Escolar Documentos
Profissional Documentos
Cultura Documentos
June 2016
Primary Author: Sam Jaffe
sam@cairnera.com
EXECUTIVE SUMMARY
Tesla Motors stated mission of reaching annual production capacity of 500,000 cars by 2018
is a daunting goal that has been universally questioned. A central point of critics negativity
revolves around an understanding of the difficult task of manufacturing cars. No incumbent
car manufacturer has been able to scale up at such a dramatic rate in the modern era.
There is another place to search for a proof point, however: China. The Chinese car
manufacturing industry has grown from 1.4 million cars sold in the year 2000 to a record 24
million passenger cars sold in 2015. Almost all of those cars were domestically
manufactured. The Chinese automotive industry serves as a more realistic parallel to the
type of manufacturing build-out that Tesla is aiming to do.
In order to analyze the
manufacturing buildout that
Chinese car companies have
accomplished in the last
decade, Cairn ERA selected
the top ten Chinese domestic
auto manufacturers (ruling
Figure 1: Tesla Model S Assembly Line, Fremont, CA (Source: Teslarati)
acquisition and others whose vehicle counts include a large number of non-passenger
vehicles). Additionally, all joint-ventures between Chinese car companies and foreign car
companies were eliminated from the sales numbers, so that only domestic manufacturers
building cars using their own expertise and their own capital were being counted. The top
three year periods of manufacturing buildout were identified and noted.
Based on this analysis of information, three Chinese car companies were able to grow during
a three-year period at a rate at or above what Tesla Motors must reach in the coming three
years (114.6%) in order to reach its goal of 500,000 vehicles produced in 2018. The average
best three-year growth rates of all ten Chinese carmakers (85.9%), if applied to Tesla, would
result in the production of 340,000 cars in 2018. Based on our understanding of Teslas
manufacturing process (which is significantly simpler than the manufacturing process for
making internal combustion vehicles), Cairn ERA estimates that the most likely scenario is
that Tesla will make 450,000 cars in 2018.
TABLE OF CONTENTS
EXECUTIVE SUMMARY ...............................................................................................................2
TABLE OF FIGURES .....................................................................................................................4
TABLE OF TABLES .......................................................................................................................4
INTRODUCTION..........................................................................................................................5
TESLAS CHALLENGE...................................................................................................................6
THE CHINESE AUTOMOTIVE INDUSTRY IN CONTEXT.................................................................8
CHINAS AUTOMOTIVE COMPETITIVE LANDSCAPE .................................................................11
Chery Automobile Co. ..........................................................................................................12
Zhejiang Geely Holding Group Co. .......................................................................................13
BYD Auto ..............................................................................................................................14
FAW Automotive..................................................................................................................16
Changan Automobile Group ................................................................................................17
SAIC Motor Corp. .................................................................................................................18
Dongfeng Motor Corp. .........................................................................................................20
Great Wall Motors ...............................................................................................................21
Brilliance Auto Group...........................................................................................................22
Beijing Automotive Industry Holding Co..............................................................................23
GROWTH CURVES OF CHINESE AUTO MANUFACTURERS .......................................................24
PREDICTION OF TESLAS GROWTH ..........................................................................................26
TABLE OF FIGURES
Figure 1: Tesla Model S Assembly Line, Fremont, CA (Source: Teslarati)..................................2
Figure 2: Required CAGRs for Tesla to Reach Production Goals in 2018..................................7
Figure 3: Chinese Domestic New Car Sales by Year, 2001-2015 ...............................................8
Figure 4: Chinese Automotive Market New Sales Segmentation, 2001-2015...........................9
Figure 5: Annual Passenger Vehicle Production by Chinese Manufacturer, Thousands of Cars,
Top Ten Chinese OEM's, 2001-2015 ........................................................................................10
