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Date
September 16, 2021

dbAccess IAA Cars Conference 2021

Author
Tim Rokossa
+49(69)910-31998
Deutsche Bank Research Management
Stefan Schneider
Deutsche Bank Research welcomed clients to the bi-annual dbAccess IAA Cars Conference 2021, which was held in virtual format over two days.
In the opening fireside chat Dr. Kurt-Christian Scheel, Managing Director, German Association of the Automotive Industry, discussed the acute semi shortage, electrification and the mobility of tomorrow.
Tim Rokossa, Head of German Company Research & Global Coordinator Automotive Sector, commented: “This year saw 25 corporates and more than 160 clients attending the dbAccess IAA Cars conference 2021, which exceeded attendance and investor interest two years ago. We believe this is a reflection of the very volatile environment this industry operates in making it important to stay very close to the news flow. Thank you to everyone who worked so hard to make this such a successful event.”
Industry statements prior to the event suggested a difficult quarter ahead; dbResearch highlights five key points from the event:
  1. Volumes continue to be pressured by the global semiconductor shortage, which should remain a challenge throughout 2022. Devices made of semiconductors are essential components of most electronic circuits.
  2. While supply of semis is limited, demand for individual mobility is still good as customers accept longer order-processing times for vehicles.
  3. Pricing is strong given the combination of limited supply, healthy demand and low inventory levels – with electric and high-margin models still the priorities. Once supply returns to normal, we expect a turning point in the balance between pricing and volumes, which could have big implications for stock valuations. We are, however, confident OEM pricing can stay stronger for longer this time.
  4. For electric models, several Battery Electric Vehicles that were launched this year are already sold out. Auto manufacturers mainly presented new all-electric models and appear to be confident of reaching EU CO2 targets this year.
  5. The shift towards autonomous vehicles is considered much more important for the market than the shift towards electrification. Until 'robotaxis' hit the road, offering software services and semi-autonomous functions can generate additional revenue streams.
We were privileged to welcome major industry leaders including; Arno Antlitz (CFO VW), Ola Kaellenius (CEO Daimler) and Harald Wilhem (CFO Daimler), Birgit Böhm (Head of Treasury BMW) and Christian Koetz (CEO Tires Continental), Patrick Koller (CEO of Faurecia), Stefan Wolf (CEO ElringKlinger), Francisco Riberas (Executive Chairman Gestamp), Kathleen Wantz-O'Rourke (CFO Plastic Omnium), Kevin Clark (CEO of Aptiv), Fredrik Westin (CFO of Autoliv), Avinash Rugoobur (President of Arrival), Carsten Breitfeld (CEO of Faraday Future) as well as Christoph Weigler (General Manager Uber DACH) and Wolfgang Bernhart (Senior Partner Roland Berger).
 

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