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新能源汽车销售调查英语作文范文模板Introduction:With increasing concerns over environmental pollution and climate change, the demand for new energy vehicles is growing rapidly around the world. This paper presents a survey conducted to analyze the current situation of new energy vehicle sales.Survey Methodology:The survey collected data from 500 customers who recently purchased new energy vehicles in a major city in China. The respondents were asked about their motivations for purchasing new energy vehicles, satisfaction with their purchases, and key challenges they faced during the purchase process.Motivations for Purchasing New Energy Vehicles:The results showed that environmental concerns are the primary motivator for purchasing new energy vehicles. More than 70% of respondents cited their desire to reduce carbon emissions and improve air quality. Other significantfactors included cost savings on fuel (15%) and government subsidies (10%).Satisfaction with New Energy Vehicle Purchases:The survey found that overall customer satisfaction withnew energy vehicles is high. Nearly 90% of respondents indicated that they are satisfied or very satisfied with their purchases. The most common reasons cited for this satisfaction were low operating costs (30%), quiet driving experience (25%), and government subsidies (20%).Challenges Faced During New Energy Vehicle Purchase Process: Despite general satisfaction with purchases, many respondents encountered significant challenges during the purchase process. Most commonly, these challenges centered around charging infrastructure availability (40%), limited model options (30%), and high purchase prices (20%).Conclusion:In conclusion, our survey findings suggest that while environmental concerns are driving increased sales of new energy vehicles, there are still significant challengesthat need to be addressed. Policy efforts to improve charging infrastructure availability and expand model options could further boost sales in this sector. Additionally, efforts to reduce purchase prices could also help increase adoption rates among more price-sensitive consumers.。
中国汽车发展状况英语作文The Development of China's Automotive IndustryIn recent years, China's automotive industry has undergone remarkable growth and transformation, becoming a significant player in the global automotive market. This essay aims to explore the key factors that have driven this development and discuss the current status and future prospects of China's automotive industry.Firstly, the increasing demand for automobiles in China has been a major driver of the industry's growth. With the rapid urbanization and rising incomes, more and more Chinese consumers are able to afford private vehicles. This has led to a significant increase in the sales of both traditional and new energy vehicles.Secondly, the Chinese government has played a crucial role in promoting the development of the automotive industry. Through various policies and incentives, the government has encouraged investment in automotive research and development, as well as the adoption of new technologies and innovative business models. This has helped Chinese automakers to improve their competitiveness and expand their market share.Thirdly, the rapid development of new energy vehicles has been a major trend in China's automotive industry. With the increasing awareness of environmental protection and the promotion of clean energy, more and more consumers are choosing to buy electric or hybrid vehicles. This has led to a significant increase in the sales of new energy vehicles, and many Chinese automakers have also invested heavily in this field.Looking ahead, China's automotive industry is expected to continue its growth trajectory. With the ongoing urbanization and economic development, the demand for automobiles will continue to rise. At the same time, the adoption of new technologies such as autonomous driving and connectivity will further transform the automotive industry and create new opportunities for growth.In conclusion, China's automotive industry has achieved remarkable progress in recent years, driven by increasing demand, government support, and the development of new energy vehicles. With the ongoing technological innovation and economic growth, the future prospects of China's automotive industry are promising.。
汽车行业的实验英语作文As a car enthusiast, I always find myself fascinated by the automotive industry. The sleek designs, powerful engines, and advanced technologies make cars more than just a mode of transportation. They are a symbol of freedom, adventure, and innovation.One of the most exciting aspects of the car industry is the constant pursuit of speed. Car manufacturers are always trying to outdo each other in terms of horsepower and acceleration. It's a never-ending race to create thefastest car on the market. From supercars to hypercars, these vehicles push the boundaries of what is possible, leaving us in awe of their sheer power and performance.But speed isn't the only thing that matters in the car industry. Safety is also a top priority. Car manufacturers invest heavily in research and development to ensure that their vehicles are equipped with the latest safety features. From advanced driver-assistance systems to crash avoidancetechnologies, these innovations are designed to protectboth the driver and passengers in the event of an accident. It's reassuring to know that the car industry is constantly working towards making our roads safer.Another interesting aspect of the car industry is the rise of electric vehicles. With concerns about climate change and air pollution, more and more people are turningto electric cars as a greener alternative. These vehicles are powered by electricity, which means they produce zero tailpipe emissions. This not only helps to reduce ourcarbon footprint but also reduces our dependence on fossil fuels. It's exciting to see how electric vehicles are reshaping the future of transportation.In addition to speed, safety, and sustainability, car manufacturers are also focusing on connectivity and automation. With the advent of smart technology, cars are becoming more connected than ever before. From built-in navigation systems to voice-controlled infotainment systems, these features make driving more convenient and enjoyable. Furthermore, the development of autonomous vehicles isrevolutionizing the way we travel. Self-driving cars have the potential to reduce accidents, ease traffic congestion, and improve overall efficiency.In conclusion, the car industry is a fascinating world of innovation and excitement. From the pursuit of speed to the focus on safety, sustainability, connectivity, and automation, car manufacturers are constantly pushing the boundaries of what is possible. As a car enthusiast, Ican't wait to see what the future holds for this ever-evolving industry.。
国产车优点英语作文Title: Advantages of Chinese Domestic Cars。
In recent years, Chinese domestic cars have beengaining prominence both domestically and internationally. This surge in popularity can be attributed to several advantages inherent in these vehicles. In this essay, wewill explore the various strengths of Chinese domestic cars.First and foremost, one of the most significant advantages of Chinese domestic cars is their affordability. Unlike imported vehicles, which often come with hefty price tags due to tariffs and transportation costs, domestic cars are generally more accessible to the average consumer. This affordability has played a crucial role in expanding the domestic automotive market and increasing vehicle ownership rates among the Chinese population.Furthermore, Chinese domestic cars are known for their adaptability to diverse market demands. With a rapidlyevolving automotive industry, Chinese manufacturers have demonstrated their ability to produce a wide range of vehicles tailored to different preferences and needs. Whether it's compact city cars, spacious SUVs, or electric vehicles, domestic carmakers have shown versatility in catering to various segments of the market.In addition to adaptability, Chinese domestic cars boast advancements in technology and innovation. In recent years, Chinese automakers have made significant strides in developing electric and hybrid vehicles, reflecting a commitment to sustainability and environmental responsibility. Moreover, advancements in connectivity, autonomous driving technology, and safety features have enhanced the overall driving experience and competitiveness of domestic cars in the global market.Another advantage of Chinese domestic cars is their robust domestic market support. With the backing of the Chinese government and favorable policies aimed at promoting the growth of the domestic automotive industry, domestic car manufacturers have been able to invest inresearch and development, infrastructure, and manufacturing capabilities. This support has facilitated the rapid expansion and modernization of the domestic automotive sector, enabling Chinese carmakers to compete more effectively on a global scale.Furthermore, Chinese domestic cars often come with competitive warranties, maintenance packages, and after-sales services, providing consumers with added peace of mind and value for their investment. This focus on customer satisfaction has contributed to building trust and loyalty among domestic car buyers, further fueling the success of Chinese automakers in both domestic and international markets.Moreover, Chinese domestic cars are increasingly gaining recognition for their quality and reliability. While there may have been concerns in the past regarding the quality of domestically produced vehicles, Chinese automakers have made significant improvements in manufacturing processes, quality control standards, and product testing. As a result, many Chinese domestic carsnow rival their international counterparts in terms of quality and durability.In conclusion, Chinese domestic cars offer a multitude of advantages that contribute to their growing popularity and success in the global automotive industry. From affordability and adaptability to technological innovation and robust market support, domestic carmakers have demonstrated their ability to compete on a global scale while meeting the diverse needs of consumers. As the automotive industry continues to evolve, Chinese domestic cars are poised to play an increasingly significant role in shaping the future of mobility.。
