrainstrategiesforthepost-ICEautomotiveindustry”(July2021)©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.4DigitalconsumersCustomerexperienceisakeydifferentiatorSeamlessandhassle-free.Whileperformancearenotlikelytosignupforsoftwaresubscriptionsifremainsthemostimportantsellingpoint,aseamlesstheproductsaren’tcompelling.Inthisyear’ssurvey,andhassle-freecustomerexperiencehasmovedupOEMexecutivesinparticulararelessconfidentthantosecondplace.Theemphasisonasmoothcustomerinpreviousyearsthattheycangeneratesubscriptionexperienceextendsfrombuyingthecartohavingrevenue.seamlessoperatingsoftwareinit,butthelatterisachallengeformanufacturers.Thecar’shardwareisHowgoodiscybersecurity?Widelypublicizedusuallyreliable,thesoftwarelessso.breacheshaveraisedconcernsaboutautomotivecybersecurity.Inoursurvey,executivesarestillIn-carexperience:thisstuffhastowork.Theconfidentthatautomakersprovideadequatesoftware-definedvehicleprovidesanopportunitytocybersecurityandcustomerdataprotection,supplyallsortsofdriverapplications.Butconsumersbuttheymaybeover-confident.SupplychainsJustincaseisovertakingjustintimeOngoingsupplyconcerns.AfterthedisruptionsButnotinChina.Aswesawacrossthesurvey,ofthepastfewyearsthenewnorminsupplychaininmanyimportantareas,Chinaisdifferent.Thiswasmanagementisbecoming“justincase,”ratherthanparticularlytrueinsupplychain.Chineseexecutives“justintime.”Companiesarepursuingawiderangeareconsiderablylessworriedaboutcontinuityofofstrategiestobuildresilienceandthingsarefarsupply,likelybecausethecountryhasbeensettingbetterthantwoyearsago.Still,thereisahighlevelmuchofthesupplyofkeycommodities,particularlyofconcernaboutthecontinuityofsupplyformanyrawmaterialsforEVbatteriesandEVcomponents.commoditiesandcomponentsoverthenextfiveyears.TechnologyThetechnologychallengesgrowmorecomplexLessconfidenceinkeepingup.InthelatestAIquickestwilllikelyhaveasignificantcompetitivesurvey,automakersindicatedthattheyfeellessadvantage.4preparedthanthepreviousyearforadvancedtechnologies,suchasartificialintelligence,digitalHedgingpowertrainbets.Whenitcomestotwins,andadvancedrobotics.Only12percentofautopowertraintechnology,thisyearmorecompaniesexecutivessaidtheyfeltextremelywellprepared,seemtobehedgingtheirbets.Hybridtechnologiesdownfrom22percenttheyearbefore.havejumpedfromfourthtosecondplaceoverallintechnologyinvestments.Thechangeislikelyassociatedwiththerapidadvancesinartificialintelligence,particularlyPartners—and“frenemies”?ChoosingtherightgenerativeAI,whichisexpectedtobringautomationtechnologypartnerstoacceleratedevelopmentandtowhite-collarjobs.AutomakersaregoingtohavetosharerisksremainsfundamentaltoautomotivetrainmoreworkerstotakeadvantageofAIinallitsstrategy.Atthesametime,automakersexpecttechforms.Indeed,automakerswillbecompetingwithgiantstojumpintotheautomarket.Appleistheeachotherandwithcompaniesacrossindustriesfornumberonepotentialcompetitor,butthelistislong,talentwithAIskills.AsnotedintherecentKPMGincludingGoogle,Samsung,Baidu,andothers.report,“Futureofwork,”companiesthatmaster4KPMGInternational,“Futureofwork”(November2023)©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.5TheglobaloutlookExecutivesworldwidearelessconfidentthanbeforethat32percentto10percent.Confidencealsofell(butlesstheindustrywillachievemoreprofitablegrowthoverthesharply)intheUSandWesternEurope.nextfiveyears.Overall,just34percentofexecutivessaidtheyareextremelyconfidentthattheycanachieveSupplierswerethemostdownbeatgroup.Theshareprofitablegrowthinthenextfiveyearsversus41percentinofrespondentsfromsupplierfirmswhosaidtheyarethepreviousyear.AmongJapaneseexecutives,theshareextremelyconfidentaboutachievingprofitablegrowthwhowere“extremelyconfident”fell22points,fromtumbledfrom55percentto23percent.Expectationsforprofitablegrowthareweakening(exceptinChina)Howconfidentorconcernedareyouthattheindustrywillachievemoreprofitablegrowthoverthenextfiveyears?Industryconfidenceinprofitablegrowth:BreakdownforrespondentsratingextremelyconfidentJapanWesternEuropeExtremelyconfidentExtremelyconfident32%31%10%24%USChinaExtremelyconfidentExtremelyconfident48%28%43%36%20222023Thischangeinsentimentisremarkable.Justayearmarket,demandhasweakenedandsomeplayersmayago,executiveswereexcitedabouttheprospectsforcomeunderextremepressureascompetitionintensifies.transformingtheindustrywithnewkindsofcars.Now,theyremainoptimistic,buttheyaremoresoberabouthowThisyear,executivesseemlessconcernedaboutthedifficultitwillbetomanagethetransitionandpreserveoreconomythanlastyear.TheshareofUSrespondentswhoincreaseprofits.saidthattheyareextremelyconcernedabouttheimpactofhighinterestrates,energyprices,andinflationfellfromThereasonsforconcernareclear.Companieshavemade35percentin2022to27percentin2023.AmongGermanhugebetsonelectricpropulsionandareincreasinglyexecutivestheshareofextremelyconcernedrespondentsconcernedaboutnear-termheadwindsthatcouldpostponefellfrom30percentto16percent.thepayoff.WhileafloodofnewEVmodelsiscomingto©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.6Achievingprofitabilityinahighlycompetitiveandrapidlyevolvingmarketwillrequirecarmakerstoremainagileandinnovative.Besidesshapingbrandrecognition,manufacturersneedtoinvestincostoptimizationstrategies,includingsupplychainefficiency,AI-infusedmanufacturing,andthereductionofbatteryproductioncosts,toensurehealthyrevenuestreams.Ultimately,thecompaniesthatcandeliverhigh-qualityBEVsatanaffordableprice,whilemaintainingahealthybrandvalue,canemergeasthemarginwinnersinthemarket.Dr.AndreasRiesGlobalLeadPartner,ConsultingKPMGinGermanyThepictureisdifferentinChina.Theshareofautoabouttheimpactofhighinterestrates,energycosts,executiveswhoareextremelyconcernedabouttheandinflation,theshareofChineseexecutiveswhoareeconomyrosefrom10percentto14percent.extremelyconfidentthatprofitswillgrowoverthenextYet,whileChineseexecutivesaremoreconcernedfiveyearshasrisen.Inmostregions,economicconcernsaremoderatingHowconcernedareyouthathigherenergyprices,highinterestrates,andinflationwilladverselyimpactyourbusinessin2024?Outlookoneconomicpressuresimpactingautomotivebusinessesin2024Netsentimentchangebyregionfrom2022to20232023Sentiment,allrespondentsChinaExtremelyconcernedRestofWorld23%-26%Somewhatconcerned-62%51%WesternEurope-68%NeutralNorthAmerica12%-68%Japan/SouthKorea-69%Nottooconcerned-69%EasternEurope11%IndiaandASEANNotconcernedatall-73%SouthAmerica3%-79%©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.7Despiteeconomicuncertainty,manyexecutivesstilltheseexpectationsarerealistic.Withrisingcompetitionexpectcarpricestocontinuetorise.Two-thirdsofanddeclininginflationarypressure,theirabilitytochargeautomakersanticipatepriceincreasesof5to10percentinmorefortheircarsin2024maybelimited.2024.ButautomakersshouldconsidercarefullywhetherAutomakersareconfidentthattheycanraisepricesin2024Ayearfromnow,wheredoyouseepricesgoingonaverage?Automotivesectorpriceoutlook2024Upmorethan10%13%Up5%–10%64%Similartotoday18%Down5%–10%4%Downmorethan10%<1%©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.8PowertrainsTwoyearsago,whenweaskedwhatpercentageofnewAccordingtooursurvey,ChinaisexpectedtohavethecarsaleswouldbeEVsin2030,wegotahugerangeofhighestpenetrationofEVsin2030—36percentofnewcarresponses,fromaslowas20percenttoasmuchas80sales.RespondentsexpectpenetrationintheUS,Japan,andpercent.Thisyear,therangeofestimateshasnarrowedWesternEuropetoreach30to33percent.Penetrationisconsiderably,indicatingthatexecutiveshavedevelopedexpectedtobeslowerinIndiaandBrazil,withsaleslimitedamoremature—andrealistic—viewofhowquicklyEVbypoorelectricityinfrastructureandlowerincomes.Thepenetrationwilloccur.EVmarketsharegainsarealsoaestimateofEVpenetrationbyexecutivesinoursurveyarefarfunctionofslowergrowthinoverallautosales—EVsalesbelowthoseofcleanenergyadvocates.TheRockyMountainaregrowingrapidly,buttotalsalesareplateauing.5Instituteinlate2023predictedthatEVswouldaccountformorethantwo-thirdsofglobalautosalesby2030.6TheEVpenetrationoutlookismaturing—withlessvariationinestimatesmarketsharefor2030By2030,whatpercentageofnewvehiclessalesdoyoubelievewillbebattery-powered(excludinghybrids)withineachmarket?EstimatedEVmarketsharein2030Distributionbymarket:Mean,median,andrangeMeanestimateofEVpenetrationbymarket100China36%USA33%80Japan60%ofresponses32%WesternEurope4030%India20Brazil20%0ChinaIndiaJapanUSAWestern19%BrazilEuropeMeanvalueMedianvalueRangevalueWhenaskedwhichcompaniestheyexpecttodominatethethecompany’sassemblyplantopenedinBerlininMarchmarketforbattery-electricvehiclesin2030,Teslacameout2022.In2023,Tesla’sModelYwassettobethebiggestontop,stretchingitsleadconsiderablyastheperceivedsellingmodelinEurope—ofallpowertraintypes.InJapan,numberone.BMWisadistantsecond,andAudiisthird.Toyotaismakingrapidheadway,whileChina’sBYDisnowaMercedes-Benzisfifth,followedbyBYD.Toyotahasmovedforcetobereckonedwithoutsideitsdomesticmarket.uptoseventhplace.TherestillseemstobeagooddealoffearanduncertaintyTheshiftinperceptionisparticularlymarkedinWesternaboutwhocanmakeitintothetopten—andwhocanEurope,where148executivesnowexpectTeslatoranksecureaprofitableshareofmarket.Apple,whichhasfirstorsecondin2030,comparedwithonly66and57notevenconfirmedthatitwillenterthemarket,isnowrespectivelyforBMWandAudi.Europeancompaniesusedexpectedtobeinfourthplaceby2030(upfromeighthtobeskepticalofTesla’smarketpower,butthatchangedafterinthepreviousyear’ssurvey).5KPMGInternational,“Automotive:Inthemidstofglobaltransformation”(August2023)6GreenCarReports,StephenEdelstein(September22,2023)©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.9TeslastillreinforcingdominanceinelectricvehiclesinWesternEuropeLookingoutto2030,whichofthefollowingcompaniesdoyouthinkwillbethemarketleadersinbatteryelectricvehicles?Respondentpredictions:Futuremarketleadersinbatteryelectricvehiclesby203020231481401201008066576040353534312024190Ford11965TeslaBMWAudiAppleMercedBeesn-zBYDToyotawagen15NissanHondaHyundai-KiaPorsche2022Volks606159Fisker125440Rivian39202523201919171010860Forddai-KiaBYDHondaBaiduMercedBeesn-zAppleTataToyotaGMChanganHyunTeslaBMWAudiRanking:12Globally,Teslawasbyfarnumberonewith464executivesrespondinginfirstorsecondplacefollowedinnextplacebyBMWwith236executives.OEMexecutivesandsuppliersaregenerallymuchlessEVmanufacturersand87percentofChineseexecutivesinoptimisticthisyearthanlastaboutwhenBEVs,withoutoursurveyexpectcostparityatorbefore2030.TheRockysubsidies,willreachcostparitywithinternalcombustionMountainInstitutepredictsthatlargeEVssoldintheUSengine(ICE)vehicles.ThenumberofOEMsthatsaythiswillachievepriceparityin2026andsmallervehiclesinpointwillbereachedby2030hasgainedtenpercentage2029;itpredictsparityinChinaby2025.7points.ChinesecompaniesarealreadythemostefficientEstimateddateofcostparitybetweenEVsandICEvehiclesismovingfurtheroutWhendoyoubelievebatteryelectricvehicleswillreachcost/affordabilityparitywithICEwithoutanysubsidies?AnticipateddatesforEVandICEcostparityTheyalreadyhave3%17%By20255%19%By2030By203513%After203536%46%23%20%13%Never4%Don’tknow2%202220237GreenCarReports,StephenEdelstein(September22,2023)©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.10ThisyearwesawstrongersupportforsubsidiesandSupportforsubsidiesisstronger,incentivesamongexecutives.TheshareofrespondentsespeciallyinEuropefavoringdirectsubsidiesgrewfrom75percentinthepreviousyear’ssurveyto84percentinthecurrentedition.SomegovernmentsareprovidingdirectconsumersubsidiesTheincreaseismostmarkedinWesternEurope,whereforelectricvehicles.Doyouagreewiththispolicy?automakersfeeltheheatofcompetitionfromChinaandindustryleadersarecallingforsubsidiestomatchtheonesinSupportforEVsubsidiesintheautomotiveindustrytheUS.TheshareofEuropeanexecutivesfavoringsubsidiesYesrosefrom65percentinthepriorsurveyto84percentinthelatestedition.75%84%No21%12%Don’tknow4%4%20222023Morerespondentsalsosaidthatincentivesshouldbeofferedatallpricepoints,includingonluxurymodels.Theshareofrespondentswhosaidallbattery-electricvehiclesshouldbesubsidizedjumpedfrom21percentto30percent.However,moregenerousandwidespreadsubsidiesmightnotbeachievableatatimewhengovernmentsareunderpressuretoreducedeficits.Thereisstillsupportforsubsidyphase-outsonluxuryEVsShouldthesubsidiesbephasedoutforvehiclesaboveacertainvehicleprice?SupportforphasingoutEVsubsidiesintheautomotiveindustryNo,allbatteryelectricvehiclesshouldbesubsidized30%Yes,subsidiesshouldphasedoutabove$70,00031%Yes,subsidiesshouldphasedoutabove$50,00027%Yes,subsidiesshouldphasedoutabove$30,00010%Don’tknow2%©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.11AnotherperennialconcernaboutEVuptakeisthestatepositionedtoownandoperateEVchargingstations,ofthecharginginfrastructure.Thewho,how,andwhentheanswerswerenearlyevenlyspitbetweendedicatedofinfrastructurebuildoutstillseemtobeunresolvedcharging-networkplayers,electricutilities,followedbyquestions.Forexample,whenweaskedwhoisbestTeslaandoilcompanies.Thechargingmarketisupforgrabs,butTeslahasastrongpositionWhoisbestpositionedtoownandoperateelectricvehiclechargingstations?PotentialleadersinEVchargingstationsDistributionofresponses:Mean,median,andrangeofresponsesDistributionofresponses:Percentagemean100Chargingnetworks19%Electricutilities80Teslasuperchargingnetwork19%%ofcharging6017%Existingoilcompanies/existingindependentfuelstations4017%20IndividualOEM/OEMconsortium14%Dealers014%ChargingDealersnetworksOtherElectricExistingIndividualOtherTesla<1%utilitiesoilOEMsuperchargingcompaniesnetworkMeanvalueMedianvalueDistributionofresponses©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