Figure 6: Chery QQ Compact (Source: Wikimedia Commons) ................................................12
Figure 7: Geely C7 Sedan (Source: Wikimedia Commons) ......................................................14
Figure 8: BYD E6 Owned by the Shenzhen Police Department (Source: Wikimedia Commons)
.................................................................................................................................................15
Figure 9: FAW Ziyoufeng Minivan (Source: Wikimedia Commons) .........................................16
Figure 10: Changan CS75 SUV (Source: Wikimedia Commons) ...............................................18
Figure 11: Roewe 550 Sedan made by SAIC (Source: Wikimedia Commons)..........................19
Figure 12: Dongfeng A60 Sedan (Source: Wikimedia Commons) ............................................20
Figure 13: Great Wall Hover SUV (Source: Wikimedia Commons) ..........................................21
Figure 14: Brilliance Junjie Sedan (Source: Wikimedia Commons) .........................................22
Figure 15: BAIC Senova Crossover (Source: China Daily) .........................................................24
Figure 16: Highest 3-Year CAGR for Each of the Top Ten Chinese Car Manufacturers Over the
Last Ten Years ..........................................................................................................................25
TABLE OF TABLES
Table 1: Chery Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 ..........13
Table 2: Geely Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 ..........14
Table 3: BYD Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 .............15
Table 4: China FAW Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 ..17
Table 5: Changan Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015......18
Table 6: SAIC Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 ............19
Table 7:Dongfeng Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 .....20
Table 8: Great Wall Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 ..22
Table 9: Brilliance Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 .....23
Table 10: BAIC Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015 ..........24
INTRODUCTION
On Wednesday, May 4th, Tesla Motors CEO Elon Musk announced that the company
was going to accelerate its production plan for its upcoming Model 3 vehicle. The
original goal of manufacturing and selling 500,000 cars in total by 2020 was moved
up to the calendar year 2018. If achieved, the production plan will be quite a
remarkable feat, especially considering that Tesla only made 50,580 cars in 2015. In
order to achieve that goal, the company must increase its annual production rate by
an annual average of 114.6% over the next three years.
Analysts, including those at Cairn ERA, nearly universally scoffed at the possibility of
Tesla engineering such an enormous change in manufacturing capabilities in such a
short time period. The traditional automotive industrywhen it isnt in the process
of contractingrarely is able to grow annual production in double digits, no less
triple digits. Automotive executives from the major German, Japanese and U.S.
carmakers echoed the pessimism of analysts that such an enormous increase in
manufacturing capacity hasnt been successfully achieved by anyone in the sector in
the last century over the course of five years (Teslas original timeline), no less
within three years.
After being given a month to analyze and model the Tesla growth plan, however,
Cairn ERA is reconsidering its original position. This was after contemplating a part of
the automotive industry that has been able to produce such growth in short time
periods: Chinese carmakers.
The Chinese automotive market is now the largest in the world, with more than 21.1
million passenger vehicles sold in that country in 2015. More than 90% of those cars
were made domestically, either by standalone Chinese manufacturers or through
local joint ventures between foreign carmakers and Chinese companies. In the year
2000, only 1.4 million new cars were sold in China.
Conventional wisdom in the automotive industry has long declared that theres no
such thing as automotive startups. Since the industry consolidated in Europe and
North America in the 1920s, no new companies have emerged from scratch to
become automotive manufacturers competing on the global stage. If this concept
were true, it would make Tesla Motors the first exception to the rule in more than
100 years.
When China is factored into the picture, however, the concept is most definitely not
true. More than three dozen large automotive manufacturers have sprung up in
China in the last twenty years, all growing from industrial startups (albeit ones
usually being backed by powerful state-owned enterprises) into large enterprises
with a nationaland in some cases a globalreach. Some of those companies have
failed. Others have merged with competitors. Today, the Chinese automotive
industry is a thriving landscape with almost twenty players. Each of those companies
went through a period of dramatic growth to achieve a critical manufacturing mass
that allows them to compete with other mass manufacturers.