中国制造汽车英文作文英文：China has become one of the world's largest automobile manufacturers. The "Made in China" label is now commonly seen on cars sold globally. As a Chinese person, I am proud of our country's achievements in the automobile industry.One of the reasons why China has become a major player in the automobile industry is due to its low labor costs. Chinese workers are willing to work for lower wages compared to their counterparts in other countries. This has attracted many automobile manufacturers to set up factories in China.Another reason is the government's support for the industry. The Chinese government has provided subsidies and tax breaks to automobile manufacturers, which has helped them to expand their production capacity and improve their technology.However, there are also challenges facing the Chinese automobile industry. One of them is the lack of innovation. Many Chinese automobile manufacturers still rely on copying foreign designs rather than coming up with their own unique designs. This has resulted in a lack of creativity and originality in the industry.中文：中国已经成为世界上最大的汽车制造国之一。
中国新能源汽车英语作文China has made significant progress in the development and promotion of new energy vehicles (NEVs) in recent years. As the world's largest automobile market, China has been actively promoting the use of NEVs as part of its efforts to reduce air pollution and greenhouse gas emissions. In this essay, I will discuss the current status of China's NEV industry, the policies and incentives driving its growth, and the challenges it faces.The Chinese government has been a major driving force behind the development of NEVs in the country. In 2009, China launched a pilot program to promote the use of NEVs in 13 cities, providing subsidies to buyers and exempting them from certain taxes and fees. In 2010, the government introduced a subsidy program for NEV manufacturers to encourage the development and production of electric vehicles. These policies have helped China become the largest NEV market in the world, with over 1.3 million NEVs sold in 2020.In addition to government support, China's NEV industry has also benefited from technological advancements and a growing consumer demand for eco-friendly vehicles. Chinese NEVmanufacturers such as BYD, NIO, and Xpeng have made significant strides in developing high-quality electric vehicles with competitive prices, driving the adoption of NEVs in the country.Despite the rapid growth of China's NEV industry, it still faces several challenges. One of the biggest challenges is the lack of adequate charging infrastructure. While the Chinese government has been investing heavily in building charging stations, the number of stations still lags behind the increasing number of NEVs on the road. This has led to concerns about "range anxiety" among NEV owners, which could hinder the widespread adoption of electric vehicles.Another challenge facing China's NEV industry is the reliance on government subsidies. While subsidies have been instrumental in driving the growth of the NEV market, they have also led to concerns about overcapacity and market distortions. In 2019, the Chinese government announced plans to phase out subsidies for NEV manufacturers, prompting fears of a slowdown in the industry.In conclusion, China's NEV industry has made significant progress in recent years, driven by government support, technological advancements, and growing consumer demand.However, the industry still faces challenges such as inadequate charging infrastructure and overreliance on government subsidies. Addressing these challenges will be crucial for the sustainable growth of China's NEV industry.中国新能源汽车在近年取得了显著进展。
Design considerations for an automotive magnetorheological brakeKerem Karakoca, Edward J. Park, a, and Afzal SulemanaaDepartment of Mechanical Engineering, University of Victoria, P.O. Box 3055, STN CSC, Victoria, BC, Canada V8W 3P6Received 10 October 20XX;accepted 22 February 20XX.Available online 11 April 20XX.AbstractIn this paper, design considerations for building an automotive magnetorheological (MR) brake are discussed. The proposed brake consists of multiple rotating disks immersed in a MR fluid and an enclosed electromagnet. When current is applied to the electromagnet, the MR fluid solidifies as its yield stress varies as a function of the magnetic field applied. This controllable yield stress produces shear friction on the rotating disks, generating the braking torque. In this work, practical design criteria such as material selection, sealing, working surface area, viscous torque generation, applied current density, and MR fluid selection are considered to select a basic automotive MR brake configuration. Then, a finite element analysis is performed to analyze the resulting magnetic circuit and heat distribution within the MR brake configuration. This is followed by a multidisciplinary design optimization (MDO) procedure to obtain optimal design parameters that can generate the maximum braking torque in the brake. A prototype MR brake is then built and tested and the experimental results show a good correlation with the finite element simulation predictions. However, the braking torque generated is still far less than that of a conventional hydraulic brake, which indicates that a radical change in the basic brake configuration is required to build a feasible automotive MR brake.Keywords: Mechatronic design; Magnetorheological fluid; Automotive brake; Magnetic circuit; Finite element analysis; Multidisciplinary design optimization; Brake-by-wireArticle Outline1.Introduction2.Analytical modeling of MR brake3.Design of MR brake3.1. Magnetic circuit design3.2. Material selection3.2.1. Magnetic properties3.2.2. Structural and thermal properties3.3. Sealing3.4. Working surface area3.5. Viscous torque generation3.6. Applied current density3.7. MR fluid selection4.Finite element modeling of the MR Brake5.Design optimization6.Overview of experimental setup7.Experimental results7.1. Discussions8.ConclusionReferences1. IntroductionThe automotive industry has demonstrated a mitment to build safer, cheaper and better performing vehicles. For example, the recently introduced “drive by wire” technology has been shown to improve the existing mechanical systems in automobiles. In other words, the traditional mechanical systems are being replaced by improved electromechanical systems that are able to do the same tasks faster, more reliably and more accurately.In this paper, an electromechanical brake (EMB) prot otype suitable for “brake-by-wire” applications is presented. The proposed brake is a magnetorheological brake (MRB) that potentially has some performance advantages over conventional hydraulic brake (CHB) systems.A CHB system involves the brake pedal, hydraulic fluid, transfer lines and brake actuators (e.g. disk or drum brakes). When the driver presses on the brake pedal, the master cylinder provides the pressure in the brake actuators that squeeze the brake pads onto the rotors, generating the useful friction forces (thus the braking torque) to stop a vehicle. However, the CHB has a number limitations, including: (i) delayed response time (200–300 ms) due to pressure build up in the hydraulic lines, (ii) bulky size and heavy weight due to its auxiliary hydraulic ponents such as the master cylinder, (iii) brake pad wear due to its frictional braking mechanism, and (iv) low braking performance in high speed and high temperature situations.The MRB is a pure electronically controlled actuator and as a result, it has the potential to further reduce braking time (thus, braking distance), as well as easier integration of existing and new advanced control features such as anti-lock braking system (ABS), vehicle stability control (VSC), electronic parking brake (EPB), adaptive cruise control (ACC), as well as on-board diagnostic features. Furthermore, reduced