(TRANSLATION) 22 October 2010 Japanese Parts Suppliers: The Road to Cultivating OEM Customers in China Hitoshi Kaise, Project Manager Roland Berger Ltd. The Chinese automobile market is literally churning with energy and activity. The progress being made by China’s vehicle makers (local OEM = original equipment manufacturers), including those of Chinese origin, are stunning to say the least. On the other hand, Japanese owned parts suppliers either already having advanced to China or studying the potential for moving into that market continue to voice concerns about how best to go about drumming up business with the local OEMs in that nation. In this report, we examine the awareness of local OEMs regarding the current market issues, their views of Japanese parts makers and other areas, while pondering the horizon for approaches by parts suppliers from Japan in forging inroads and partnerships with the local OEMs. Prospects for Popularization of New Energy Vehicles in China The Chinese passenger car market has grown to the 10million-unit level, ranking it No. 1 in the world. This is a market that just a decade ago had yet to reach 600,000 units. Over the past 10 years, in other words, the market has charted rapid expansion of nearly 20-fold. The brand mix on this market has also undergone major change. Back around 2000, the majority of passenger cars operating on China’s roads were “Santana” cars, indicative of the 40% plus market share held by Shanghai Volkswagen Automotive. Today the Shanghai VW share has fallen to 7%, accompanied by a major advance in brand diversification. The Chinese government has announced its goal for “new energy vehicle” ownership of 5 million units by 2020, with efforts underway to promote the expanded use of cars in that category. Among the key efforts in this direction are the “10 Citadels & 1,000 New Energy Vehicles Project” (which determines targets for the marketing of eco-friendly vehicles backed by financial support), the “New Energy/Energy Saving Automobile Industry Development Plan” (calling for outlays equivalent to 1.3 trillion yen to promote eco-car production) and other measures. The “10 Citadels & 1,000 New Energy Vehicles Project” is a plan to promote introduction of hybrid vehicles (HV) and EV (the focus on buses and taxis) in 13 of China’s largest cities. In Beijing, for example, the schedule is for Beijing Public Transport Holdings Ltd. to introduce around 1,000 HV buses (including 800 units procured from Foton Motor) and 1,500 EV by the end of 2010. The most aggressive plan, however, is the one envisioned for Shenzhen, targeting purchases of 24,000 HV and EV by 2012. That effort is slated to encompass infusion of the equivalent of 25 billion yen in purchase subsidies, construction of 13,000 electric vehiclecharging stations and other support (Figure 2). In addition, market expansion is also being forecast in the near future for electric vehicles (EV), plug-in hybrid vehicles (PHV) and other newly emerging automobile modes (Figure 1). Figure 1: Changes in Passenger Car Market Shares by Brand Shanghai Volkswagen Automotive Shanghai Volkswagen Automotive FAW-VW Automobile Shanghai GM Automotive Industry Corporation Beijing Hyundai 40.5% Dongfeng Nissan Motor Chana Automobile Tianjin Xiali Automobile FAW-VW Automobile Chana Automobile Dongfeng-Peugeot-Citroen Shanghai GM Automotive Industry Corporation First Automobile Works Group Guangqi Honda Automobile Beijing Jeep Corporation Limited China National Guizhou Aviation Industry (Group) Other BYD Chery Automobile Tianjin FAW Toyota Motor Guangqi Honda Automobile 18.5% 7.0% 6.5% 5.6% 5.5% 5.0% 5.0% 4.3% 4.3% 3.9% 3.5% The “New Energy/Energy Saving Automobile Industry Development Plan” is outlined in a rough draft version issued by China’s Ministry of Industry and Information this August. Within this strategy, the equivalent of 850 billion yen will be invested by 2015. The breakdown of that outlay consists of 390 billion yen for EV 14.6% Other 7.7% 7.7% 3.5% 1.8% 2.9% 49.4% 1.6% 0.3% 0.9% 1999 2009 Source: Computed by Roland Berger based on data from Fourin, Inc. -1- Vol. 22 Figure 2: 10 Citadels & 1,000 New Energy Vehicles Project Approach • Changan government procurement of 1,000 HV from FAW by 2012 • Introduction of 30 new energy buses • Wuhan government procurement of 500 EV from Nissan by 2011 • Dalian Passenger Transport Group procurement of 150 HV buses from FAW Changan Dalian Beijing • October 2008: Chongquin government procurement of 10 HV from Chongquin Automobile • October 2009: Changsha government procurement of 252 HV buses from Hunan CSR Times Electric Vehicle • Xiamen Golden Dragon testdriving of HV buses Jinan Chongqing Shanghai Hefei Hangzhou Nanchang Changsha Wuhan Kunmin • Shenzhen government procurement of 20 PHV “F3DM” from BYD Shenzhen • December 2008: Beijing Public Transport Holdings procurement of 800 HV buses from Foton • Jinan government procurement of 80 diesel-powered HV buses from Zhongtong • 2009: Shanghai Jiushi Co. concludes HV bus supply contract with SAIC • 2009: Hangzhou government procurement o f50 HV buses from Xiamen Golden Dragon • Test-driving of An Yuan Bus diesel PHV buses of Shanghai Automotive Industry Corporation, First Automotive Works Group, Dongfeng Motor Corporation, Chana Automobile Co. Ltd. and Beijing Automobile Works. While these companies are subservient to government policies, their generous capital backing