.12Intoday’smarket,Teslaisthechargingleader,withitsownchargingstationsarefast,convenientandtendtobeinnetworkofsuperchargersinprimelocations.Thenetworksafeareas.issoeffectivethatotherEVmakershavemadedealstouseTesla’schargingstations.Pressuretobuildaneffectivechargingnetworkwillonlygrow,becausecarownersarebecomingincreasinglyThisisanotherexampleofthechangesthatautomakersdemandingaboutchargetimesinsecurelocations.Forcontinuetowrestlewith.It’snotenoughtobuildexample,83percentofUSsurveyrespondentssaythatprofitablecars—EVcompetitorsmustalsomakesuretheirconsumerswantan80percentchargeinnomorethan30customershaveaccesstocharginginfrastructure.Tesla’sminutes,upfrom65percentinthepreviousyear.Moreconsumersdemandquickchargetimes,executivessayWhiletravelingandrunninglowonbatterycharge,howlongwillthetypicalconsumerbewillingtowaitforan80percentageorgreaterrecharge?Automotiveexecutiveinsightsonconsumerexpectations:EVrechargewaittimes(≥80%)10minutes6%10%20minutes17%30%30minutes43%42%45minutes26%60minutes11%8%6%20222023Consumersaredemandingfasterrechargingtimesandamorereliableelectricinfrastructuretosupporttheirneeds.Throughstrategicpartnershipsandinnovation,automakerscancultivateanecosystemofchargingoptionsthatservetheneedsofconsumers,drivecustomerloyalty,andpositionthemselvesforsuccessintheyearstocome.LaurentDesPlacesPartner,HeadofAutomotiveKPMGinFrance©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.13Astowherechargingstationswillbelocated,thiswillHowever,indenselypopulatedareas—wherecarownerslargelydependonwherecarownerslive.Iftheyhaveadon’thaveaccesstopersonalchargers—homecharginghouseandagarage,theywillchargetheirEVsathome.maynotbeanoption.EVownerswillchargeinavarietyoflocationsInyourhomemarket,wherewillownerschargetheirbatteryelectricvehicles?AnticipatedcharginglocationpreferencesforEVownersDistributionbylocationpreference:PercentagemeanDistributionofresponses:Mean,median,andrangeSinglefamilyhome/garage10024%Publicorprivatechargingstations8023%%ofresponses60Apartmentgarageorparkinglot18%40Atwork17%20Onthestreet14%0Don’tknowApartmentAtworkDon’tknowOnthePublicorSingle5%garageorstreetprivatefamilyparkinglotcharginghome/stationsgarageMedianvalueMeanvalueDistributionofresponsesAsnoted,whilecompaniesfocusonbattery-poweredEVs,investmentinhydrogenfuelcellsaswellasadvancedICEtheyarealsocontinuingtolookatotherpowertrainoptions.technologyandalternativefuels.However,morethanaWhenitcomestotheexpectationsforfuturecapitalthirdofexecutivessaytheyaregoingtoinvestlessthanexpenditure,thetwomost-favoredareasforinvestmentarebeforeingas-anddiesel-poweredengines.BEVsandhybrids.ButtheyaremaintainingorincreasingCompaniesarehedgingtheirEVbetswithinvestmentinhybridtechnologyWhatisyourcompany’soutlookforfuturecapitalexpenditureandR&Dinvestmentsinthefollowingareas?AnticipatedcapitalexpenditureandR&DinvestmentsbyautomotivecompaniesBatteryelectric4%70%22%4%Fuelcell16%35%36%40%7%8%21%41%4%Gasoline/dieselICE53%34%5%(includingturbocharging)HybridOther(e.g.biofuel,naturalgas)16%28%41%15%20%40%80%100%0%60%NotapplicableDecreaseIncreaseMaintain©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.14DigitalconsumersConsumersareperceivedtobechangingtheirprioritiesForconsumers,bestexperiencesbecomewhenitcomestobuyingacar.Drivingperformancetheirexpectations,sotranslatingtheirmobileremainsthemostimportantfeature(citedasveryorcommunicationsandentertainmentchoicesintoextremelyimportantby80percentofglobalrespondents).thecarenvironmentneedstofeelintuitiveandofButaseamlessandhassle-freecustomerexperiencehashighqualityinorderforcarmakerstocapitalizemoveduptosecondplace.Theincreasewasparticularlyonthesenewrevenuestreams.markedintheUS,wheretheshareofrespondentssayingaseamlessexperienceisextremelyimportantjumpedRichardPeberdyfrom24percentto39percent.Partner,HeadofAutomotive,KPMGintheUKAmongdealersglobally,therisewasevensharper.Theycanseethatconsumersarelookingforasimpledigitalexperience,startingwithresearchandevaluationthroughpurchaseandownership.Increasingly,customerexperienceisseenasadifferentiatorHowimportantdoyouthinkthefollowingfeatureswillbeforconsumerswhendecidingtopurchaseacarinthenextfiveyears?Automotiveexecutiveinsights:Thetopconsumerprioritiesincarpurchasingoverthenextfiveyears20222023Brandimage6%24%38%32%8%25%42%24%Dataprivacyandsecurity4%20%38%36%7%16%36%39%Drivingperformance4%16%43%37%4%18%40%38%Incfoontaniencmtievintty/pfeearstuorneasl7%22%39%30%11%25%37%25%Seamlessand8%20%46%24%5%18%44%32%hassle-freeexperienceacStievlef-ddrriivvienrgacsasrisst/8%24%39%27%6%10%25%35%25%cVoenhnicelectmiviatyinfteeantaunrcees8%24%33%34%6%19%41%33%23%Zero-emission/20%40%39%31%6%18%38%35%sustainableelectric7%60%80%60%100%100%0%20%40%80%mobility0%NotatallimportantSlightlyimportantModeratelyimportantVeryimportantExtremelyimportant©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.15Whilecustomerexperienceisrecognizedasincreasingly69percentofnewcarswillbesolddirectlytoconsumersimportant,theimportanceofbrandimageisfalling.Brandthroughonlineretailplatformsorbyautomakers.Evenimagewasseenasthesixthmostimportantfactorfortraditionaldealersbelievethistobethecase.consumers,downfromthirdplaceinourpreviousyear’ssurvey.ThedeclineisparticularlymarkedamongOEMIn2030,theindustryexpectsmorethanexecutives,fallingfrom80percentsayingitisveryortwo-thirdsofsalestobenon-dealerextremelyimportantto65percent.In2030,whatpercentofnewcarswillbesolddirectlytoThisisasignthatthemarketforBEVsisbecomingconsumersbyautomakersornontraditionalchannelsinyourlessnovel.Anincreasingnumberofmanufacturersarehomemarket?producingelectricvehicles,andTesla,theleader,isnowregardedasamainstreamcarmaker.Asaresult,Projecteddistributionchannelsfornewcarsalesin2030consumershavemorecarmakestochoosefromandareDealerships(traditionalchannel)becomingmorediscerningintheirattitudetothenewcarsonoffer.31%ActivedriverassistancesystemsarealesserfeatureDirecttoconsumersalesfromautomakers(Teslamodel)forconsumerswhendecidingtobuyacar.Thismaybe25%becausecustomersincreasinglyexpectthesesystemstobestandard,built-infeaturesratherthansomethingextraDigitalretailplatforms(e.g.,Alibaba,Carvana,theyhavetopayfor.