number of ponents, simplified wiring and better layout are all additional benefits. In the automotive industry, panies such as Delphi Corp. and Continental Automotive Systems have been actively involved in the development of mercially available EMBs as next generation brake-by-wire technology. These are aimed at passenger vehicles with conventional powertrains, as well as vehicles with advanced power sources, like hybrid electric, fuel cell and advanced battery electric propulsion (e.g. 42 V platform). For example, Delphi has recently proposed a switched reluctance (SR) motor [1] as one possible actuation technology for EMB applications. Another type of passenger vehicle EMBs that a number research groups and panies have been developing is eddy current brakes (ECBs), e.g. [2]. While an ECB is a pletely contactless brake that is perfectly suited for braking at high vehicle speeds (as its braking torque is proportional to the square of the wheel speed), however, it cannot generate enough braking torque at low vehicle speeds.A basic configuration of a MRB was proposed by Park et al. [3] for automotive applications. Asshown in Fig. 1, in this configuration, a rotating disk (3) is enclosed by a static casing (5), and the gap (7) between the disk and casing is filled with the MR fluid. A coil winding (6) is embedded on the perimeter of the casing and when electrical current is applied to it, magnetic fields are generated, and the MR fluid in the gap bees solid-like instantaneously. The shear friction between the rotating disk and the solidified MR fluid provides the required braking torque.Full-size image (49K)Fig. 1. Cross-section of basic automotive MRB design [3].View Within ArticleThe literature presents a number of MR fluid-based brake designs, e.g. [3], [4], [5], [6], [7] and [8]. In [4] and [5], Carlson of Lord Corporation proposed and patented general purpose MRB actuators, which subsequently became mercially available [6]. In [7], an MRB design was proposed for exercise equipment (e.g. as a way to provide variable resistance to exercise bikes). More recently, an MRB was designed and prototyped for a haptic application as well [8]. In this work, using the Bingham plastic model for defining the MR fluid behavior, its braking torque generation capacity was investigated using an electromagnetic finite element analysis. Our previous work [3] E.J. Park, D. Stoikov, L. Falcao da Luz and A. Suleman, A performance evaluation of an automotive magnetorheological brake design with a sliding mode controller, Mechatronics 16 (20XX), pp.405–416. Article | PDF (547 K) | View Record in Scopus | Cited By in Scopus (21)[3] was afeasibility study based on a conceptual MRB design that included both electromagnetic finite element and heat transfer analysis, followed by a simulated brake-by-wire control (wheel slip control) of a simplified two-disk MRB design.Now, the current paper is a follow up study to our previous work [3]. Here the MRB design that was proposed in [3] is further improved according to additional practical design criteria and constraints (e.g. be able to fit into a standard 13” wheel), and more in-depth electromagnetic finite element analysis. The new MRB design, which has an optimized magnetic circuit to increase its braking torque capacity, is then prototyped for experimental verification.2. Analytical modeling of MR brakeThe idealized characteristics of the MR fluid can be described effectively by using the Bingham plastic model [9], [10], [11] and [12]. According to this model, the total shear stress τ is(1)where τH is the yield stress due to applied magnetic field, μp is theno-field plastic viscosity of the fluid and is the shear rate. The braking torque for the geometry shown in Fig. 1 can be defined as follows:(2)where A is the working surface area(the domain where the fluid is activated by applied magnetic field intensity), z and j are the outer and inner radii of the disk, N is the number of disks used in the enclosure and r is the radial distance from the centre of the disk.Assuming the MR fluid gap in Fig. 1 to be very small (e.g. 1 mm), the shear rate can be obtained by(3)assuming linear fluid velocity distribution across the gap and no slip conditions. In Eq.(3), w is the angular velocity of the disk and h is the thickness of the MR fluid gap. In addition, the yield stress, τH, can be approximated in terms of the magnetic field intensity applied specifically onto the MR fluid, HMRF, and the MR fluid dependent constant parameters, k and β, i.e.(4)By substituting Eqs. (3) and (4), the braking torque equation in Eq. (2) can be rewritten as(5)Then, Eq. (5) can be divided into the following two parts after the integration(6)(7)where TH is the torque generated due to the applied magnetic field and Tμ is the torque generated due to the viscosity of the fluid. Finally, the total braking torque is Tb = Tμ + TH. From the design point of view, the parameters that can be varied to increase the braking torque generation capacity are: the number of disks (i.e. N), the dimensions and configuration of the magnetic circuit (i.e. rz, rj, and other structural design parameters shown in Fig. 3), and HMRF that is directly related to the applied current density in the electromagnet and materials used in the magnetic circuit.3. Design of MR brakeIn this paper, the proposed MRB was designed considering the design parameters addressed in the previous section. In addition, some of the key practical design considerations were also included during the design process, e.g. sealing of the MR fluid and the viscous torque generated within the MRB due to MR fluid viscosity. Below, the main design criteria considered for the brake are listed, which will be discussed in detail in this section. Note that Fig. 2 shows the cross-section of the MRB which was designed according to the listed design criteria. This is the basic configuration that will be considered for finite element analysis and design optimization in the subsequent sections. The corresponding dimensional design parameters are shown in Fig. 3.(i) Magnetic circuit design(ii) Material selection(iii) Sealing(iv) Working surface area(v) Viscous torque generation(vi) Applied current density(vii) MR fluid selectionFull-size image (79K)Fig. 2. Chosen MRB based on the design criteria.View Within ArticleFull-size image (38K)Fig. 3. Dimensional parameters related to magnetic circuit design.View Within Article3.1. Magnetic circuit designThe main goal of the magnetic circuit analysis is to direct the maximum amount of the magnetic flux generated by the electromagnet onto the MR fluid located in the gap. This will allow the maximum braking torque to be generated.As shown in Fig. 4, the magnetic circuit in the MRB consists of the coil winding in the electromagnet, which is the magnetic flux generating “source” (i.e. by generating magnetomotive force or mmf), and the flux carrying path. The path provides resistance over the flux flow, and such resistance is called reluctance . Thus, in Fig. 4, the total reluctance of the magnetic circuit is the sum of the reluctances of the core and the gap, which consists of the MR fluid and the shear disk (see Fig. 2). Then, the flux generated (φ) in a member of the magnetic circuit in Fig.4 can be defined as(8)where(9)In Eq. (8), n is the number of turns in the coil winding and i is the current applied; in Eq. (9), μ is the permeability of the member, A is its cross-sectional area, and l is its length. Recall that in order to increase the braking torque, the flux flow over the MR fluid needs to be maximized. This implies that the reluctance of each member in the flux path of the flux flow has to be minimized according to Eq. (8), which i n turn implies that l can be decreased or/and μ and A can be increased according to Eq. (9).Full-size image (19K)Fig. 4. Magnetic circuit representation of the MRB.View Within ArticleHowever, since the magnetic fluxes in the gap (φgap) and in the core (φcore) are different, the magnetic fluxes cannot be directly calculated as the ratio between the mmf and the total reluctance of the magnetic circuit. Note that magnetic flux can be written in terms of magnetic flux density B(10)where n is the normal vector to the surface area A. Eq.(10) implies that the magnetic flux is a function of the magnetic field intensity as well as μ and A of the member. Note that H in Eq. (10) can be obtained by writing the steady-state Maxwell–Ampere’s Law (see Eq. (13)) in an integral form, i.e.