ensures that they have extensive plant and equipment facilities along with outstanding human resources (including many holding doctoral degrees). The corporate groups of these OEMs also contain joint venture parts suppliers formed with foreign-owned parts makers (from which they procure the lion’s share of their components). The government-controlled joint ventures are companies launched by government-controlled and owned OEM and overseas OEM. They include Shanghai GM Automotive Industry Corporation, FAW-VW Automobile Co., Ltd., Dongfeng Nissan and others. Though referred to here as “joint ventures,” their decision-making toes the line of government policy, and on that point there is no difference from the governmentcontrolled and owned OEMs. With regard to the sourcing of technology, however, the companies can be supplied by both the foreign-owned OEM as the joint venture partners and the parent company (the governmentcontrolled and owned OEM). In terms of development capacity, they fall short of the generous funding enjoyed by their government-controlled and owned counterparts. The Chinese-owned majors are OEMs that receive no capital investment from the government and advance inhouse development and brand sales on the strength of their own resources. This category includes Chery Automobile Co., Ltd., Geely Automobile Holdings, BYD Co., Ltd. and others. The financial strength of these companies comes up far short of the governmentcontrolled OEMs, while their locations in provincial areas render it difficult to attract outstanding personnel. Despite their “major” status, meanwhile, these companies remain in the midst of emerging from reliance on reverse engineering based copies, and currently find themselves even further below the governmentcontrolled joint venture OEMs in terms of technical prowess as well. Because of this, the motivation of these makers to raise development capacity on their own strength runs high. The Chinese-owned small and medium firms comprise the remainder of the OEMs – operations that have sprung up haphazardly around the nation. The estimates of their numbers vary widely, with some claiming 100 and other figures going as high as 150. Basically speaking, they are enterprises that got their starts as family-run town factories and are simply unable to gear up for massproduction at levels of several ten thousand units. This leads us to the questions of what type of local OEMs offer the greatest opportunities for inroads by Japanese-owned parts suppliers, and whether there are Source: Individual company press releases development by OEMs and subsidized purchases of EV by general consumers; 130 billion yen for development of motors and batteries by key component manufacturers; 70 billion yen for construction of charging stations; and 260 billion yen earmarked for OEM development of HV and consumer HV purchase subsidies. Moreover, 16 vehicle manufacturers, parts makers and major energy-related state-run enterprises have formed the Electric Automobile Industry Union in an effort to organize approaches aimed at promoting industry. On a separate front, 10 OEM companies have launched a consortium to study technology exchange, standardization of major parts and other initiatives, setting their sights on 500,000 EV unit sales by 2015. Hand in hand with market expansion, the momentum of development, production and sales by local OEMs can be expected to pick up further steam from here on as well. Local parts makers, meanwhile, are not the only ones with their eyes riveted on the business opportunities. This market also offers big chances for Japanese-owned parts suppliers, with the number of companies declaring their desire to gear up in that direction on the rise daily. At present, however, very few such Japanese parts makers have actually succeeded in landing orders from local OEMs. If the truth were known, it seems clear that these suppliers lack clear ideas about how to cultivate the market comprised of the local OEMs. To take that plunge, the first step must be to gain an understanding of the structure and distinguishing characteristics of these local vehicle assemblers. Local OEM Structure and Advised Targets for Japanese Parts Makers Local OEMs in China may be broadly divided into four categories: (1) Government-controlled and owned, (2) government-controlled joint ventures, (3) Chinese-owned majors and (4) Chinese-owned small- and medium-sized enterprises. The government-controlled and owned category companies are state-run OEMs bankrolled by the Beijing central government or local governments. They consist -2- Vol. 22 any promising Chinese-owned OEMs to choose from. As mentioned, the technical capacity of Chinese-owned majors tends to be weak, with their volition to make improvements high. Because of that, they have high hopes for finding partners willing to extend the support needed for development. During a recent interview with the vice president of a Chinese-owned major OEM, that executive stressed the following points: “Please tell Japanese parts makers that we are fully open to joint development and new transactions, and definitely favor long-term relationships. For us as well, there is no merit in simply absorbing know-how and then switching to other partners after a short period of time.” It does without saying, furthermore, that landing orders from Chinese-owned majors, OEMs currently in the process of expanding their market