“e-commerceretailer,”Walmart)Theindustryalsorecognizesthatconsumersexpecttobe23%abletobuyonline.Executivesestimatethatby2030,Agencymodel(solddigitallybyOEManddeliveredbydealer)21%Manyautomakersarecontemplatingsellingadditionalconcernedaboutdeliveringsubscriptionservices.Butfeaturesandservicesonmonthlysubscriptionplans,butcaptivefinancecompaniesaremoreconfidenttheycantheyarelessconfidentthanbeforethatconsumerswillbebundlesubscriptionsintoinnovativefinanceplansthatwillingtopayextraforthis.OEMexecutivesareespeciallyconsumerswillagreeto.ExpectationsforsoftwaresubscriptionrevenuesaredecliningManyautomakersarecontemplatingsellingadditionalfeaturesandservicesasamonthlysubscription(softwareservices,maintenance,charging,AdvancedDriverAssistanceSystems,etc.).Howconfidentareyouthatconsumerswouldbewillingtopaymonthlysubscriptionfeesforthis?AutomotiveindustryconfidenceinsubscriptionfeesforcarfeaturesExtremelyconfident23%Veryconfident41%Moderatelyconfident23%Slightlyconfident9%Notatallconfident4%©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.16Theindustry—bothincumbentsandnewcomers—isButlargetechcompanies,especiallyApple(CarPlay)andstillcountingonnewrevenuestreams.AutomakersareGoogle(Android)arealreadyembeddedincars’software.expectedtobebestpositionedtocapturenewrevenueTheautomakersandthetechfirmswillhavetofightforstreamsfromopportunitiessuchasself-drivingtechnology,theirshareofrevenue,asothernewcompaniesentertheinfotainment,cybersecurity,andevengaming.markettoselltheirin-carservices.ThereismassivecompetitionfornewrevenuestreamsWhatplayersarebestpositionedtocapturerevenuestreamsfromsoftware-definedvehicles?Automotiveexecutiveinsights:Potentialleadersinsoftwaredefinedvehiclerevenuestreams46227423419519118315815712999akersle/Applleay)Dealersventioino/n)uppliershnologeyrsvigationze)nicatio&nT,surancieesamingntAutomGoogto/CarPprerotectStytecevelopNirmas(WaCommruiers(AeTrizon)InmpanGinme(TheftercoinfotariodAuuritycybpThirdpardfcarobile,V(AndSecT-MRanking:12Consumersareincreasinglysavvyanddemandingaboutthetechnologyincars.Manufacturersshouldstayaheadoftheircompetitorsinofferingthelatestequipmentinautonomousvehicles,advancedconnectivityfeatures,andenhancedsafetytechnologies.VinodkumarRamachandranPartner,HeadofBusinessConsulting,KPMGinIndia©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.17Onepotentiallylucrativeareamaybeinsurance.BasedonThesedata-drivenrevenuestreamswillnotmaterializeifthemassiveamountsofdatacollectedfromconnectedconsumersarenotconfidentthatautomakerswillprotectautos,autoexecutivesarebecomingmoreconfidentthattheirprivacyanddata.Followingonemassivedatabreachtheycancompetedirectlywithinsurancecompanies.Thein2023,theshareofsurveyrespondentswhobelieveshareofexecutiveswhoexpectautomakerstosucceedinconsumerswilltrustautomakerswiththeirdatahasinsurancehasgoneupfrom7percentto28percent.Theplungedfrom80percentto40percent.TheproportionsuccessofTeslaencouragesthemtobelievethattheycanwhothoughtconsumerswouldtrusttechcompaniesmostmakemoreonsellinginsurancethanjustsellingdatatomorethandoubledto27percent.insurers.InsuranceisseenasanotherlikelyAutomakersarenotastrustedastechsourceofrevenuecompaniesforguardingdataDoyouthinkautomakerswillsuccessfullyparticipateintheinsurancemarket?Ifso,how?Whomdoyouthinkaconsumerwouldtrustmosttosafeguardthedatageneratedbythevehicle?PredictionsonautomakerparticipationininsurancemarketYes,bypartneringwithexistinginsurancecompaniesplayersWhoconsumerstrustinsafeguardingvehicledata43%8%9%SupplierGovernmentYes,bycompetingdirectlywithexistinginsurancecompanies28%12%27%Retailer/carInformation,Yes,bysellingdriverandvehicledatatoinsurancecompaniesCommunication,24%dealerandTechnologycompaniesNo21%6%OEM/vehicle9%manufacturerMobilitysolutionsproviders13%Nooneexceptherself/himselfDespitethewell-publicizeddatabreach,68percentofpercenttheyearbefore.Automakersarerealizingitistheirrespondentssayautomakershaveadequatecybersecuritybrandimagethatisatstake.Datasecuritymustthereforeandcustomerdataprotection.Butthisisadeclinefrom80beacriticalrisktofocuson.AutomakersseemperhapsoverconfidentaboutcybersecurityandprivacyprotectionsDoyoubelieveautomakershaveadequatecybersecurityandcustomerdataprivacyprotectionsinplace?AutomotiveindustryconfidenceintheircybersecurityanddataprivacyAsconnectedcarsbecomemoreprevalent,Yesitisessentialthatcarmanufacturersprioritizecybersecurity,notonlytoprotecttheircustomers’80%personaldatabutalsotosafeguardtheirbrand68%andreputation.Executivesshouldtakeafuture-orientedapproachtocybersecuritytoproactivelyNoaddresspotentialvulnerabilitiesandmitigatethe16%riskofdatabreaches.24%Don’tknow4%8%20222023PerEdinPartner,Advisory,KPMGintheUS©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.18SupplychainsInoursurvey,45percentofrespondents(outsideChina)TheviewisstrikinglydifferentfrominsideChina,wherewereveryorextremelyconcernedaboutaccesstoonly28percentofChineseOEMsandsuppliersareverylithium,cobaltandotherbatterycomponents.Inlastorextremelyconcernedaboutsuppliesoflithiumandotheryear’ssurvey78percentofOEMexecutiveswereverycriticalbatterycomponents.ThisislikelybecauseChinaorextremelyconcernedaboutlithiumsupplies(andhasbeensettingthesupplyofthesecommodities,giving63percentin2023).Chineseexecutivesgreaterconfidenceintheresilienceoftheirsupplychains.IndustryautomakersandsuppliersremainconcernedHowconcernedareyouaboutcontinuityofsupplyinthenextfiveyearsforthefollowingcommodities/components?Continuityofsupplyconcernsforkeycommodities/componentsoverthenextfiveyearsChinaOnly28%veryandAllexcludingChina49%veryandextremelyconcernedextremelyconcernedLithium,cobalt,nickel,and22%33%17%11%17%5%16%30%32%17%otherbatterycomponentsOilandGasand33%17%22%28%8%21%30%29%13%otherfossilfuels33%8%19%22%28%17%46%15%11%OtherelectricpowertraincomponentsRareearthelements28%17%28%17%11%5%17%33%26%18%Semiconductors44%11%17%28%15%38%31%14%23%14%Specialtylight22%33%17%11%17%20%39%weightmaterials29%10%26%8%Specialtymetals17%28%28%17%11%24%33%80%100%Steel,aluminum,20%44%6%22%17%11%5%32%29%copper,etc.40%60%80%100%0%20%40%60%0%NotatallconcernedSlightlyconcernedModeratelyconcernedVeryconcernedExtremelyconcernedNote:Percentagesdonottotalto100duetorounding©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.19SincethedisruptionsofthepandemicandongoingAswasreflectedinthepreviousyear’ssurveyresults,geopoliticaltensions,companieshavespentheavilyoncompaniesaretryingtomovetoa“justincase”approachlockinguprawmaterialsupplies,withdirectinvestments,tosupplychainstobecomemoreresilienttodisruptions.jointventureswithcomponentmanufacturers,andstakesExecutivesaretalkingaboutusingmorehedgingtomanageinmining.SlowergrowthinBEVsalesmaygivecarmakerscommoditypricesandbringingmoreproductionin-house.breathingspacetostrengthentheirsupplychainsfurther.Overall,however,executivesarebecominglessworriedabouttheirsupplychains,astheshockofthesupplyAroundtheworld,companiesareemployingarangeofinterruptionsthatoccurredin2020and2021wearsoff.methodstostrengthenanddiversifytheirsupplychains.CompaniesareusingavarietyofstrategiestomitigatesupplychainrisksHowimportantareeachofthefollowingtoyourfuturesupplychainstrategy?StrategiestomanagesupplychainrisksDirectsourcingofrawmaterials2%8%27%35%28%22%Exitingendmarkets/segments3%10%29%36%25%24%Financialhedging2%9%25