To use the Chinese car companies as a basis for analysis of the probability of Teslas
ambitious production goals, Cairn ERA set out to analyze the manner, pace and scale
of growth of the large Chinese firms. This report is the end result of that analysis.
TESLAS CHALLENGE
Tesla Motors was founded in 2003 by a handful of technology industry engineers
and investors, including Marc Tarpenning, Martin Eberhard, Ian Wright, J.B. Straubel
and Elon Musk. The companys mission from the beginning was to transform the
automotive sector by making battery-powered electric drivetrain vehicles feasible
from a practical, financial and attractiveness standpoint.
The companys first car, a two-seat sports car called the Tesla Roadster, was
originally designed to run off of Lithium-ion batteries made for the computer
industry. The Roadster, which was contract manufactured in Finland, went on to sell
more than 100,000 units. Tesla followed that up with the even more successful
Model S, a luxury sedan, which was launched in 2012. As of the end of 2015, the
Model S had sold more than 107,000 units cumulatively. In 2015, the company
officially began sales of its Model X SUV crossover model.
With two active models (the Roadster has been discontinued but will be revived in
2019), Tesla produced a total of 50,580 vehicles in the calendar year of 2015, the
vast majority of which were Model S sedans. The company expects to reach
somewhere between 80,000 and 90,000 units produced in 2016, which would
segment into approximately three-fourths Model S and one-fourth Model X. It has
already achieved its initial goals for the first two quarters of the year and is on track
to achieve its annual goal.
Figure 2: Required CAGRs for Tesla to Reach Production Goals in 2018
58.1%
250,000
70.3%
300,000
81.0%
350,000
90.6%
400,000
99.2%
450,000
107.2%
500,000
0.0%
114.6%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
In order to achieve a 500,000 annual production capacity in 2018, Tesla will have to
grow its 2015 capacity of 50,580 vehicles produced by an average annual rate of
114.6% over the next three years (2016, 2017 & 2018). The three-year average
annual growth rate for each step change of 50,000 cars under the production goal of
500,000 by 2018 is shown in Figure 1. For instance, for Tesla to reach 350,000 annual
25,000
20,000
15,000
10,000
5,000
0
2001
Cars Sold 1,071
2002
1,332
2003
2,710
2004
3,122
2005
4,303
2006
5,755
2007
7,195
For most of Chinas modern history, automobiles were for industrial or agricultural
purposes. The first native Chinese auto manufacturers were born in the 1950s when
the central government launched several carmakers, including FAW, Changan and
DongFeng, to make military trucks and private limousines for the government elite.
That was the situation until the 1990s, when a wave of new car companies was
launched by state and municipal governments as well as by private entrepreneurs.
Today, there are more than 40 vehicle manufacturers in China. Most of them are
specialty or local companies with relatively small production capacity. Of those,
about one dozen are recognized as being major players in the national market.
The Chinese automotive market can be broken down into three categories: foreignbadged but domestically produced vehicles (manufactured via joint ventures
between global carmakers and local companies), self-badged vehicles produced
domestically and imported cars. According to government data, the 2015 split
between the three categories was approximately 50% foreign-badged domestics,
40% domestic-badged and 10% imports. Importing of cars in China is only an option
for the extremely wealthy due to high tariffs and other regulatory disincentives.
Figure 4: Chinese Automotive Market New Sales Segmentation, 2001-2015
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Domestic Self-Badged
Domestic Foreign-Badged
Imports
10
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Chery
Geely
BYD
China FAW
Changan
SAIC
Dongfeng
Great Wall
Brilliance
BAIC
11
produced self-badged vehicles. In the last ten years, those companies that have
successfully built up their brand awareness and manufacturing capabilities in the
domestic market have begun to export cars throughout the world.