(11)which implies that H depends on the mmf (or ni) and l of the member. Since maximizing the flux through the MR fluid gap is our goal, Eq. (11) can be rewritten as(12)where Hcore, Hdisk andHMRF are the magnitudes of field intensity generated in the magnet core, shear disk and MR fluid respectively and lcore, ldisk, and lMRF are the length/thickness of the corresponding members. In Eq. (12), the negligible losses due to the surrounding air and non-magnetic parts are omitted.Hence, in order to maximize the magnetic flux and field intensity through the MR fluid, the magnetic circuit should be optimized by properly selecting the materials (i.e. μ) for the circuitmembers and their geometry (l and A).3.2. Material selectionThe material selection is another critical part of the MRB design process. Materials used in the MRB have crucial influence on the magnetic circuit (i.e. via μ) as well as the structural and thermal characteristics. Here, the material selection issue is discussed in terms of the (i) magnetic properties and (ii) structural and thermal properties.3.2.1. Magnetic propertiesThe property that defines a material’s magnetic characteristic is the permeability (μ). However, permeability of ferromagnetic materials is highly non-linear. It varies with temperature and applied magnetic field (e.g. saturation and hysteresis). In Table 1, some candidate examples of ferromagnetic and non-ferromagnetic materials are listed. As ferromagnetic material, there is a wide range of alloy options [13] that are undesirably costly for the automotive brake application. Therefore, a more cost-effective material with required permeability should be selected. In addition, since it is difficult to accurately measure the permeability of materials, in this work, only materials with known properties were considered as possible candidates.Ferromagnetic materi als (μr > 1.1) Non-ferromagnetic materials (μr < 1.1)Alloy 225/405/426 AluminumIron CopperLow carbon steel MolybdenumNickel Platinum42% nickel Rhodium52% nickel 302–304 stainless steel430 stainless steel TantalumTitaniumFull-size tableμr is the relative permeability.View Within ArticleConsidering the cost, permeability and availability, low carbon steel, AISI 1018 was selected as the magnetic material in the magnetic circuit (i.e. the core and disks). Corresponding B–H curve of steel 1018 with the saturation effect is shown in Fig. 5.Full-size image (21K)Fig. 5. B–H curve of steel 1018 for initial magnetic loading.View Within Article3.2.2. Structural and thermal propertiesIn terms of structural considerations, there are two critical parts: the shaft and the shear disk. The shaft should be non-ferromagnetic in order to keep the flux far away from the seals that enclose the MR fluid (to avoid from MR fluid being solidified, see Section 3.3). In Table 1, 304 stainless steel is a suitable material for the shaft due to its high yield stress and availability. For the shear disk material, already chosen AISI 1018 has a high yield stress. The remaining parts are not under any considerable structural loading.Thermal properties of the materials are another important factor. Due to the temperature dependent permeability values of the ferromagnetic materials and the MR fluid viscosity, heat generated in the brake should be removed as quickly as possible. In terms of material properties, in order to increase the heat flow from the brake, a material with high conductivity and high convection coefficient has to be selected as materials for the non-magnetic brake ponents. Aluminum is a good candidate material for the thermal considerations.3.3. SealingSealing of the MRB is another important design criterion. Since MR fluid is highly contaminated due to the iron particles in it, the risk of sealing failure is increased. In addition, in the case of dynamic seals employed between the static casing and the rotating shaft (see Fig. 6), MR fluid leakage would occur if the fluid was repetitively solidified (due to the repetitive braking) around the vicinity of the seals.Full-size image (43K)Fig. 6. Different seals on proposed MRB design.View Within ArticleIn this work, the dynamic seals were kept away from the magnetic circuit by introducing a non-ferromagnetic shaft and shear disk support outside the circuit which holds the magnetic shear disks (see Fig. 2). Also the surface finishes were improved and the tolerances were kept tight for better interface between the seals and the counterpart surfaces. In Fig. 6, the sealing types used inthe MRB and their locations are shown. In our MRB, Viton O-rings were used for both static and dynamic applications. In addition, a sealant, Loctite 5900® Flange Sealant, was also used.3.4. Working surface areaA working surface is the surface on the shear disks where the MR fluid is activated by applied magnetic field intensity. It is where the magnetic shear, τH, is generated. According to Eq. (6), the braking torque is increased when the working surface area is increased by modifying thedimensional parameters shown in Fig. 3 (which affects as well as HMRF), and byintroducing additional shear disks (i.e. increasing N). Hence, the proposed MRB has two shear disks (N = 2) attached to the shaft, as well as optimized dimensional parameters for higher braking torque generation.3.5. Viscous torque generationAccording to Eq. (7), viscou s torque is generated due to the viscosity of the fluid μ, the angular velocity w of the shear disk(s), and the MR fluid gap thickness h. In order to decrease the amount of viscous torque that impedes with the free shaft rotation, an MR fluid with low viscosity was selected, and the fluid gap thickness was optimized along with the other dimensional parameters for better brake performance.3.6. Applied current densityCoil is another important design criterion, as it is the source (i.e. mmf) in the magnetic circuit. The current density that can be applied to the electromagnet coil is limited, which depends on the cross-sectional area of the coil, its material, and the saturation flux densities of the magnetic materials used in the MRB. When the saturation flux value of a magnetic material has been reached, it will behave as non-magnetic material (i.e. μr bees 1), affecting the corresponding reluctance in the magnetic circuit. Thus, it is beneficial to keep the flux in the unsaturated region for that material.In order to maximize the amount of applied current density, the dimensional space of where the coil is located is also optimized along with the other dimensional parameters. In addition, a wire size that can generate the highest current density was selected: AWG 21 (0.77 mm).3.7. MR fluid selectionThere is a number of mercial MR fluids available from Lord Corporation. No-field viscosity of the MR fluid, operating temperature range and shear stress gradient are some of the key properties that have to be considered when making a selection. According to our previous work [3], MRF-132DG® is the best candidate for the automotive braking application due to its broad operating temperature range. In Table 2, the properties of MRF-132DG® are shown and its relationship between the magnetic field intensity and the generated shear stress is shown in Fig. 7.Property Value/limitsBase fluid HydrocarbonOperating temperature −40 to 130 (°C)Density 3090 (kg/m3)Color Dark grayProperty Value/limitsWeight percent solid 81.64 (%)Coefficient of thermal expansion (calculated values) Unit volume per °C0–50 (°C) 5.5e−450–100 (°C) 6.6e−4100–150 (°C) 6.7e−4Specific heat at 25 (°C) 800 (J/kg K)Thermal conductivity at 25 (°C) 0.25–1.06 (W/m K)Flash point −150 (°C)Viscosity (slope between 800 and 500 Hz at 40 °C) 0.09(±0.02) Pa sk 0.269 (Pa m/A)β 1Full-size tableView Within ArticleFull-size image (19K)Fig. 7. Shear stress versus magnetic field intensity for MRF-132DG®.View Within Article4. Finite element modeling of the MR BrakeTo solve Eq. (5), the magnetic field intensity distribution in the MRB has to be calculated. For this purpose, a finite element analysis (FEA) was carried out using a mercial package, SOL Multiphysics®. The following governing magnetostatic equations [14] are used by the SOL electromagnet module(13)×H=J(14)·B=0where H is the magnetic field intensity, B is the magnetic flux density and J is the electric current density. By solving these equations over a defined domain with proper boundary conditions, the magnetic field intensity distribution (H) generated by the modeled MRB can be calculated. Subsequently, the braking torque in Eq. (6) can be calculated.In order to solve the above magnetostatic equations, a 2-D MRB finite element model (FEM) was created. The FEM is a quasi-static magnetic model, which simulates the in-plane induction currents and vector potentials, needed to obtain the magnetic field intensity distribution (H) over the defined MRB geometry. First, the geometry of the proposed MRB was generated using the sketch function in SOL and the non-linear material properties of the MR fluid and AISI 1018 weredefined as functions of the magnetic flux density B. Then, a magnetically isolated boundary that includes the MRB geometry was selected. After the mesh was generated, the FEM was solved using a parametric non-linear solver and the magnetic field distribution onto the MR fluid (i.e. HMRF) was obtained which is equal to the magnitude of the magnetic field distribution, H. Finally, the braking torque in Eq. (6) was calculated using a boundary integration post processing function in SOL that integrates the shear calculated by the magnetic field intensity distribution, over the shear disk surfaces. Fig. 8 shows the resulting magnetic field intensity distribution and magnetic flux density distribution in the MRB is shown in Fig. 9.Full-size image (40K)Fig. 8. Magnetic field intensity distribution.View Within ArticleFull-size image (43K)Fig. 9. Magnetic flux