Although new and used car sales accounted for the lion s share of total global automotive sales revenue in 2014,...

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1 Although new and used car sales accounted for the lion s share of total global automotive sales revenue in 2014,... System revenue 2014 Passenger cars, global, EUR bn = EUR 3,336 bn (37%) 1,355 Brand Importer 1,171 Private repair shops 262 Rental Intermodal Brand Parts ers brand sales (63%) OES Driving (passenger cars) Intermediaries banks Branded repair shops Brand Imp. Parking New cars Financial Aftersales Connectivity Mobility Vehicle sales (76%) Vehicle-related (16%) Mobility-related (8%) Oliver Wyman 0

2 automakers brand sales margins are today secured by financial and, particularly, after-sales System profit 2014 Passenger cars, global, adjusted for inflation, EUR bn = EUR 273 bn (43%) 11 Ind. Brand 12 Ind repair shops Parts ers 33 Rental Intermodal Importer Brand OES brand sales (57%) Intermediaries Branded repair shops Driving (passenger cars) Brand banks importer Parking New cars Used cars Financial After-sales Mobility / connectivity Vehicle sales (8%) Vehicle-related (79%) Mobility-related (12%) Oliver Wyman 1

3 Today, the most money is made with vehicle-related such as financial and after sales Revenue / profit share by business segment Global, 2014, % 8% 11% 6% 35% 12% 38% Mobility / connectivity After-sales 41% Revenue 2014 EUR 3,336 bn 42% Profit 2014 EUR 273 bn Financial New cars Oliver Wyman 2

4 More than EUR40 bn could be up for discussion until New sources of revenue enable non-industry to enter the market System profit 2025 Passenger cars, global, adjusted for inflation, EUR bn = EUR 433 bn (41-51%) 12 Ind Private, ind., intermediaries repair shops, parts, OES Rental New sources of revenue emerge brand sales (49-59%) Brand,, importer, Brand Market share and negotiation power of intermediaries and online ers increases Brand, banks Branded repair shops, importer, Intermodal Driving (passenger cars) Advertising, media utilization, e-commerce / m-commerce Mobility-based are expanded New enter the market Parking New cars Financial After sales Mobility Connectivity Label Vehicle sales (4-11%) Vehicle-related (61-71%) Mobilityrelated (13-18%) New sources of revenue (5-20%) Oliver Wyman 3

5 In 2025, vehicle-related (financial, after-sales) will still be the major revenue sources. The importance of mobility is growing, and new revenue sources are emerging (such as in-vehicle e-/m-commerce) Profit share by business segment Global, 2014 vs. 2025, % 12% 38% 15% 13% 3 New sources of revenue Mobility / connectivity After-sales 42% 31% Financial 3% New cars Profit split 2014 EUR 273 bn Profit split 2025 ~ EUR 433 bn Oliver Wyman 4

6 More than EUR40 bn in system profit are up for discussion until They will be split up among the automotive manufacturers brand sales, and independent and new competitors, respectively Profit share by channel Global, 2014 vs. 2025, % 43% 41-51% Profit of independent / new competitors 10% Fought-over profit 57% 49-59% Profit of brand sales Profit split 2014 EUR 273 bn Profit split 2025 ~ EUR 433 bn Oliver Wyman 5

7 The future importance of mobility-related and new revenue sources (advertising, e-/m-commerce) will lead to the creation of new structures and rules of play Growth of global system revenue until 2035 Passenger cars, global, adjusted for inflation, share in % 6% 15% 20% Mobility-related and new sources of revenue 10% 30% Fought-over revenue 9 75% 50% Vehicle sales and vehicle-related Oliver Wyman 6