shares, offers attractive business potential for Japanese parts suppliers as well. Figure 3: Approaches to Local OEMs Direct Approaches (Direct access to local OEMs) Independent approaches (own company) With other Japanese companies Premise of ability to combine in-house products into package units With parts makers with local OEMs as their customer base Indirect Approaches (Teaming up with local parts makers to access local OEMs) With parts makers offering the same products Premise of ability to product at low prices With parts makers offering different products Premise of ability of combine in-house products into package units Source: Roland Berger When attempting to directly access local OEMs, two different patterns are plausible – independent approaches by the interested company, or joining forces with other Japanese companies in plotting such advances. In our opinion, the former pattern promises to more effective. As noted above, local OEMs generally have a constructive outlook on doing business with Japaneseowned parts makers. In fact, there are cases in which even the materials for batteries produced in-house by Chinese-owned majors are supplied via joint development with Japanese materials producers. In the latter case, an example of the pattern adopted is for motor manufacturers to team up with producers of batteries, inverters and converters, followed by attempts to market these components as electrically operated power train packages. It should be pointed out, though, that a tricky aspect of this approach is how to most fairly allocate the rights and responsibilities involved. For example, who will accept responsibility in the event of quality problems? How will the profits be divvied up? Stories of how such issues tend to slow the progress of corporate alliances are common fare in today’s arena of big company tie-ups. But in a market like China, where speed is of the ultimate essence in making inroads, such hassles could doom a venture to failure. Compared to this, the priority weighting of governmentcontrolled and owned OEMs is low. This is not to say that opportunities to collaborate with such companies should be avoided. However, they have already established joint ventures with their partners and have been procuring components on an exclusive basis from those suppliers for over 10 years. Those partners, furthermore, are Bosch, Continental AG and other megasuppliers from Europe and North America that are certainly not inferior to Japanese-owned parts makers in terms of technical strength either. These companies have also forged strong ties with local OEM. Taking all of these factors into consideration, it is obvious that penetrating such strongholds would require considerable power. It is also difficult to view the government-controlled joint ventures as prime targets for market advance offensives. This is linked to their strong sense of the ability to receive technology at no cost from joint venture partners, and the resulting low motivation to carry out development on their own expense while paying the price for the know-how as they proceed. Besides this, they often share the same suppliers with the governmentcontrolled and owned OEMs that are their parent firms, making it more than likely that they will encounter the same barriers. The Chinese-owned small and medium OEMs operate in the domain where cheap is king, with their needs for the type of advanced technologies supplied by Japanese parts low from the outset. As a result, it is also difficult to regard these companies as viable targets for business approaches either. All in all, therefore, the inevitable conclusion is that the priority for local OEM partnerships should be placed on the Chineseowned majors. In cases of banding together with local parts makers as well, there are again several conceivable patterns for choosing partners. They include: (1) Parts makers with local OEMs as their customer base; (2) parts makers with the technology to build the same products at low prices; and (3) parts makers with products that can be combined with the in-house wares of the Japanese supplier for packaging. In China, there are currently no locally owned operations along the lines of Denso, Bosch or other integrated parts producers. Behind this is the fact that most local Chinese parts makers contain equity investment from local OEMs – making them part of socalled keiretsu enterprise groups with linked capital. This places limits on the ability to engage in extensive supplying of parts extending across several different local OEMs, with the result that the individual parts makers fail to grow large in scale. For example, even in the case of Chinese-owned major OEM Chery, the company’s group contains a total of 17 wholly owned subsidiary parts suppliers alone – four each for chassis and power train components respectively, and three each Approaches to Local OEMs Having said this, what types of approaches should be made to what specific categories of local OEMs in seeking to break into the Chinese market? We feel that such efforts can be grouped into two major categories (methods): (1) Direct access to local OEMs; and (2) teaming up with local parts producers in establishing access to local OEMs (Figure 3). -3- Vol. 22 for body, interior and electrical parts, respectively. Beside these, Chery also maintains equity stakes in 14 other parts makers. In view of this, joining forces with a parts