%39%24%Holdingmore2%9%26%39%23%25%40%20%inventory/safetystock23%Internalizingmoreproduction2%9%29%37%29%36%100%Makingdirectinvestments2%10%insuppliers/JVsRe-shoring/near-shoring3%11%Resourcingordual-sourcing3%8%28%38%0%20%40%60%80%NotatallimportantSlightlyimportantModeratelyimportantVeryimportantExtremelyimportant©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.20Forsimilarreasons,executivesaresomewhatlessworriedForty-sevenpercentofexecutivesareveryorextremelyaboutthevolatilityofcommoditypricesthantheywereconcerned,comparedwith58percentintheyearbefore.intheyearprior,althoughtheanxietylevelisstillhigh.ConcernsovercommoditypricesarealsoeasingHowconcernedareyouthatthevolatilityincommoditypriceswilladverselyimpactyourbusinessinthenext12months?Businesssentimentontheimpactofcommoditypricevolatilityin2024ExtremelyconcernedVeryconcerned16%31%Moderatelyconcerned14%33%SlightlyconcernedNotatallconcerned5%Sourcingnewchannelsformaterialsisonlyoneofthetoolsforintroducingredundancyintothesupplychain.Offsettingvolatilepriceswithfinancialhedginginstrumentssuchasfutures,options,andswaps,organizationscanoffsetpriceriskandhelpcreateamorepredictablesupplychain.Seung-HoonWiPartner,IndustrialManufacturing,KPMGinSouthKoreaTherearewidegeographicaldifferences,however.IntheLaborshortagesremainaconcernUS,57percentofvehiclemanufacturersandsuppliersareveryorextremelyconcernedaboutvolatileprices,Howconcernedareyouthatlaborshortagesorwageincreasescomparedwith75percenttheyearbefore.Bycontrast,willadverselyimpactyourbusinessinthenext12months?thenumberinChinawhoareveryconcernedjumpedfrom4percentto26percent,duetotradeworries,geopolitics,Outlookonlaborshortagesandwageincreasesin2024andthedeclineofChina’sRenminbiagainstthedollar.ExtremelyconcernedWhenaskedhowconcernedtheyareaboutlabor15%shortagesandwageincreasesinthenext12months,theoveralllevelofanxietyhasremainedaround50percent.VeryconcernedAmongCEOs,though,thenumberthatareveryorextremelyconcernedhasdroppedto41percentfrom6032%percent.AmongvehiclemanufacturersandsuppliersintheUS,thedeclineisevenmoreaccentuated.ModeratelyconcernedIncontrast,thelevelofconcernishigheramongtech29%companiesintheautoindustrythaninothercategories,asdemandforspecializedskillsremainsverystrong.Slightlyconcerned16%Notatallconcerned8%©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.21Inthefaceofcompetitorsinvestinginminingtosecurevitalcommoditysupplies,automakersmusttakeafuture-orientedviewandexplorealternativeoptionsthatreducetheirexposuretosupplychainrisks.Long-termsupplieragreementswithmultipleproducerscouldprovetobeamorecost-effectivemeansofsafeguardingfuturesupplythantraditionalverticalintegration.GoranMazarPartner,EMA&GermanHeadofESGandAutomotive,KPMGinGermanyOnly16percentthinkthecostandcomplexityoftariffs,Hasthetrendtomoreregulationpeaked?traderules,andregulationswillincreasesignificantlyinthenextfiveyears,slightlybelowthelevelofconcerncitedDoyoubelievethecostandcomplexityoftariffs,traderules,andintheprevioussurvey.Thedeclineislikelytobeduetoaregulationswillincreaseordecreaseinthenextfiveyears?perceptionthatgrowthofregulationmayhavepeaked—aftertheintroductionofnewmeasuresthataffecttheautomotiveExpectationsforchangesintraderulesandregulationssectorsuchastheUSInflationReductionAct(IRA)andtheSignificantlyincreaseEUCarbonBorderAdjustmentMechanism(CBAM),acarbontaxonimportedgoods.816%Only9percentofUSOEMsbelievetherewillbeasignificantSomewhatincreaseincreaseinregulations,against44percenttheyearbefore.50%TheIRAprovidesmassiveincentivesforEVssoldandproducedintheUS,buttherulesareRemainaboutthesamecomplexandthereisstillconfusionabouthowtheyapply.Gettingthisrightiscritical.Thereare26%billionsatstake.SomewhatdecreaseGeorgeZaharatos7%Principal,Tax,KPMGintheUSSignificantlydecrease<1%8KPMGInternational,“ImpactoftheEU’sCarbonBorderAdjustmentMechanism”(July2022)©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.22TechnologyThereisagrowingsentimentthatautomakersarelesspreparedforadvancedtechnologies,suchasartificialintelligence,digitaltwins,andadvancedrobotics,thaninpreviousyears.Thosesayingtheyareveryorextremelywellprepareddroppedby23percentagepoints.Companiesarerealizingthatitisextremelydifficulttoexcelinmanyfieldsandtotakeadvantageofarangeoftechnologicalbreakthroughsrequiresimmensecapabilities.CompaniesmayfeellesspreparedtoimplementnewtechnologythisyearbecauseoftheproliferationofnewAIsystems.Acrossindustries,companiesarerushingtoadoptgenerativeAI,whichpotentiallyputsAItoolsinthehandsofworkersacrossmanyfunctions.Butthatwillalsorequirejobredesign,training,andhiring.TheautomotivesectorincreasinglycompeteswithcompaniesinotherindustriesfortalentwithadvancedskillsinareassuchasAI.ConfidenceintheabilitytoimplementnewtechnologyhasdeclinedHowpreparedisyourcompanyforadvancedmanufacturingtechnologies?(e.g.artificialintelligence,machinelearning,digitaltwins,advancedrobotics)IndustrypreparednessforadvancedmanufacturingtechnologiesExtremelyprepared20%10%Veryprepared43%30%Moderatelyprepared24%33%SlightlypreparedGenAIisnowembeddedintheway10%vehiclesaredesigned,engineered,manufacturedandsold.Itwillalso24%superchargecompetitionbasedonhoweffectivegenAIisusedfornewproducts,Notpreparednewfeatures,andoptimization.2%3%FabrizioRicciPartner,Advisory,KPMGinItaly2022202323©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.WhenaskedwhichskillswillbethemostimportantintheAIhasbecomethemostimportantskillnextseveralyears,AIjumpstofirstplacefromthird.InGermany,AIclimbedby16percentagepointsandbynineWhichofthefollowingjobs/skillsdoyoubelieveisthemostintheUS,whereasJapanremainsfocusedonadvancedimportanttoyourbusinessinthenextseveralyears?manufacturingskills.Clearly,autocompaniesneedawiderangeofskillsastheytransformtheiroperations.AnticipatedautomotiverolesandskillsforthenearfutureAstheracetodevelopcutting-edgeartificial9%5%24%intelligencetechnologyheatsup,theautoindustryMechanicalUI/UXdesignersAdvancedfindsitselfincompetitionnotjustwithtechmanufacturingcompaniesbutwitheverysectorvyingfortoptierengineersengineers(e.g.,AItalent.AutomakersshouldproactivelyevaluateIndustry4.0)theirstrategiesforrecruitingandtrainingtheexisting14%workforceforthesenewtechnologies.ElectronichardwareJamesWalkerengineersPartner,Advisory,KPMGintheUS11%25%DigitalmarketingAI/AVsoftwareandsocialmediaengineers12%DatascientistsR&Dacrossarangeoftechnologiesisregardedasjumpsfromfifthtofirstplaceyearonyear,ascarsevolvecriticallyimportant,afindinglittledifferentfromtheyearinto“supercomputersonwheels.”ChinaandGermany,prior.Butmarkeddifferencesoccurwhenconsideringbycontrast,placemoreemphasisonnewpowertrainindividualcountries.IntheUS,advancedcomputingtechnologies.CompanieshavemanyprioritiesforR&DinvestmentIfyouweregivenapprovaltodoubleyourexistingR&Dinvestment,howwouldyouallocatetheadditionalfundingamongthefollowingtechnologies?R&Dinvestmentallocation:ExecutivetechnologyprioritiesDistributionofresponses:PercentagemeanDistributionofresponses:Mean,median,andoveralldistributionNewpowertraintechnologies10022%AdvancedDriverAssistanceSystems(ADAS)8021%%ofallocationOtheradvancedcomputing6020%Connectedvehicletechnologies17%20%40Vehiclelightweighting2016%0OtherareasAdvancedConnectedNewOtherOtherVehicle<1%ADASareaslightvehiclepowertrainadvancedweightingtechnologytechnologiescomputingMedianvalueMeanvalueDistributionofresponses©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.24RegardinginvestmentinpowertrainR&D,thereis,again,tohedgingEVbetsinwealthyeconomies,executivesanarrowdispersionamongthesevencategories,andforknowtheycannotaffordtomissoutonopportunitiesinthesamereason.CarmakersarehedgingtheirbigEVbetshugemarketssuchasIndia,Indonesia,andAfrica,whereamongaplethoraofoptionsandhybridtechnologieshaveBEVsaregoingtotakealongtimetoarriveinlargejumpedfromfourthtosecondplaceoveralland,intheUS,numbers.InChinaandEurope,though,consumersarearetiedforfirstplacewithadvancedbatteries.Inadditiondemandingmoreandmoreelectricvehicles.JustinpowertraintechnologytherearemanyR&DprioritiesIfyouweregivenapprovaltodoubleyourpowertrainR&Dinvestment,howwouldyouallocatetheadditionalfundingamongthefollowingtechnologies?PowertrainR&Dinvestmentallocation:Executivetechnologypriorities18%AdvancedbatteriesHybridvehicletechnologies16%Lithiumtypebatteries15%Biofuels,naturalgas,solar,13%orothertechnologies13%HydrogenfuelcellseFuels12%12%InternalcombustiontechnologiesCarexecutivescontinuetoviewlargetechcompaniesaspotentialdisruptorsintheOEMmarket.However,itisequallyimportantforexecutivestoplanforthepotentialdisruptionofsmaller-scalesuppliers.Proactivelyidentifyingandcultivatingpartnershipswithup-and-comingsupplierscanhelpaddresscriticalstrategicareas,fromsafetyandsecuritytoadvancedsensortechnologyandautonomouscapabilities.NorbertMeyringPartner,HeadofIndustrialManufacturing,KPMGChinaInvestingin,orpartneringwith,newtechnologycompaniesTechpartnershipsarecriticalshouldbepartofeveryplayer’stoolkit.Changesincartechnologyareoccurringtoofasttoignore,andpursuingAreyouconsideringmakinginvestments/acquisitions/partnershipstheseopportunitiesfrequentlyrequiresestablishedinnewtechnologycompaniesinthenextseveralyears?companiestopartnerwithemergingentrepreneurs.Eighty-fourpercentofexecutivesrecognizethis,littleAutomotiveexecutives’plansfortechpartnershipsandacquisitionschangedfromthepreviousyear.17%Therearegeographicaldifferences,though.GermanyisNo,mostofemphasizingmorein-housedevelopmentthanexternalourtechnologyacquisition,similartoJapan.USexecutivesseeexternalinvestmentswillbeinvestmentsasmoreimportantandinChina,theappetiteinternallyfocusedforexternalacquisitionsandpartnershipsisevenstronger.32%52%Yes,thisisacriticalYes,butpartofourstrategy,onlyonanopportunisticandwewillbebasismakingsignificantinvestments©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.25ThesurveyshowsthatinvestmentinautostartupsStartupscontinuetoplayakeyroleremainsstrong.ThisisparticularlytrueinChina,wheretheproportionwhothinksthatstartupswillhaveamajorInthenext10years,whatdoyouthinktheimpactofstartupmarketimpacthasrisen15points.InJapan,thenumbercompanieswillbe?soaredby22points.AutoexecutiveoutlookontheimpactofstartupsStartupsaretheglobalenginesforinnovationMajorimpactoneormorewilltakesignificantmarketaccelerationandtheEVecosystemhassomesharecausingareorderingoftheindustrytremendouspotentialtocatalyzesignificantdisruption.EVtechnologiescontinuetoattractstrong32%interestfrominvestorsandareakeyareatowatchwithinthebroadercleantechandenergymarkets.ModerateimpactAfewwillfindsomesuccess,butwillbeeventuallyboughtoutbyestablishedautomakersorwillremainnicheplayersConorMooreGlobalHeadofKPMGPrivateEnterprise,63%KPMGInternationalNoimpactmost,ifnotall,willfail5%MorethanhalfofexecutivesareveryorextremelylikelyAutoexecssaywilllikelydivesttodivestnon-strategicpartsoftheirbusinessesinthenon-strategicassetsnextseveralyears,littlechangedfromtheyearbefore.Asnotedinourrecentpapers“FindingvalueasICEHowlikelyareyoutodivestnon-strategicpartsofyourmelts:Difficultchoicesforautopartssuppliers”andbusinessesinthenextseveralyears?“Automotiveinthemidstofglobaltransformation,”theEVtransitionandthebeginningofadeclineinsalesofICELikelihoodofdivestingnon-strategicassetsinthenearfutureModevehicleswillinvolvecorporaterestructuring.9,10WeexpectExtremelylikelyScompaniestodivestassetsthatareoverlydependentonICEmarketsandcontinuetoinvestinelectrification.16%SomeplayersmaytrytoconsolidateICEbusinessesasthemarketdeclines.Verylikely37%Moderatelylikely30%Slightlylikely12%Notlikelyatall6%Smartdivestingofnon-coreassetsallowcompaniestofreeupcashtoinvestinnewtechnologybutalsotostreamlinetheiroperations,pavingthewayformoreprofitablegrowthintheyearsahead.LennyLaRoccaPartner,Advisory,KPMGintheUS9KPMGintheUS,“FindingvalueasICEmelts:Difficultchoicesforautopartssuppliers”(2023)10KPMGInternational,“Automotive:Inthemidstofaglobaltransformation”(August2023)©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.26OnemanifestationofnewtechnologyisautonomousrideTheproportionofexecutiveswhoexpectthistooccurinhailinganddelivery,and,inthisrespect,thereisagrowingtheUS,Japan,China,andGermanyby2030roseby4toexpectationofafasterintroductioninmajorcitiesthan9percentagepoints.Theexpectationofthishappeningininprevioussurveys.Seeingisbelieving:moreandmoreIndiabythenisconsiderablylower.citiesareallowingautonomoustaxistooperate.ThetimelineforthearrivalofautonomousvehiclesisgettingshorterWhendoyoubelieveautonomousridehailingand/ordeliverywillbecommerciallyavailablewithinmajorcitiesinthefollowingmarkets?Automotiveexecutivetimelinepredictionsgotautonomousridehailing/deliveryinmajorcitiesChina23%37%24%11%3%India7%27%27%29%5%4%Japan18%39%26%12%3%USA18%38%28%12%3%15%3%WesternEurope12%34%34%4040%110000%00%2020%After20356060%8080%Before2025Value:2025-20302030-2035NeverDon’tknow/noopinionWhenitcomestoautonomousvehicles,thereisnodoubtTeslaistheclearleaderinautonomy,whichcarcompanyisseenastheleader.Fifty-fivepercentfollowedbylocalplayersacrossgeographiessayTesla,virtuallyunchangedfromthepreviousyear,likelyreflectingthecompany’ssuccessinwinningapprovalforWhodoyouthinkwillbetheleaderinyourcountryinitsautonomousdrivingtechnologyinmanycountries.autonomousvehicles?Thejostlingamongtherunners-upoccursinindividualcountries,withHuawei(China),Cruise(US),andWovenbyAnticipatedleadersinautonomousvehicletechnologyToyota(Japan)insecondplaceintheirhomelands.Tesla55%AutonomoustaxisarebecomingatangiblerealityinmanymajorcitiesaroundtheworldwithitsHuawei11