density distribution.View Within ArticleNext, a simplified heat transfer model for the above configuration was generated to provide a quick monitoring of the temperature distribution inside the MRB. Note that there are two main heat sources within the MRB: (i) the Joule heating of the coil due to the electrical current flow and (ii) the frictional heating generated between the MR fluid and stator/rotor surfaces. Our study [15] showed that the latter is a much more significant heat source, and thus the Joule heating was not considered here. The following two cases were considered for the frictional heating: (i) heat generated when there is no applied magnetic field and (ii) heat generated when magnetic field is present (thus changing the rheology of the MR fluid). To simplify our heat transfer analysis, we assumed that the flow of the MR fluid within the gap between the stator and the rotor is laminar. We also assumed that the MR fluid particles are under pure shear stress (i.e. no axial stress), dissipating the following amount of heat [16](15)where μp is replaced by when the magnetic field is present and γxy, γyz and γxz are the shear strains in the x− y, y − z and x − z coordinateplanes, respectively. In order to carry out the heat transfer analysis, the magnetic field intensity distribution simulated by the electromagnetic FEA was used calculate the above shear strains andchanging MR fluid viscosity due to the presence of the magnetic field. As for the boundaryconditions of the heat transfer analysis, convective boundaries were defined between the fluid and its surrounding material (forced convection), and between the casing and the ambient air (free convection).5. Design optimizationAs a next step, the chosen design configuration shown in Fig. 2 was optimized for higher braking torque and lower weight. In setting up such an optimization problem for the MRB, a cost function was defined by including the braking torque and weight as functions of the dimensional parameters of the magnetic circuit (see Fig. 3). The objective function of the MRB optimization problem is defined as(16)(17)(18)where W (N) is the weight of the actuator, T (Nm) is the braking torque (equal to TH in Eq. (6)) generated due to applied magnetic field, d = [d1, d2, … , d12]T is the design variable vector that consists of the dimensional parameters shown in Fig. 3, and kW and kT are the weighting coefficients. The FEM was used to obtain W and T in the cost function for various brake designs. The block diagram in Fig. 10 shows the process of calculating W and T via SOL in the cost function for an arbitrary design.Full-size image (34K)Fig. 10. Process of puting the cost function for a random design.View Within ArticleIn order to solve the objective function, kW and kT were set to be 0.1 and 0.9, respectively, as the maximum torque generation is of our primary concern. In addition, the reference weight value was obtained considering the overall system weight of the CHB that consists of the on wheel ponents as well as the extra weight contributed by the hydraulic ponents: the master cylinder, brake fluid lines, and pump. Since an MRB would not have these extra ponents, each MRB can potentially have heavier on-wheel weight than that of a CHB. Moreover, since the braking torque generated by the proposed configuration of the MRB is parably less than that of the CHB, Tref was selectedto be 20 Nm. This reference torque value was selected by checking a number of random designs which satisfied the constraints.As the constraints for the optimization problem, the weight of the actuator was set to be smaller than the weight of the CHB, i.e. W < 180 N. Since the brake should fit into a standard automobile wheel, the diameter of the MRB is set to be smaller than the inner diameter of the wheel: for example, 13” wheel, the inner diameter is 240 mm, thus dbrake < 240 mm.The objective function was then solved using a random search algorithm called simulated annealing (SA). SA statistically guarantees to converge to a global optimum after adequate number of iterations [17] and [18]. Since SA is a random search algorithm, it cannot give the exact global optimum; instead it gives a design which is close to the global optimum. Therefore, a gradient based optimization algorithm called sequential quadratic programming (SQP) was also used on the dimensional parameters optimized by SA. The SQP algorithm searches for the optimum using the gradient data of the objective function, thus it guarantees to find an optimum design.The block diagram for the MRB optimization process is shown in Fig. 11. In order to solve the MRB optimization problem using SA, a design space was specified as the possible solution space (lower and upper boundaries of this space were defined and shown in Table 3). Then, the solution of SA entered into the SQP algorithm to update the solution until an optimum design was found.Full-size image (50K)Fig. 11. MRB optimization process.View Within ArticleParameter Optimum value (mm) LB–UB (mm)d1 17.11 20–80d2 18.05 5–15d3 1.03 2–4d4 47.34 10–80d5 5.08 5–10d6 14.57 4–15d7 2.07 2–20d8 10.00 10–30。
汽车市场调研报告英语范文**Executive Summary**The global automobile market, driven by technological advancements, consumer preferences, and environmental regulations, is constantly evolving. This comprehensive market research report aims to provide a detailed analysis of the current market landscape, identify key trends, and forecast future growth opportunities.**Market Overview**The automobile industry has witnessed significant changes in recent years, with the emergence of electric vehicles (EVs) and connected car technology. Thetraditional combustion engine segment, however, still holds a significant market share. The report analyzes the sales performance of various vehicle types, including passenger cars, commercial vehicles, and electric vehicles.**Market Segmentation**The market is segmented based on vehicle type, fuel type, and region. The passenger car segment is further classified into sedans, SUVs, hatchbacks, and others. Thefuel type segment includes gasoline, diesel, and electric. Regionally, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.**Market Dynamics**Drivers: Rising urbanization, improving economic conditions, and increasing consumer awareness about environmental sustainability are driving the growth of the automobile market. Additionally, government policies promoting the adoption of electric vehicles and infrastructure development for EV charging stations are fueling the market's expansion.Restraints: High initial costs of electric vehicles, limited charging infrastructure, and concerns about battery technology are some of the key restraints limiting the market's growth.Opportunities: The increasing demand for connected car technology, autonomous driving, and advanced safety features offers significant opportunities for the automobile industry. Additionally, the growing popularityof electric scooters and motorcycles presents a new market segment for manufacturers to explore.Threats: Technological advancements and changing consumer preferences can pose a threat to traditional automobile manufacturers. Rising competition from new entrants and stringent environmental regulations could further challenge the industry's profitability.**Competitive Landscape**The report profiles the leading automobile manufacturers, analyzing their product portfolios, market strategies, and financial performance. Key players include Toyota, Volkswagen, General Motors, Ford, BMW, Tesla, and others. The report also evaluates the competitive landscape and provides insights into potential mergers and acquisitions.**Market Forecast**The report forecasts the automobile market's growth over the next five years, considering various factors such as technological advancements, consumer preferences, and environmental regulations. It predicts a steady growth inthe electric vehicle segment, driven by government policies and consumer demand for sustainable transportation solutions.**Conclusion**In conclusion, the automobile market is poised for significant growth, driven by technological advancements, consumer preferences, and environmental regulations. Manufacturers need to stay agile and innovate to capitalize on the market's opportunities and overcome its challenges. The report provides valuable insights and recommendations for companies to navigate the evolving landscape and achieve sustainable growth.**中国汽车市场调研报告****执行摘要**全球汽车市场受技术进步、消费者偏好和环保法规的推动，正在不断演变。
汽车行业调研报告（共3篇）第1篇：汽车物流行业调研报告一、汽车物流定义汽车物流是指汽车供应链上原材料、零部件、整车以及售后配件在各个环节之间的实体流动过程。
广义的汽车物流还包括废旧汽车的回收环节。
汽车物流在汽车产业链中起到桥梁和纽带的作用。
二、汽车物流行业特点：1、技术复杂性保证汽车生产所需零部件按时按量到达指定工位是一项十分复杂的系统工程，汽车的高度集中生产带来成品的远距离运输以及大量的售后配件物流，这些都使汽车物流的技术复杂性高居各行业物流之首。
2、服务专业性汽车生产的技术复杂性决定了为其提供保障的物流服务必须具有高度专业性：供应物流需要专用的运输工具和工位器具，生产物流需要专业的零部件分类方法，销售物流和售后物流也需要服务人员具备相应的汽车保管、维修专业知识。
3、高度的资本、技术和知识密集性汽车物流需要大量专用的运输和装卸设备，需要实现“准时生产”和“零库存”，需要实现整车的“零公里销售”，这些特殊性需求决定了汽车物流是一种高度资本密集、技术密集和知识密集型行业。
三、汽车物流行业的现状及发展据中国汽车工业协会统计，中国2011年汽车产销量分别为1379.1万辆和1364.5万辆，同比增长48.3%和46.15%，标志着中国在2011年一举超过美国，成为全球汽车业产销双双夺冠。
从刚刚出炉的2011年1-4月数据显示，汽车产销611.8万辆和616.6万辆，同比增长63.8%和60.5%，据此预测，中国2011年中国汽车产销量将达到1700万辆，产量分析图如下图所示。
中国汽车物流业的巨大发展潜力1、汽车物流业市场发展空间增长快我国汽车2011年的保有量为4975万辆，2011年达到6300多万辆，到2011年底，最晚2011年就能达到7500万辆的规模。
据保守估计，中国未来汽车保有量将达到4.9亿辆左右，届时超过日本，成为全球第二。
汽车产业的高速发展为中国汽车物流带来成倍的增长空间。
2、汽车物流外包已成为趋势目前汽车生产厂家一般都是通过第三方物流公司进行运输的。
Price pressure seems inevitableIn summary, we believe downward price pressure on automobiles will form a medium-term trend, due to the following factors:· Exceptionally high profitability provides room for price cuts. According to the State Development and Reform Commission, average profitability for the automobile industry was 28.45% in 2002, compared with overseas auto companies’ average net margin of around 5% and the highest national margin of 10-15%. GM estimates its own margin at around 10%, which is still double the global average of around 5%. GM and its JV partner in China earned a handsome US$2,267 per vehicle last year. In the US, by contrast, GM earned only US$145 per vehicle. In 2003, the top three profit earning car makers had average vehicle profit of RMB39,671 (US$4,780),RMB34,253 (US$4,127) and RMB20,669 (US$2,490), respectively.· Overcapacity. According to a report from the State Information Centre issued in May 2003, there are still more than 100 auto manufacturing plants in China. 27 provinces (cities) manufacture automobiles, 17 provinces (cities) produce sedans, and 23 provinces (cities) are building production lines for sedans. According to estimates, aggregated national capacity for automobiles amounts to over 5.5 mn units, and sedan capacity exceeds 2.5 mn units. These capacities far exceed demand.· Falling per-unit production costs. Increasing localisation rates and production scale, plus improvements in the supply chain should help lower production costs. To expand market share, automakers will need to pass on cost savings to customers, which will be reflected in more competitive pricing.· Import tariff cut after China’s WTO entry. With further cuts in import tariffs to 25% by July 2006, car prices in China will align with international prices. Since China’s WTO entry in late 2001, ex-factory prices declined 5.14% YoY in 2001. The downtrend continued in 2002, with an average decline of 4.8%. We believe prices will come down further in coming years.Cost pressureProduct price cutting may not be the most crucial factor to squeeze margins. We believe volume growth is a key influence on automakers’ economies of scale, which will significantly affect the per-unit cost of production. Automakers’ margins may not necessarily be squeezed if they can increase sales volume and lower production costs through economies of scale, increase localisation rates and improve supply-chain management in order to reduce logistics costs. However, the risk is that if auto demand slows down significantly, product price cuts will erode automakers’ margins, as volume cannot increase to lower production costs.Increase in production scaleThe auto industry’s profitability is often tied to the performance of the economy. The need for big volumes in the auto industry is because of the substantial financial requirements. Manufacturers in general have high fixed costs, require large investments in plants, tooling and training for employees to bring out new products. According to our estimates, fixed costs (depreciation, R&D, selling and distribution expenses, labour costs and manufacturing charges) account for about 20% of the total cost of a passenger car. If volume cannot increase, due to the slowdown in market demand, automakers’ margins will be eroded.Raw material costs – up Surging steel, plastic and rubber prices have exerted significant raw material cost pressure on automakers. According to the SEEC research institute, the raw material cost breakdown of a passenger car is roughly as follows: steel accounts for 70% (of which 75% is steel plate), and glass, plastics and rubber account for the remaining 30%. Electronic components are also critical, representing almost 70% of the total cost of a high/luxury-end sedan and 30% of a mass market model. Rising localisation rate – helps lower cost pressure Raising the local content of vehicles can help reduce costs in two ways. First, if a model has 40% local component content, the tariff on the imported components will be much lower than for a model with less than 40% local content, down from 33% to 8-20%. Second, components sourced in the domestic market usually cost less than imported components. For example, a PRC-made tyre costs about RMB360 versus an imported tyre at RMB800. If the automakers are able to source all tyres from China, it could save considerable costs, as each vehicle needs five to six tyres. Logistics costs According to TNT China, China’s current supply chain in the automotive business is far from being optimised. These inefficiencies are evident if we compare China with Japan. China lags far behind Japan on two important benchmarks: · In parts inventory at the plant, China’s OEM plants have ten times the inventory level of Japanese plants; and · With regard to dealer’s order-to-delivery times, dealers in China have to wait on average 30-40 days to receive their ordered cars, whilst dealers in Japan receive the models within one week. Moreover, Chinese dealers complain about receiving wrong or damaged orders, such as a different colour or interior from the one ordered, or cars with scratches etc. Profitability of PRC automakers While the market generally perceives that PRC automakers’ profitability is much higher than that of international peers, their operating performance varies significantly. We highlight a number of examples in Figure 74. In terms of return efficiency, Guangzhou Honda had the highest ROA and ROE, whereas Tianjin FAW Xiali and FAW had the lowest ROA and ROE, respectively. The range is more than 30 p.p. In terms of margins, Shanghai Auto and Guangzhou Honda outperformed Tianjin FAW Xiali and FAW by a big margin. We think the big differential in operating performance distinguishes different companies’ product and pricing strategies, segment positioning and efficiency in capital employment. There are four main groups of business within the PRC motor vehicle segment, namely: vehicle manufacturing, vehicle motor engine manufacturing, parts and component manufacturing, and modified vehicle manufacturing. As Figure 75 shows, vehicle motor engine manufacturing registered the highest growth in profitability in 2003. The strong growth momentum continued in the first four months of this year. On the other hand, the growth momentum of vehicle manufacturing profitability declined in the first four months after recording 56% YoY growth in 2003. Profitability growth for parts and componentNot easy to makea direct comparison9) Sales and distribution network 10) Investment administration 11) Import administration 12) Automobiles as consumer products and 13) Others The purpose of the new policy is to ‘develop China’s auto industry into a pillar of the national economy by 2010 so that it will make a greater contribution to the creation of a xiaokang , or ‘well-off society’, in China’. It is promulgated so as to adapt to changes in foreign and domestic auto industries following China’s accession into the WTO. At first glance, the new policy is largely in line with what the market has been expecting – accelerating industry consolidation to boost the overall efficiency of auto companies in order to meet fully fledged competition when the market is fully opened up by 2006. Overall, the policy does not contain many new items, except the sales and distribution channel and the minimum investment level for new ventures (see Figure 78). However, the policy helps to clarify some previously unclear issues regarding the shareholding structure of export-oriented Sino-foreign JVs and the number of Sino-foreign JVs owned by foreign companies, which were not listed in the old policy. Highlights 1) Industry concentration and the support of large auto groups The new policy calls for the promotion of the restructuring of China’s automobile industry by supporting large automobile group corporations that are internationally competitive so that they may rank among the world’s top 500 corporations by 2010. It also calls for automobile enterprises to establish strategic alliances among automobile enterprises. The new policy sets a market goal for large automobile groups if they want to qualify as groups that can independently draft their long-term development plans: 15% market share in the number of automobiles sold and 15% of the country’s total automobile sales revenue. Similarly, automobile alliances that achieve a 10% market share will also be able to make and execute their development plans independently. 