supplier boasting such a customer base is pretty much tantamount to entering into a partnership with the local OEM itself. with this emerging as the core technology in the industry. Reverse engineering is not a reliable way to achieve precision reproduction of the input and output in controllers and other electronic components. This leads us to conclude that a low likelihood exists for the occurrence of such feared technology drains. Naturally, not all suppliers belong to corporate groups (keiretsu). This points to the approach of taking aim at domains where independent local parts makers have made inroads, with the local and Japanese parts makers teaming up to enhance their aggregate value. In cases of the same product, Japanese parts suppliers appear to have attained higher overall adaptability to respond to demands for more advanced technology. On the other hand the Japanese firms rank inferior in their ability (marketing strength) to identify the needed specs and quality, cost competitiveness and information. It is in such areas, therefore, that the local Chinese parts makers can manifest their fortes. Working through such mutual complementation provides one means of raising the level of added value in marketing to local OEMs. The second factor detracting from the potential for technology to be lifted is that even if the engineering of individual parts is mapped out, it will be tough to develop a grasp of how to link those components together. Though China has been renowned for its copied cars, in recent years the types of completely forged vehicles so common not so long ago are rarely seen out on the roads. What this means, in other words, is that local OEMs need to combine copied parts for packaging as new models. The technology of “linking” together multiple numbers of parts demands a level of expertise far superior to that needed to reproduce separate individual parts. This is due to the necessity for knowhow to create linkage based on consideration for the mechanical and electronic interfaces between individual parts, with a massive degree of knowledge and technology required for that work. With EV, there is talk about reaching the “plug-and-play” capability seen in personal computers, thereby eliminating the need for such interfacing. Realizing such capacity, however, will require much more time and work. Though touted for their ability to run on electricity, these vehicles will obviously continue to be equipped with chassis, bodies and other machine parts as well. For that matter, simply linking up the motor, battery, controller and other components is hardly sufficient to get an EV up and running. Once the motor is changed, failure to adjust the controller that exercises integrated control over the operation will render it impossible to even send and receive signals. To also secure performance on a par with existing engine vehicles, meanwhile, it will be critical to add subtle tooling to achieve high safety, energy savings and other desired performance factors. The underlying strength accumulated by Japanese parts makers, the product of decades of efforts that also include work on EV, should be a decisive factor in this area. Therefore, even if local OEMs pilfer technology for individual parts, that know-how alone will amount to little more than worthless relics. It is precisely for this reason, therefore, that Japanese parts makers should be able to excel as important partners during the period, at the very least, required for the local OEMs to achieve interfacing capabilities similar to those of the Japanese. Moreover, even with local suppliers that enjoy expertise in other parts, there is room for entering into alliances if efforts can be made to combine the components for marketing as packaged units. This resembles the previously explained pattern of Japanese parts makers teaming with each other. Likely, to be encountered, however, are the same issues such as quality assurance and profit distribution. Taking these factors to heart, we believe that initially adopting the head-on tactic of mounting direct and independent approaches to local OEM offers the most promising method at the current point in time. The Real Risk of Doing Business with Local OEMs Regardless of the approach, a major concern for Japanese parts suppliers is how to lower the level of risk involved. In this regard, just what is the inherent risk of dealing with local OEMs? The area most often mentioned is that of so-called “technology drains.” This refers to the fear that technology and know-how will be absorbed through the products of Japanese parts makers, with the affiliation then cancelled in favor of a shift to inhouse production. With that, the technology will continue to be used without payment of any additional costs or fees. The question arises, however, if whether such a chain of events is really likely to occur. From three different viewpoints, we feel that the possibility of such an outcome is low. The third argument against technology drains concerns the difficulties in changing design ideas, specs and processes once they have taken root. By furnishing technology and becoming integrally involved in the development efforts of local OEMs, Japanese parts makers will be able add their own corporate color to the thinking and the methods applied to the OEM designs. Once such conditions have been established, even if the local OEMs improve their technical strength