Cairn ERA has identified 12 domestic car brands that have cumulatively produced
more than 1 million vehicles. Of those twelve, two (JAC and Kandi) have been
eliminated from this study due to the use of acquisitions to build manufacturing
capacity (in the case of JAC) and the dominance of small neighborhood vehicles
(Kandi) that arent traditionally considered to be part of the automotive market. The
production capacity shown in Chart 2.3 illustrates the dramatic growth in the
production capacity of the top ten companies participating in the self-badged
portion of the Chinese automotive industry. As a whole, these companies have
increased production capacity from about 25,000 cars in 2001 to more than 4 million
cars in 2015. The highest growth period for this group occurred between 2007 and
2009, followed by a period of low-growth amidst the global recession. By 2013,
growth had picked up again and has continued through 2016.
12
Chery was founded in 1997 as a state-owned car manufacturer. Its headquarters is in Wuhu,
in Anhui province. It is still state-owned. Chery is now believed to be the largest car
manufacturer (without taking into account joint ventures with foreign companies), with
more than 408,000 vehicles produced in 2015 under its own brand. It is also the largest
exporter of cars in China, with a thriving market for its cars in the Middle East and Africa.
Its best-selling model historically has been the QQ compact, although its Tiggo SUV,
launched in 2010, has seen more than 100,000 annual sales. The company now has
assembly facilities in Brazil, Iran and more than a dozen other countries. In 2007, Chery
launched a joint venture with Israel Chemicals Corp. to form a luxury brand called Qoros
Auto, which launched its first model in 2013. Since its inception, Chery has produced over
4.7 million cars.
13
Table 1: Chery Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Chery
M Cars 25
49
85
87
189
292
379
334
411
548
551
533
437
455
408
CAGR
%
96.0% 73.5% 2.4% 117.2% 54.5% 29.8% -11.9% 23.1% 33.3% 0.5% -3.3% -18.0% 4.1% -10.3%
Three Year CAGR
%
51.5% 56.8% 50.9% 63.3% 20.9% 12.1% 13.1% 18.2% 9.1% -7.3% -6.2% -8.5%
Chery reached a critical mass of 25,000 cars produced very early in 2001 (as shown in Table
1.2 in the green-shaded cell). Cherys strongest growth period began in 2005, which was the
beginning of a period that saw the highest growth in the Chinese domestic auto market. It
has grown entirely organically, without any major acquisitions of other carmakers in China.
Its highest 3-year growth period stretched from 2004 to 2007, during which its annual
growth reached 63.3% (as shown in Table 1.2 in the beige-shaded cell).
Geely is Chinas second-largest automotive manufacturer, with more than 4.1 million
vehicles produced under its badge since its founding in 1986. Geely is a privately owned
company with no ties to Chinese government or provincial government entities. It is based
in Hangzhou in Zheijang province. In 2010, Geely purchased the Swedish manufacturer
Volvo from its then-owner, Ford Motor. It is also now the second largest exporter of cars
from China, with significant sales in the Indian subcontinent, Africa, Eastern Europe and
South America.
14
Geelys growth has been relatively slow and steady since it reached critical mass of
manufacturing in 2003 with 73,000 cars produced. Its highest three-year annualized growth
rate happened between 2003 and 2006, when it grew production by an annual rate of
40.4%.
Table 2: Geely Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Geely
M Cars 0
0
74
98
143
205
219
221
329
414
432
491
549
425
532
CAGR
%
32.4% 45.9% 43.4% 6.8% 0.9% 48.9% 25.8% 4.3% 13.7% 11.8% -22.6% 25.2%
Three Year CAGR %
40.4% 30.7% 15.6% 17.1% 23.6% 25.0% 14.3% 9.9% -0.5% 2.7%
BYD Auto
BYD Co. is a public company (listed on the Hong Kong Stock Exchange) based in Shenzhen.
The automotive subsidiary is called BYD Auto. The parent company was founded in 1995 as
a battery manufacturer and started manufacturing cars in 2003 with the acquisition of
Tsinchuan Automobile Co. It is now the third largest automaker in China, having produced
more than 3.6 million cars since its inception. It is also the largest manufacturer of electric
buses in the world.