2) Equity stake in Sino-foreign JVs The new policy retains the regulation that Chinese partners in whole vehicle JVs must possess no less than a 50% equity stake. Within the confines of the WTO agreement, the central government wants to provide as much protection for the domestic market as possible. What is new in the draft policy is that such an equity restriction also applies to farm transportation vehicles and motorcycles. In addition, the new policy includes an additional regulation on foreign equity share ownership of public listed OEMs and motorcycle manufacturers. A Chinese legal entity of the public listed company must have a controlling share, or its share must be larger than the combined share held by foreign investors. The latest draft also adds a requirement for the sale of so-called legal-person shares of listed auto assemblers. Under the requirement, the stake of the largest Chinese holderThe 50% limit onforeign ownership ofautomobile-assembly JVsremains unchangedof legal-person shares must be greater than the total stake of foreign-held legal-person shares, representing another effort to curb foreign control of China’s auto market.This rule will not apply to foreign automakers aiming to set up JVs mainly to export vehicles. Foreign companies are allowed to control stakes of more than 50% in automobile and motorcycle JVs with Chinese partners if their JVs are established in China’s export processing zones and aimed at overseas markets.3) Number of JVs allowed for foreign automakersThe new policy maintains the regulation in the 1994 policy that the same foreign automaker in China is allowed to establish no more than two JVs making the same type of whole vehicle. However, a foreign automaker is not subject to such a restriction if it acquires other domestic automobile enterprises together with its JV partner. This new regulation is a formal recognition of the practice of GM, which together with its partner SAIC at Shangai GM, has acquired two more automobile manufacturers in Shandong and Guangxi provinces, in addition to its two vehicle ventures in Shanghai and Shenyang. With regard to subsidiaries of multinational companies, the new policy specifies that an overseas automobile enterprise with legal status controlled by another foreign company already in China will be treated as the same foreign company.1) Entry restriction for new automobile assembly projectsThe latest draft also has added some elements to make expansion more difficult for smaller automotive companies and to dissuade potential new entrants to the market. For example, it bans non-auto makers, motorcycle makers and private investors from buying the business licences of small, loss-making auto and motorcycle makers in an effort to prevent a proliferation of ill-planned investments. It also keeps the minimum-investment requirement for establishing new automobile and engine production companies at RMB1.5 bn (US$181.2 mn).New investment projects in automobile assembly are subject to much tighter restrictions in terms of investment amount, past performance of the investor and R&D capability. Minimum amount of investment:· RMB200 mn for a motorcycle assembly or motorcycle engine projects· RMB20 mn registered capital for a new special-purpose vehicle project· RMB1.5 bn for a new investment project to manufacture a different type of automobile · RMB2 bn in total investment for a new automobile assembly project, including aRMB500 mn R&D facility and an engine plant for passenger vehicle and heavy-duty vehicle projects· RMB1.5 bn in total investment in a vehicle engine project, including an R&D facility · RMB1 bn in cumulative after-tax profit over the past three years for moving into a new project to assemble passenger cars or other types of passenger vehiclesMinimum scale of production:· 10,000 units a year for heavy-duty trucks· 50,000 units a year with four-cylinder engines and 30,000 a year with six-cylinder engines for passenger vehicles5) Restriction on the transfer of automobile production licenceThe new policy calls for the establishment of an exit mechanism for automobile assemblers and motorcycle manufacturers that are operating at a loss. Such enterprises are not to transfer manufacturing licences to non-automotive, non-motorcycle and private individuals. The state encourages these enterprises to move into the production of special-purpose vehicles, automotive parts and components, or merge with other OEMs. Automobile manufacturers are not allowed to sell production licences.6) Emphasis on the development of economic automobilesOut of concern for energy conservation and environmental protection, the new policy encourages the development of automobiles with small engine displacement, low emissions, alternative fuel and efficient fuel consumption. The new policy required that the average fuel consumption for newly assembled passenger vehicles by the year 2010 will be reduced by at least 15% compared to the level of 2003.7) Independent R&D and local brandsThe new policy specifies that the state supports automobile, motorcycle and parts and component manufacturers to set up product R&D departments in order to improve capabilities in product upgrades and independent development of new products. Investment in the construction of research facilities for independent product development will be eligible to be listed as pre-tax expenses. The state will promulgate, at the earliest possible time, favourable policies to encourage independent product development by automotive enterprises. The regulation in the old policy that by 2010, of the total sales of domestically made motor vehicles, those whose intellectual property rights are owned by domestic auto enterprises should account for more than 50%, has removed in the new policy.8) Automobile as consumer productThe new policy calls for standardising the administration of vehicle registration and inspection and the collection of taxes and fees. Local governments must not demand additional documents from consumers at the time of vehicle registration or annual inspection. In the collection of administrative and government fees for the registration and use of automobile, no institution is to force the collection of non-service-related fees beyond the number of fee items instituted by the state.The draft policy also cuts back on some of the red tape auto makers have had to face that has held back business expansion. New-model launch and production-capacity expansion no longer will require government approval.The new policy dropped a clause forcing foreign car makers to use separate sales channels for locally made and imported models.Key implications of the new policy· Acceleration of industry consolidation by reducing the number of auto makers· Increased production scale to enhance the overall competitiveness of the PRCauto sector· Raising the technological level of vehicles made in ChinaAuto financingThe China Banking Regulatory Commission gave permission in December 2003 to GM, Volkswagen and Toyota to set up auto-financing companies in China.The approval of the three foreign auto-financing companies means Chinese customers will soon be able to apply for loans from these non-banking-financing institutions on their car purchases. Currently, more than 80% of car buyers still pay cash, and less than 20% use loans. Chinese consumers currently can only receive loans from local banks, which began offering such services just over five years ago. The auto-financing service industry has been plagued by bad loans.GM is in the final stage of preparation of its car-financing business in China by creating a joint venture with SAIC, according to Phil Murtaugh, head of GM’s China operation.Volvo currently has no intention to set up an automotive financial entity in China. The company will focus on financial services to develop a logistics enterprise with support from Shenzhen Development Bank (SDB). SDB, based in Shenzhen, and Volvo (China) Investment Co. Ltd signed a financial co-operation agreement in Shenzhen on 17 May after nine months of negotiations. Through such co-operation, Volvo (China) will reportedly become the first foreign automotive company to work with a local Chinese commercial bank. Under the agreement, all SDB branches nationwide will provide financial support to Volvo (China)’s truck business, including project loans, bank group loans, fixed assets loans and cash loans. SDB will also offer customised services for Volvo (China) and its employees, as well as Volvo Trucks’ dealers and users. Volvo (China), on the other hand, will provide assistance to SDB in further sharing, using and increasing customer resources.Environmental issuesChina will soon implement a new automobile emissions standard equivalent to theEuro II emission standard and will prepare to draft relevant standards equivalent to Euro III standards, according to a senior researcher at the China Automotive technology & Research Centre, based in Tianjin. Gasoline will remain a major form of fuel in China for a long time to come, and improving fuel quality to help vehicles satisfy Euro III emission standards is a task of the utmost importance for China. It is likely that China will gradually market LPG vehicles that satisfy Euro II and III emission standards. China will implement the Euro II emission standard on a national scale in 2004 and 2005. Beijing and Shanghai have already put this standard to effect.New passenger vehicles that satisfy the Euro III emission standards will be entitled to a 30% reduction in consumption tax as of 1 July 2004, according to a recent notice jointly released by the Ministry of Finance and State Administration of Taxation. This is seen as a fiscal policy by the