the most sensible mode of operation will be to continue doing The first reason for this conclusion concerns the natural limits on the degree to which parts technology can be elucidated. It is true that local OEMs are well equipped to engage in copying through the reverse engineering of existing products. Reverse engineering, however, is effective primarily on machine parts. Recent years have seen major advances in the use of automotive electronics, -4- Vol. 22 business with the Japanese parts makers (with which they share common design ideas and processes). In that sense, taking precautions to ensure difficulties with the use of technology other than that developed in-house is the most natural and strongest form of risk control. Why do keiretsu groups effectively exist in Japan? It is because, amid differences between the individual OEM design ideas and processes, it is easiest to work with parts suppliers with which relations have been maintained over the years (even when removing all emotional attachment from the picture). Under the present circumstances, we feel there is still time for Japanese parts makers to take the initiative in cultivating these types of relationships with local OEMs focused on Chinese ownership. marketing functions. Bosch subscribed to the thinking that simply because product technology developed for industrialized countries may be state-of-the-art does not meant that it can be adopted as-is for the upscale car market in China. This represents a direct application of the old adage, “When in Rome, do as the Romans do.” It also flew in the face of the belief held back then that China amounted largely to a production base, with few efforts made to approach that country as a viable car market. This approach can be seen as the primary factor behind the sustaining of Bosch’s partnership with Shanghai Automotive Industry Corporation for over 25 years. Strong commitment, meanwhile, is an expression of the resolution to provide total support for the partner on the capital, geographical location and human resource fronts alike. For example, the Western parts producers Johnson Controls Inc., Delphi Corporation, Lear Corporation and Borg Warner Inc. have all established ties with Beijing Automobile Works (BAW). In terms of capital, each of these manufacturers has launched joint ventures with BAW, pledging to carry on deep relationships over the long term. Location-wise, they have opened their own plants in the “supplier park” adjacent to the BAW plant, setting up systems that allow them to immediately get together with BAW to address and mutually work out resolutions to any problems that crop up. For human resources, a large number of local staffers, including those in management posts, have been hired, laying the groundwork for smooth give-and-take attuned to the Chinese language, business practices and other local customs. In addition, Bosch has invested the equivalent of 2.1 billion yen to build a winter season testing center, which it uses to conduct joint tests open to local OEMs that do not have such facilities. Continental, meanwhile, has opened a new 10,000m2 development base, while relocating its Asia headquarters to Shanghai. In all, its outlays amount to some 7 billion yen while a workforce of around 900 persons is currently in place (Figure 4). Based on the three reasons mentioned above, we believe that the risk of so-called technology drain is not nearly as acute as feared by many Japanese parts makers. Far more worrisome than that, in the event of hesitation on the part of Japanese suppliers to disclose their technology, is the scenario of local OEMs entering into a steady stream of tie-ups with other parts makers. Before they realize it, Japanese dalliers may find that all the potential partners for forging inroads on the Chinese market have been taken. Nissan Motor President Carlos Ghosn, in fact, has expressed his company’s intention to supply Chinese joint ventures with technology on an unconditional basis. This stance may also be read as an expression of the keen sense of importance attached to averting the risk of getting off to a late start in China. Strategies for Raising the Chances of Success When all is said and done, however, the key premise for building up relations with local OEMs is what we would describe as “mutual affection.” In the midst of an onslaught by parts makers from around the world to succeed in China, the specific approaches used to persuade local OEMs to choose a certain company as a partner are also an important factor. What strategies did Bosch, Continental and other suppliers that have already established strong relationships with local OEMs use to make such inroads? The two key points on this front consist of keeping a “low profile” in order to learn from one’s own partner, and making a “strong commitment” to that partner. Keeping a low profile refers to the awareness that even companies ranking as global leaders as parts makers are novices when it comes to the Chinese market, combined with sincere and devoted efforts to identify the local demand and develop products capable of addressing those needs. Bosch launched its full-fledged advance to China in 1994, at a time when the majority of passenger cars on the road were still Santana models. In the quest to grasp the state of needs distinctive to China, it established Shanghai ZF Steering as a joint venture parts manufacturer with Shanghai