15
Figure 8: BYD E6 Owned by the Shenzhen Police Department (Source: Wikimedia Commons)
The most popular model in BYDs lineup has been the F3 compact sedan. In 2015, company
has become the largest global manufacturer of electric drivetrain vehicles, with more than
61,000 passenger cars and more than 20,000 electric buses sold in that year. The company
now exports to all continents, with significant sales in Eastern Europe and South America. It
reached critical mass of production in 2006 when it reached 64,000 cars produced. Its
highest three-year rate of annualized growth was the period of 2006 to 2009, when it
reached a CAGR of 91.3%.
Table 3: BYD Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003
BYD
M Cars 0
0
23
CAGR
%
Three Year CAGR %
2004
18
2005
11
2006
64
16
FAW Automotive
FAW Automotive is a state-owned car manufacturer that is part of the larger FAW Group
Corporation. It is headquartered in the city of Changchun, in Jilin province. The name FAW
stands for First Automobile Works. Unlike most other Chinese car manufacturers, which
were founded in the last twenty years, FAW was created in 1953 as the countrys first
manufacturer of military vehicles. It made its first automobiles (limousines for high ranking
government officials) in the late 1950s. FAW was also one of the first Chinese
manufacturers to initiate a joint venture with a foreign manufacturer: it established ties
with Volkswagen in 1990. Since 2003, when it entered into large-scale passenger car
production under its own brand, the company has produced almost 3.8 million cars. It is also
the largest domestic manufacturer of commercial trucks.
17
Despite the companys dramatic growth through 2010, it has seen a contraction of
production since that year for its own badged production (it still produces several million
cars each year with its foreign partners). The highest period of growth for its own branded
vehicles happened between the years 2007 and 2010, when it grew production at an
annualized rate of 26.4%.
Table 4: China FAW Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003
China FAW
M Cars 0
0
145
CAGR
%
Three Year CAGR %
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
144
204
206
214
226
310
432
405
305
298
272
225
-0.7% 41.7% 1.0% 3.9% 5.6% 37.2% 39.4% -6.3% -24.7% -2.3% -8.7% -17.3%
12.4% 14.1% 3.5% 14.6% 26.4% 21.5% -0.5% -11.6% -12.4% -9.6%
18
Changans highest period of growth occurred between the years of 2008 and 2011, when it
increased production at an annualized rate of 73.6%. These numbers do not include the
production from two companies that were acquired in 2008, one of which was later sold to
another carmaker, BAIC.
Table 5: Changan Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003
Changan
M Cars 0
0
0
CAGR
%
Three Year CAGR %
2004
0
2005
0
2006
3
2007
50
SAIC Motor Corp., whose name originally stood for Shanghai Automotive Industry Corp., is a
state-owned corporation based in Shanghai. It is owned by the municipality of Shanghai. It
has been making passenger cars (as well as military vehicles) since the 1950s, however it
didnt start large-scale manufacturing until its first joint-venture partnership with
Volkswagen in 1985. Counting its partnerships with Volkswagen and General Motors, SAIC
19
probably produces more cars than any other manufacturer in China. It wasnt until 2008 that
it started making self-badged vehicles for the domestic market, primarily under the Roewe
brand name. By the end of 2015, the company had produced a total of 1.9 million selfbranded vehicles.
Figure 11: Roewe 550 Sedan made by SAIC (Source: Wikimedia Commons)
SAIC began large-scale production of self-badged vehicles in 2008, but saw a major
contraction in production in 2010 due to fallout from the global recession. The company
continued to grow its production after that and saw its greatest period of production growth
between the years 2010 and 2013, when it grew at an annualized rate of 12.7%. Since that
period, however SAIC has seen production decline dramatically.
Table 6: SAIC Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003
SAIC
M Cars 0
0
0
CAGR
%
Three Year CAGR %
2004
0
2005
0
2006
0
2007
17
2008
259
20
DongFeng reached a critical mass of 25,000 cars produced in 2007. Its period of highest
production growth happened between the years 2008 and 2011, when it grew
manufacturing at a rate of 69.6% each year.