Chinese government to encourage manufacturers to develop and produce cars that meet higher emission standards.Fuel efficiency standardsChina is expected to release the Fuel Consumption Standard for Passenger Vehicles soon, according to industry sources. This standard, drafted by the China Automotive Technology and Research Centre based in Tianjin, has recently been approved by the State Administration of Standardisation and filed with the WTO. Together with the Test Method of Fuel Consumption for Light Vehicles, which went into effect on 1 January 2003, the two documents will constitute a proposed China fuel economy standard.The proposed fuel consumption standard will apply to all passenger vehicles with curb weights under 3.5 tons. It stands to become an essential element in China’s automotive legislative environment and should help curb energy consumption. With limited oil resources, China’s oil production has been fluctuating at around 160 mn tons a year. Decision makers are aware that China has been a net oil importer since 1993. Total imports of oil exceeded 60 mn tons in 2000, 90 mn tons in 2003 and will exceed 100 mn tons in 2005. Annually, automobiles in China consume 60-70 mn tons of fuel.The new fuel consumption standard will be implemented in two stages. In the first stage, which will begin on 1 July 2005, the current level of fuel consumption for passenger vehicles must be reduced by 5-10%. In the second stage, which will start on 1 January 2008, fuel consumption will be reduced from the current level by 15%. According to this schedule, the upper limit of fuel consumption per 100 km for a 2.4 ton SUV would be 15.5 litres as of 1 July 2005. On 1 January 2008, the limit will be 14 litres.The new standard will be applicable to Category M1 (passenger) vehicles powered by both gasoline and diesel fuel, including MPVs and SUVs, according to China’s new Classification of Motor Vehicles and Trailers (GB/T 15089-2001). The test method for the new standard is GB/T 19233-2003, which has been released together with the Test Method of Fuel Consumption for Light Vehicles in 2003.Internationally, there are two methods of classification on fuel consumption, corporate average fuel economy (CAFE) as used in the US and the vehicle mass method used in Japan. China’s new standard, which was drafted based on the fuel consumption level of passenger vehicles produced before 2002, is modelled on the Japanese method and groups vehicles based on curb weights. Compared to the CAFE method, using curb weights, would be more favourable to current manufacturers.Figure 79 shows the proposed schedule of passenger vehicle fuel consumption standards broken into 16 different curb weights. To most automakers, meeting the standard set for the first stage does not seem to pose much of a problem, because it is adopted largely as a transitional standard leading into the second stage.Figure 80: Fuel consumption for normal and special passenger vehicles (L/100 km)Normal PC Special PCCurb weight (kg) Stage I Stage II Stage I Stage II(1 Jul 2005)(1 Jan 2008)(1 Jul 2005)(1 Jan 2008) CW<=750 7.2 6.27.6 6.6 750<CW<=865 7.2 6.57.6 6.9 865<CW<=980 7.77.08.27.4 980<CW<=1090 8.37.58.88.0 1090<CW<=1205 8.98.19.48.6 1205<CW<=1320 9.58.610.19.1 1320<CW<=1430 10.19.210.79.8 1430<CW<=1540 10.79.711.310.3 1540<CW<=1660 11.310.212.010.8 1660<CW<=1770 11.910.712.611.3 1770<CW<=1880 12.411.113.111.8 1880<CW<=2000 12.811.513.612.2 2000<CW<=2110 13.211.914.012.6 2110<CW<=2280 13.712.314.513.0 2280<CW<=2510 14.613.115.513.9 2510<CW 15.513.916.414.7 Source: CATARCThe new standard, once enforced, will have an immediate impact on SUVs with large engine displacement. Already, output and sales of economy SUVs early this year slowed down significantly compared to last year, not without some impact from the proposed fuel consumption limitations.China now consumes about 30% of its total imported oil to fuel automobiles, and this may rise to 50% in the near future.According to the new standard, about half of the existing vehicles need to be remodified, mainly technological improvements to engines. Some enterprises have carried out research on how to upgrade their products in accordance with the new standard.Holding (1114.HK)Victim of credit tightening· China’s austerity programme has significantly affected Brilliance China Automotive’s (BCA) minibus operations, as corporate buyers cut fixed asset investments, which include vehicle purchasing. June minibus sales fell 67% MoM to 1,564 units. With a 60% share of China’s minibus market, Jinbei (BCA’s minibus operating arm) faces intensifying competition from rival Southeast Motor, which has cut prices and gained market share.· Zhonghua sedan sales remain sluggish. In the first five months of 2004, sales volume declined 45% YoY to 7,055 units. In June, sales volume fell 21% to 1,345 units. We think management’s FY04 sales target of 250,000 units is not achievable, as aggressive price cuts on mid-range sedans by tier-1 competitors have pushed back consumer purchasing. We have revised down our sales target from 200,000 units to 180,000 units and expect a book loss of about RMB77 mn in FY04E. · BCA’s bright spot is its 49%-owned BMW-Brilliance sedan JV. According to management, the JV already reached break-even in January 2004. Last year, the venture incurred a RMB125 mn attributed loss to BCA with its two-month operation. The venture is expected to see a turnaround this year, even under China’s austerity programme, as the majority of BMW buyers are individuals, and credit financing accounts for only 10% of total sales. Total sales volume exceeded 4,600 units in the first five months. According to management, capacity is expected to increase from the current 43 units/day to 86 in July and to 100 by 4Q04. The JV is expected to be operating at full capacity (30,000 units p.a.) in 2005. Operating margins should improve with growing volume and localisation rates, even assuming that the price of cars is cut by 10%.· At 10.2x FY05E earnings, BCA looks fairly valued. The relatively high risk of BCA’s minibus operation and negative outlook for Zhonghua sedans remain key share price overhangs. At HK$2.15, the stock trades close to our target price of HK$2.21. We downgrade the stock to UNDERPERFORM, given the high earnings risk.Brilliance China Automotive Hldgs, through its subsidiaries, manufactures and distributes minibuses andsedans in China. .Year-end 31 Dec (RMB mn) 2001A2002A2003A 2004E2005E2006E Deluxe minibus 1,6491,325937 836827819 Minibus 4,3254,0945,311 4,6364,4974,493 Grace MPV -00 5358481,127 Zhong Hua sedan -1,1173,345 2,1642,0562,148 Sales of automotive components 244783517 1,0801,2101,331 Turnover (ex-VAT) 6,2187,31910,110 9,2529,4389,918Cost of sales -4,308-5,411-7,727 -7,369-7,568-7,861 Gross profit 1,9101,9082,382 1,8831,8702,058Other revenue 051178 000Selling expenses (including depreciation) -276-364-621 -555-566-595 G&A expenses -382-625-616 -564-557-585 Other income/(expenses), net 3-50-51 000 Total operating expenses -654-1,040-1,288 -1,120-1,123-1,180 Operating profit 1,2569201,272 763747878Interest income 1064453 586064 Interest expense -178-171-167 -210-213-202 Associates 4511395 451592787 Profit before tax 1,2309061,253 1,0621,1851,526 Taxation -122-147-153 -158-180-240 Minority interests -208-108-164 -50-48-60 Net profit 900651936 8559571,226 EPS (RMB) 0.250.180.26 0.230.260.33 Diluted EPS (RMB) n.a.n.a.0.25 0.210.240.31 DPS (RMB) 0.010.010.02 0.020.020.03 Source: Company data, CSFB estimatesFigure 87: Brilliance China – balance sheetYear-end 31 Dec (RMB mn) 2001A2002A2003A 2004E2005E2006E Fixed assets 2,3763,1033,354 3,9094,0164,044 Construction in progress 713453570 370420470 Intangible assets 6816251,220 1,037934878 Goodwill 414390366 342317293 Investment in associated companies 1,3208961,677 2,3002,3002,300 Other assets 1146814 1,014800800 LT advances to an affiliated co. 4500 000 Non-current assets 5,5505,6148,002 8,9738,7888,785Cash and cash equivalents 1,2201,2891,832 1,9662,2672,763 Short-term bank deposits 1,9262,1233,935 3,9353,9353,935 Inventories, net 6277881,228 1,3881,4161,289 Receivables due from affiliated companies 1,2849871,301 1,2951,3211,277 Advances to affiliated companies 2981,305243 243243243 Trade and other receivables 7721,7701,746 1,6651,6991,736 Current assets 6,1278,26310,286 10,49410,88211,243Total assets 11,67713,87718,288 19,46619,66920,028Short-term bank loans 4061500 20000 Bank notes payable 3,3003,9374,784 5,5005,0005,000 Accounts payable due to affiliated companies 492729685 500450400 Advances from affiliated companies 5416293 939393 Dividends payable 000 000 Dividends paid to a JV partner 46-- ---Taxes payable 234343307 158180240 Trade and other payables 1,2092,0102,163 2,0352,0761,984 Current liabilities 5,7427,3338,031 8,4867,7997,7165-year convertible bonds 001,655 1,6551,6551,655 Total liabilities 5,7427,3339,687 10,1419,4559,372Minority interests 5225161,710 1,7911,9071,332Share capital 303303303 303303303 Share premium 02,0342,038 2,0382,0382,038 Reserves 5,0903,6524,511 5,2996,1817,311 Proposed dividend 203939 333748 Shareholders’ funds 5,4136,0286,892 7,6748,5609,701 Source: Company data, CSFB estimates。