%potentialtorevolutionizeurbantransportandfundamentallyalterthecompetitivelandscape.Cruise(GMandHonda)8%Throughstrategicpartnerships,innovativebusinessmodels,andaforward-lookingapproach,WovenPlanet(Toyota)6%companiescanprepareforafutureinwhichautonomoustaxisplayacentralroleintheurbanWaymo(Google)6%transportationmosaic.Motional3%2%MegumuKomikado(HyundaiandAptiv)Partner,Automotive,KPMGinJapanBaiduAutoX2%KodiakRobotics2%Mobileye<1%Aurora<1%Pony.ai<1%WeRide<1%Other<1%©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.27MostexecutivesbelievemoretechcompanieswillenteritisnowfollowedverycloselybyGoogle.Majorglobaltheindustrywiththeirownbrandedvehicles.AppletechbrandssuchasSamsungarealsoseenaslikelyremainsthenumberonechoice,with67percent,butcompetitorsinautomotivemarkets.Appleisexpectedtoentertheautomarket—andothertechgiants,tooDoyouthinkthefollowingmajortechnologycompanieswillentertheautomarketwiththeirownbrandedvehicles?Techcompaniesanticipatedtoenterautomarketwithbrandedvehicles‘E-commerce53%36%12%retailer’9%67%24%Apple24%27%Baidu30%46%10%17%ByteDance23%50%12%23%Google66%24%19%100%Huawei48%35%Samsung55%33%Tencent28%50%Xiaomi20%40%60%41%0%40%80%Value:YesNoDon'tknowAlargemajoritybelievenewautomakerscansucceedwithInterestinasset-lightmanufacturingan“assetlight”strategy,eventhoughOEMsarefindingremainsstrongthatworkingwithcontractmanufacturersisextremelychallenging.Nevertheless,newentrantshaveoptedforManynewautomakersarepursuing“asset-light”strategiescontractmanufacturingwithcompaniessuchasFoxconnusingthirdpartiestomanufacturetheirvehicles.DoyoubelieveofTaiwan,whichalsomakesiPhonesforApple.automakerscansucceedusingcontractmanufacturing?EuropeancarmanufacturersareincreasinglyPerspectivesonthesuccessofasset-lightstrategiesconcernedaboutChinesecompetitorsdominatingthelower-pricedsegments.Tostaycompetitive,10%theyshouldtakeaforward-lookingapproachinDon'tknowstreamliningtheirmanufacturingprocessesandreimaginingtheirsupplychains.16%NoAngelikaHuber-StraßerManagingPartner,KPMGinGermany73%Yes©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.28Regardingflyingcars,knownaselectricverticaltakeoffandwiththeirresponseslastyear.ButinChina,thereisalandingaircraft(eVTOLs),executivesaretendingtopushhigherproportionthanelsewherewhobelieveeVTOLswilltheprospectofeVTOLsfurtherintothefuture,comparedoperateintheircitiesbefore2030.Yes,flyingcarsarecoming—butwhen?Flyingcars,knownaselectricverticaltakeoffandlandingaircraft(eVTOLs),havereceivedsignificantinvestmentsbymanyautomakers.When,ifever,doyoubelieveeVTOLswillbeavailableinmostmajorcities?Timelineexpectations:PredictingthearrivalofeVTOLsinmajorcities97%100%10092%8073%6051%402038%14%14%22%19%After204002030-20352035-20405%3%Before2030NeverDon’tknow/noopinionPercentofresponsesCumulativepercentofresponses©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.29WhattodonowThereismoreexcitementintheautomotiveindustrytodaythanatanytimesincetheearlyyearsoftheindustry.Newpowertrains,newwaysofbuildingcars,andnewcustomerexpectationsaredrivingafar-reachingtransformation.Consumershaveagrowingarrayofbuyingoptions,whilemanufacturerspressaheadwithdiverseR&Defforts,notjustinEVs,butalsoinhybridtechnologies,hydrogenfuelcells,andalternativefuels.Atthesametime,convergencewiththetechnologyindustrywillonlyaccelerate.Itisatimeofrapidinnovation,bigbets,andbigrisks.Therewillbewinnersandtherewillbelosersastheautomotivebusinesstransforms.Facedwithsomanychallengesandopportunities,executivesshouldrecalibratestrategies—andact.Thesearefourprioritiesfortopleaderstobetterpositiontheminthealteredautomotivebusiness.Hedgeyourbets—andcommittoafutureFindthecollaboratorsyouneedvisionCarmanufacturershavetendedtogoitalonewhenitTherearesomanyvariablesinthecarmarketrightnowcomestodevelopingautomotivetechnologies,oftenthatCEOscouldbeforgivenforthrowinguptheirhandsinwithunspectacularresults.Giventhearrayofbusinessexasperation.Buttheyhavetoact.Manufacturersshouldopportunitiesandthelimitedpoolofskills,autohedgetheirbetsaboutthetrajectoryofboththeinternalcompanieshavelittlechoicebuttolookoutsideforthecombustionengineandallthealternatives.However,ideasandknow-howtheyneedtosuperchargetheiriftheyspreadthemselvestoothintheyrisklosingtoR&Doperation.Nobodycandoitallontheirown.competitorsthatmoresuccessfullypredictthefutureandHoweffectiveisyourabilitytoworktheecosystemfocusmorenarrowly.Theanswer,then,istoentertainandfindalliancesandbusinesspartnerships?hereticaltheories,employadiversearrayoftalentwithdifferentperspectives,andmakeyourbestbets.FaceuptoglobalchallengesDoCEOshaveteamsthatareuptothetask?TheEVtransitionhighlightsimportantdifferencesinnationalautomarkets.DemandforelectricvehiclesisGetreadytoembedAIeverywheresoaringinpartsofEurope,theUS,.andChina.Inotherbigmarkets,suchasIndia,LatinAmerica,andAfrica,Thepowerandrangeofartificialintelligenceisthegrowthofelectriccarswillbeslower,hamperedbyexploding.GenerativeAIhascapturedtheimaginationlowincomesandpoorinfrastructure.GlobalautomakersofbusinessleadersacrossindustriesandisvastlycannotaffordtoignoretheseregionsbecauseoftheirexpandingaccesstoAI.WebelieveAItechnologywillgrowingpopulationsanddiverseneeds.Atthesametime,likelytouchvirtuallyeveryaspectoftheautomotiveautomotivecompaniesmustcontinuetobuildresiliencebusiness,fromthewayautosaredesignedandtoongoinggeopoliticalturmoilandchangesintheglobalmanufacturedtohowtheyaresoldanddriven.economythataffectsupplychainsandmarkets.Thecriticalquestionforautoexecutives,then:DoesyourcompanyhaveaglobalstrategythatcanhelpIsyourAIstrategysufficientlycomprehensiveyouprofitfromthedifferencesamongmarkets,notjustandforward-looking?theirsimilarities?Areyouresilienttoglobaldisruptions?Allthesetrendsmakelifeexceedinglycomplicatedforautoexecutives.Theymustnavigateamazeofchoicestocomeoutonthewinningside.©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.30HowKPMGcanhelpKPMGfirmsprovideaudit,tax,andadvisoryservicestoAutomotive/mobilityclientsautomotivecompaniesaroundtheworld.KPMGfirmsareleadersindelineatingcriticaltrendsintheautomotiveOuraudit,tax,andadvisoryteamsserve:sector—mobility,autonomy,electrification,andturning•MajorOEMsthemintoactionablestrategies.Ourglobalautomotive•Tier1supplierspracticehelpstopcompaniesintheindustryplanand•Aftermarketplayersexecutestrategiestomakethemostofthesetrends.