Global M&A Outlook 2023: Automotive Electric and digital revolutions still drive M&A

The automotive sector is currently experiencing two inflection points at the same time:

  • an electric vehicle revolution, as the industry transitions from the internal combustion engine (ICE) to zero emission vehicles (ZEV) including battery electric vehicles (BEV) as part of the wider decarbonisation agenda; and
  • a digital revolution, particularly as the connected software stack in the vehicle (and increasingly in the cloud) becomes as important as the mechanical ICE used to be.

While much of this change is happening organically within automakers (original equipment manufacturers or OEMs) and their Tier 1 & 2 suppliers, many are turning to M&A to acquire technology, software and skills that they don’t possess and to collaborate to obtain economies of scale and share high R&D and production costs.

Activity

Deal values and volumes cooled in 2022, as the number of de-SPAC transactions in the sector dropped off markedly, after US$20 billion+ deals for each of BEV makers Lucid and Polestar in 2021.

However, the twin revolutions still drove substantive M&A. In technology, Aptiv agreed to buy Wind River, a software company, for US$4.3 billion and ECARX, a mobility tech company with close connections to Geely, became the subject of a US$3.4 billion SPAC acquisition.

In EV transition, Cummins bought component maker Meritor, including its electric powertrains business, for US$3.7 billion and two Chinese OEMs developing BEV models, Chijet Motor and CH-Auto (Qiantu Motor), were the subject of US$1 billion+ SPAC deals. In this context, there is a heavy focus on the US due to the significant impact of Biden’s Inflation Reduction Act.

Joint ventures have always been popular in the industry and 2022 was no exception, particularly in the fields of new BEV development and the EV battery supply chain. Honda and Sony agreed a 50/50 JV to establish Sony Honda Mobility to develop

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Sorts Of Electric Motors Used In Hybrid Automobiles

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There are two kinds of electrical motors-those who run with DC (direct current), and those that run on AC (alternating present). College students will broaden their skill set with training on unmanned aerial methods as it applies to rules and legal guidelines and precision agriculture. Collision: Kind 1, 2+, and three+ insurance coverage normally comes with collision protection.

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