Table 7:Dongfeng Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003
Dongfeng
M Cars 0
0
10
CAGR
%
Three Year CAGR %
2004
17
2005
18
2006
19
2007
25
21
Great Wall Motors is headquartered in Baoding in Heibei province. It was formed in 1984 as
a small truck manufacturer. It is best known in China primarily as a personal truck and SUV
producer. It sells vehicles under the Great Wall and Haval badges. By the end of 2015, the
company had produced a total of 1.4 million self-badged personal vehicles. The company
also exports its trucks and SUVs throughout the world and has assembly sites in more than
a dozen foreign countries.
Great Wall reached critical mass of manufacturing capacity in 2004 when it produced 27,000
vehicles. Its highest period of production growth, however, happened between the years
2007 and 2010, when it grew at a rate of 194.6% annually. In the last two years, Great Wall
has seen a significant contraction of sales due to regulatory changes in China that dissuade
many SUV buyers.
22
Table 8: Great Wall Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003
Great Wall
M Cars 0
0
24
CAGR
%
Three Year CAGR %
2004
27
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
28
11
7
16
88
179
205
265
348
183
90
3.7% -60.7% -36.4% 128.6% 450.0% 103.4% 14.5% 29.3% 31.3% -47.4% -50.8%
-36.2% -17.0% 100.0% 194.6% 134.0% 44.4% 24.8% -3.7% -30.2%
Brilliance Auto Group is based in Shenyang in the province of Liaoning. It is the only major
Chinese automotive company with a foreign stock listing (both on the Frankfurt and Hong
Kong stock exchanges). It began as a bus manufacturer in 1991. Brilliance produces BMW
sedans under a joint venture established with that company in 2003. By the end of 2015,
Brilliance had produced a total of 1.4 million vehicles under its own badge.
23
Brilliances self-branded cars reached a critical mass of capacity in 2003 when it produced
25,000 consumer vehicles. Its highest rate of growth occurred between the years 2004 and
2007, when it grew production at an annualized rate of 118%.
Table 9: Brilliance Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Brilliance
M Cars 0
0
25
11
100
60
114
86
105
159
134
152
188
137
161
CAGR
%
-56.0% 809.1% -40.0% 90.0% -24.6% 22.1% 51.4% -15.7% 13.4% 23.7% -27.1% 17.5%
Three Year CAGR %
33.9% 118.0% -4.9% 20.5% 11.7% 15.9% 13.1% 5.7% 0.7% 1.9%
24
BAIC has produced a total of 1 million self-branded vehicles in its history, with the vast
majority of that happening in just the last five years. Its highest rate of growth occurred
between the years of 2012 and 2015, when it grew at a rate of 168.7% annually.
Table 10: BAIC Annual Passenger Vehicle Production, Thousands of Cars, 2001-2015
Units 2001 2002 2003
BAIC
M Cars 0
0
9
CAGR
%
Three Year CAGR %
2004
1
2005
11
2006
11
2007
11
2008
13
2009
9
2010
15
2011
12
2012
27
25
Figure 16: Highest 3-Year CAGR for Each of the Top Ten Chinese Car Manufacturers Over the Last Ten Years
Average
85.9%
BAIC
168.7%
Brilliance
118.0%
Great Wall
194.6%
Dongfeng
SAIC
69.6%
12.7%
Changan
China FAW
73.6%
26.4%
BYD
Geely
91.3%
40.4%
Chery
0.0%
63.3%
50.0%
100.0%
150.0%
200.0%
250.0%
26
Once the above steps had been taken, the top three-year growth period for each
company was identified. The top three-year periods for each of the ten car
manufacturers are listed in Chart 3.1.
According to this analysis, the average of the top three-year periods for all
companies was 85.9%. The largest single three-year period belonged to Great Wall
Motors, at 194.6%. The smallest was SAIC, at 12.7%.
27