•Mobilityproviders•EV/AVstart-upsOurdata-drivenapproachallowsustoquantifytheimpact•Institutionalinvestorsoftrendssuchasmobilityforautomakers,dealersandotherplayerssotheycanidentifyandprioritizeemergingExamplesofrecentprojectsopportunities.KPMGprofessionalsthenassistclientsindefiningtechnologyinvestmentanddevelopment•Marketsizingandentryoptionsdevelopmentroadmapstopursuetheseopportunities.forEVandmobilityasaservice(MaaS)Inaddition,KPMGfirmssupportclientswithoperating-•Taxstrategiesre-imaginedforthenewmodelandbusinesstransformationstopreparetheirmobilitymarketorganizationsforbuildingnewtypesofproductsanddoingbusinessinnewways.Forexample,KPMGisarecognized•Scenariodevelopmentforregulatorychangesleaderinsupplychainstrategy.basedonAV/EVadoption•Analysisofindustrysupplychainshiftsandfutureoptions•DevelopmentofvehiclesubscriptionoperatingmodelsbasedonROIsimulation•RetailinnovationandcustomerexperiencetransformationSource:KPMGInternational,KPMGrecognizedasaSupplyChainPacesetter”(March2023)©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.31RespondentprofileKPMGconductedasurveyof1,041executivesacrosstheautomotiveandadjacentindustriesinOctober2023.AlmostaquarterwereCEOsandanotherquarterwereC-levelexecutives.Theremainderwereheadsofdepartmentandbusinessunitsorfunctionalmanagers.TenpercentworkedinOEMs,7percentinsuppliersand9percentindealerships.Therestworkedincar-relatedfinancialservices,inautomotivetechnologies,andintheprovisionofcharginginfrastructure.Intermsofcorporatesize,323workedatcompanieswithatleastUS$1billioninannualsales,238wereincompanieswithUS$500milliontoUS$1billioninrevenue,and459wereatfirmswithunderUS$500million.Atotalof30countriesandterritorieswererepresentedfromAfrica,Asia,Europe,LatinAmerica,MiddleEast,andNorthAmerica.ThetwolargestpoolsofrespondentswereintheUS(277)andinChina(154).Whichofthefollowingbestdescribesyourjobtitle?17%BusinessUnit/23%FunctionalManagerHeadofDepartment24%12%C-levelExecutiveBusinessUnitHead/FunctionalHead24%CEO/President/ChairmanWhichofthefollowingbestdescribesyourcompany?10%5%4%4%OEM/vehicleNewMobilityTransportmanufacturer25%technologiesstart-upInformationandcommunication7%Energysupplier/chargingcomponentscompanytechnologycompanyinfrastructureprovidersupplier17%Technologystart-upcompany6%4%3%4%IndependentlyownedTier1supplierOEMcaptiveTruckNote:Percentagesdonottotalto100duetoroundingautomotivedealer3%financialManufacturerNon-captivefinancialservicesservicescompanycompany3%OEMowneddealer3%2%Tier2/3supplierNotapplicable2%Mobilitystart-upcompany©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.32Whichofthefollowingbestdescribesyourcompany’sannualglobalrevenuein2022?NumberofresponsesOverUS$10billion88US$1billiontoUS$10billion235US$500milliontoUS$1billion238US$100milliontoUS$500million271LessthanUS$100million188NotApplicable21Inwhatcountry,territory,orjurisdictiondoyoulive?NorthAmericaWesternEuropeEasternEurope277UnitedStates80Germany9Turkey63UK7CzechRepublic32Canada43France31Mexico43ItalySouthAmerica40SpainChina33Brazil9Argentina154China11Switzerland10SwedenIndiaandASEANRestoftheWorld7Netherlands7Norway52India16Australia4Belgium11Indonesia11SaudiArabia4Denmark8Thailand10SouthAfricaJapan/SouthKoreaNumberofrespondents42Japan25SouthKorea2Austria©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.33AbouttheauthorGarySilbergGlobalHeadofAutomotiveKPMGInternationalGaryistheglobalheadofautomotivefortheKPMGautomotivepractice.Hehasadvisednumerousdomesticandmultinationalcompaniesinstrategy,mergers,acquisitions,divestitures,andjointventures.Forthepastnineyears,hehasfocusedontheintersectionoftechnologyandtheautomotiveindustry,developinggroundbreakingresearchonthedevelopmentsinelectricpowertrains,autonomousvehicles,mobilityservices,connectedcars,andautomotiveretailing.AcknowledgmentsThissurveywouldnotbepossiblewithoutthecollaborationfromcolleaguesaroundtheworldwhogenerouslycontributedtheirsupport,knowledgeandinsightsintotheplanning,analysis,writingandproductionofthisreport.Thankyouto:AdamAshenfelter,AlexClayborn,AshleyPeck,BalaLakshman,BrianO’Neill,DaveRoyce,GaryChung,GeoffLewis,GiaGustovich,LaraVolpe,LilyAinapure,MichaelMiller,PranyaYamin,TaraNelson,TonyMagrogan,andYoshiSuganuma©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.34AutomotiveleadpartnersbyregionandcountryGlobalAshleyPeckBerndOppoldScottStelkGlobalAutomotivePartner,AdvisoryPartner,AuditGarySilbergSectorExecutiveKPMGInternationalKPMGInternationalGlobalHeadofAutomotiveKPMGInternational+491743368139+19173186933KPMGInternational+17707107262boppold@kpmg.comsdstelk@kpmg.com+13126651916apeck@kpmg.comgsilberg@kpmg.comJamesWalkerPrincipal,AdvisoryPeterSchalkKPMGintheUSPartner,Tax+12487667390KPMGInternationaljrwalker@kpmg.com+491743138574pschalk@kpmg.comAmericasLennyLaRoccaRicardoRoaPartner,AdvisoryPartner,AutomotiveLeaderPerEdinKPMGintheUSKPMGinBrazilPartner,Advisory+18109629122+551139406596KPMGintheUSllarocca@kpmg.comrroa@kpmg.com.br+16506055653pedin@kpmg.comAsiaPacificNorbertMeyringVinodRamachandranSeung-HoonWiPartner,HeadofPartner,HeadofPartner,IndustrialMegumuKomikadoIndustrialManufacturingBusinessConsultingManufacturingPartner,AutomotiveKPMGChinaKPMGinIndiaKPMGinSouthKoreaKPMGinJapan+862122122707+912230901930+82221120620+81335485111norbert.meyring@kpmg.comvinodkumarr@kpmg.comswi@kr.kpmg.commegumu.komikado@jp.kpmg.comEurope,MiddleEast,AfricaGoranMazarAngelikaHuber-StraßerDr.AndreasRiesRichardPeberdyPartner,EMA&GermanManagingPartnerGlobalLeadPartner,Partner,HeadofAutomotiveHeadofESGandAutomotiveKPMGinGermanyConsultingKPMGintheUKKPMGinGermany+491735764021KPMGinGermany+442076944722+491726908101ahuberstrasser@kpmg.com+496995872055richard.peberdy@kpmg.co.ukgmazar@kpmg.comandreasries@kpmg.comFabrizioRicciLaurentDesPlacesMarcDuchevetBegoñaCristetoBlascoPartner,AdvisoryPartner,HeadofAutomotivePartner,AdvisoryPartner,AutomotiveKPMGinItalyKPMGinFranceKPMGinFranceKPMGinSpain+3902676431+33155686877+33155687152+34914513223fabrizioricci@kpmg.itldesplaces@kpmg.frmduchevet@kpmg.frbcristeto@kpmg.esSomeoralloftheservicesdescribedhereinmaynotbepermissibleforKPMGauditclientsandtheiraffiliatesorrelatedentities.kpmg.comTheinformationcontainedhereinisofageneralnatureandisnotintendedtoaddressthecircumstancesofanyparticularindividualorentity.Althoughweendeavortoprovideaccurateandtimelyinformation,therecanbenoguaranteethatsuchinformationisaccurateasofthedateitisreceivedorthatitwillcontinuetobeaccurateinthefuture.Nooneshouldactonsuchinformationwithoutappropriateprofessionaladviceafterathoroughexaminationoftheparticularsituation.©2024CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGInternationalLimitedisaprivateEnglishcompanylimitedbyguarantee.KPMGInternationalLimitedanditsrelatedentitiesdonotprovideservicestoclients.Formoredetailaboutourstructure,pleasevisitkpmg.com/governance.TheKPMGnameandlogoaretrademarksusedunderlicensebytheindependentmemberfirmsoftheKPMGglobalorganization.DesignedbyDASDesignCenter.DASD-2023-14137Publicationname:24thAnnualGlobalAutomotiveExecutiveSurvey:GettingrealabouttheEVtransitionPublicationdate:January2024
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