Automotive Industry Corporation, and instilled that company with development and In both of these cases, there is a clear sense of the strong commitments on the part of the suppliers to either sink or swim on the Chinese market in partnerships with the local OEM. In summation, on one side we have parts Figure 4: China Bases of Western Parts Makers Bosch: Winter Season Testing Center Continental: Asia Headquarters and Development Center • Local development of brakes, ABS and ESP, joint testing with local OEMs • Asia Headquarters – Construction of new 16-story building – Floor space of 15,000m2 • Investment capital: 2.1 billion yen • Personnel: 40 persons • Development Center – Chassis, power train and safety technology R&D – Site area: 10,000m2 • Total investment: 7 billion yen • Total personnel: 900 persons Source: Individual company websites. -5- Vol. 22 makers fully committed to the rising to all challenges on the China market, while on the other are suppliers continuing to play a wait-and-see game of feeling out possible partners out of fear of possible technology drains. When we consider how the actions of these two sides are reflected in the eyes of the local OEMs, the answer should be perfectly clear. competitive circumstances, it seems quite natural that the first step should be to utilize direct discourse with local OEMs to locate envisioned partners. Once finding such candidates, furthermore, suppliers need to engage in passionate talks based on explanations of their willingness to furnish technology and then work together in achieving long-term mutual progress and growth. Conclusion The majority of Japanese parts manufacturers are sizing up the dramatic expansion of the Chinese auto market and the fierce mo mentum o f the lo cal OEMs spearheading that advance, while pondering the threat presented by the waning state of the domestic Japanese market. Impacted by both developments, they have keen interest in making business inroads with local OEMs in China. For their part as well, the local OEMs, primarily those that are Chinese owned, are also voicing the desire to enter into relationships with Japanese parts makers that are armed with solid technological strength. Yet, in spite of the desire on both sides, the vacillation demonstrated by so many Japanese parts suppliers appears to be rooted in fears of having their technology drained off. However, if companies can adopt the approach of embedding themselves in the development operations of local OEMs, it will be possible to establish relationships capable of generating mutual merits for both sides over the years to come. As noted, these parts makers need to realize that the true risk lies in being left at the starting gate. To seize the initiative in this market, it will be important to make firm commitments to specific automakers on the various fronts of capital, location and human resources. Even Western parts makers that have put down roots and been operating in China for several decades have largely failed to achieve conditions under which they can effectively sell their wares to a large number of local OEMs with which they maintain only limited ties. Latecomers to the market attempting that approach, therefore, would appear to have little chance of lasting success. In searching for potential partners, therefore, the best approach naturally lies in being totally honest with companies that appear attractive and about which the desire exists to learn the insides and outs, and then engage in heart-to-heart discussions. The current situation finds large numbers of parts makers from around the world advancing to China to court the local OEMs there. Under these highly New Global Study Issued and Available Roland Berger is pleased to announce the release of a new study report titled Global Automotive Supplier Study ~ Quick rebound after the crisis ~ Significant challenges ahead. Copies of this report are available at no charge, with in t erest ed parti es requested to inquire at the following contact. The text is also scheduled to be uploaded on the Roland Berger website in PDF format. We are likewise prepared to deliver presentations or engage in discussions of the contents of this work if the desire exists. Please don’t hesitate to get in touch with us concerning any such requests. Profile Project Manager Histoshi Kaise [email protected] Completed graduate studies at Yokohama National University, then went to work for a major automotive manufacturer before joining Roland Berger. Left for employment at a business firm and then a venture incubator, before returning to Roland Berger. Kaise is involved in a large number of projects at Roland Berger – management, business and marketing strategies, brand management, M&A support and other areas with the key focus on the auto industry. His strong points include promoting the style of setting up at client operations and using daily discussions to analyze and improve the status quo. Vol. 22 October 2010 ●Inquiry to: Roland Berger Ltd. 〒107-6023 ARK Mori Bldg 23F, 1-12-32, Akasaka, Minato -ku, Tokyo Tel: 03-3587 -6660 (main number) Fax: 03-3587 -6670 e-mail: [email protected] URL: http://w ww.rolandberger.co.jp Tokyo Office Automotive Strategy Team Satoshi Nagashima Partner Team Representative Ken Mori Partner Keisuke Yamabe Partner Hiroshi Nishijima Project Manager Hitoshi Kaise Project Manager -6-
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