PwC: In the first half of 2022, M&A in China's automobile industry showed an increasing trend.

On September 29th, PricewaterhouseCoopers released "Review and Prospect of M&A Activities in China Automobile Industry in the First Half of 2022". The report shows that in 2022, the long-term trend of M&A transactions in China's automobile industry is improving, mainly in the field of new energy vehicle manufacturing. From 2020 to the first half of 2022, the total investment of M&A in China automobile industry exceeded 770.7 billion yuan. Compared with the same period in 2020 and 202 1, the first half of 2022 showed an overall growth trend.

Looking at the first half of 2022, the automobile industry is also facing challenges and opportunities under the background that the macro situation tends to be complex. With the gradual implementation of support and planning policies, the industrial value driven by technological upgrading has increased, and the market demand is considerable. The scale of M&A transactions has increased rapidly compared with that of 202 1. In the first half of 2022, China automobile industry completed 254 M&A transactions at home and abroad, and the disclosed transaction amount exceeded 654.38+0793 billion yuan.

In the first half of 2022, the number of large-scale transactions in the automobile industry decreased to 25 compared with 202 1 in the same period. Judging from the average transaction amount, the average transaction amount of medium-sized transactions decreased by 22% compared with the same period of last year. Driven by three major transactions exceeding 10 billion yuan, the overall average transaction amount has increased compared with the previous year. Compared with the same period of last year, M&A transactions in the automobile industry are frequent, and the investment in strategic investment/acquisition stage accounts for the largest proportion in other rounds in terms of quantity and scale.

In 2022, judging from the regional distribution of M&A transactions in the automobile industry, Guangdong, Shanghai and Soviet Union have the strongest investment atmosphere, with more than 30 transactions, benefiting from the overall industrial advantages, policy support, and the concentration and preemption of talents and technology accumulated by the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area.

Jin Jun, managing partner of PricewaterhouseCoopers in China and Hong Kong, said: "To meet the increasingly unknown challenges, it is very important to master the technological advantages and scale advantages. They are the main sources to support auto industry participants to improve their resilience and cope with unpredictable factors in the rapidly changing market competition pattern. As a key word, innovation breakthrough will become an important value growth point and win the favor of the capital market. "

From the perspective of subdivision trajectory, in the first half of 2022 and the same period of last year, the number and amount of transactions in the field of auto parts and vehicle manufacturing increased significantly. In the field of auto parts, electric auto parts, automatic driving, intelligent driving and other tracks are strong, and the heat of attracting gold is not reduced; In the field of vehicle manufacturing, the total investment is considerable, driven by the strong entry of new forces in vehicle manufacturing and the accelerated industrial integration of traditional automobile manufacturers; The automobile aftermarket is affected by the macro environment, and the transaction growth rate slows down.

As a popular track, the field of auto parts continues to attract the attention of investors from all sides. In the first half of 2022, the number of transactions reached 153, with a transaction amount of 83.7 billion yuan. Compared with the previous year, 202 1 has increased significantly in scale and quantity, and the first half of 2022 is close to the average level of 202 1. In the first half of 2022, electric vehicle parts and autonomous driving were still favored by capital, with investment amounts of 57.4 billion yuan and 91900 million yuan respectively.

In the field of vehicle manufacturing, the number of transactions in the first half of 2022 reached 3 1, with a transaction amount of 65.8 billion yuan. Among the top ten transactions, new energy vehicles have a strong momentum. Traditional fuel car manufacturers are accelerating integration. Faced with the development trend of shrinking demand, supply shock and expected weakening in the traditional fuel vehicle market, the scale advantage of generate is integrated among industries, and the scale effect will provide more support for the main engine plant in terms of bargaining power and initiative of strategic adjustment, or it will provide more possibilities for its business division and layout of new energy tracks. A hundred schools of thought contend in the new energy vehicle market, and the new energy brands endorsed by traditional car-making enterprises, the new car-making forces on the mainstream stage and the Internet companies that joined the war across the border stand in three pillars.

In addition, the landing of autonomous driving in commercial scenes continues, and autonomous driving has presented a clear commercial route, that is, gradually landing in different scenes to improve penetration. Among them, heavy truck application scenarios include port logistics, mine logistics and park logistics. In addition, autonomous driving technology has also emerged in municipal sanitation, Robotaxi and other scenes.

M&A transaction speed in the automotive aftermarket has slowed down. In the first half of 2022, the number of transactions reached 70, with a transaction amount of 29.8 billion yuan. However, with the development of technologies such as autonomous driving, the continuous improvement or innovation of related derivative services, and the continuous empowerment of business models such as "internet plus", the automotive aftermarket still has a large room for development. Under the background of policy guidance and changes in consumers' psychology, new energy vehicles have developed at a high speed, and related supporting facilities have also ushered in great opportunities. While the charging market continues to exert its strength, the power exchange business not only has a faster charging speed, but also has a better ability to alleviate competitive advantages such as "mileage anxiety", which stands out under the support of technological upgrading.

Lu, managing partner of PricewaterhouseCoopers in China Mainland and Hong Kong, said: "Looking back, policy, technology and demand have pushed the auto industry to continuously release its growth potential, attracting great attention from various investors. Looking forward to the future, as a strategic pillar industry of the national economy, the automobile industry will continue to be an important force to promote low-carbon transformation, cost reduction and efficiency improvement, and technological upgrading of China's economic development. "

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