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MarketLine Industry Profile

Hybrid & Electric Cars in North America

May 2024

Reference Code: 0205-2815

Publication Date: May 2024

Primary NAICS: 336111

WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT
AND IS NOT TO BE PHOTOCOPIED

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 Hybrid & Electric Cars in North America

Industry Profiles

1. Executive Summary

1.1. Market value

The North American hybrid & electric cars market grew by 60.1% in 2023 to reach a value of $143,243.5
million.

1.2. Market value forecast

In 2028, the North American hybrid & electric cars market is forecast to have a value of $652,464.1 million,
an increase of 355.5% since 2023.

1.3. Market volume

The North American hybrid & electric cars market grew by 49.4% in 2023 to reach a volume of 3,027,640
units.

1.4. Market volume forecast

In 2028, the North American hybrid & electric cars market is forecast to have a volume of 9,029,767 units,
an increase of 198.2% since 2023.

1.5. Category segmentation

Hybrid is the largest segment of the hybrid & electric cars market in North America, accounting for 52% of
the market's total value in 2023.

1.6. Geography segmentation

The United States accounts for 92.4% of the North American hybrid & electric cars market value in 2023.

1.7. Market rivalry

The North American hybrid & electric cars market is characterized by high concentration and is dominated
by a small number of companies which reduces the rivalry. However, the large size of players increases the
rivalry in the market.

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 Hybrid & Electric Cars in North America

Industry Profiles

1.8. Competitive landscape

The North American hybrid and electric car market is highly concentrated, with a few manufacturers
offering a limited number of models relative to market size. Competition is segmented into standard non-
plug-in hybrids (HEVs), plug-in hybrids (PHEVs), extended-range electric vehicles (EVs), and battery all-
electric vehicles (BEVs), each further divided by size (sub-compact, compact, mid-size, full-size, SUVs). Price
and features like range capacity and battery efficiency heavily influence competitive strategies, making
supply chain management crucial. Each player targets different segments with models tailored to varying
price points and features, resulting in distinct competitive advantages. The North American market is
largely dominated by Tesla, Toyota, General Motors, and Ford.

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 Hybrid & Electric Cars in North America

Industry Profiles

TABLE OF CONTENTS
1. Executive Summary 2

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Category segmentation................................................................................................................................2

1.6. Geography segmentation.............................................................................................................................2

1.7. Market rivalry...............................................................................................................................................2

1.8. Competitive landscape.................................................................................................................................3

2. Market Overview 8

2.1. Market definition .........................................................................................................................................8

2.2. Market analysis ............................................................................................................................................8

3. Market Data 11

3.1. Market value ..............................................................................................................................................11

3.2. Market volume...........................................................................................................................................12

4. Market Segmentation 13

4.1. Category segmentation..............................................................................................................................13

4.2. Geography segmentation...........................................................................................................................15

5. Market Outlook 16

5.1. Market value forecast ................................................................................................................................16

5.2. Market volume forecast.............................................................................................................................17

6. Five Forces Analysis 18

6.1. Summary ....................................................................................................................................................18

6.2. Buyer power...............................................................................................................................................19

6.3. Supplier power ...........................................................................................................................................21

6.4. New entrants .............................................................................................................................................23

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Hybrid & Electric Cars in North America

Industry Profiles

6.5. Threat of substitutes ..................................................................................................................................25

6.6. Degree of rivalry.........................................................................................................................................26

7. Competitive Landscape 27

7.1. Who are the leading players? ....................................................................................................................27

7.2. What strategies do the leading players follow?.........................................................................................27

7.3. What are the recent developments in the market? ..................................................................................28

8. Company Profiles 30

8.1. Toyota Motor Corporation.........................................................................................................................30

8.2. General Motors Company..........................................................................................................................35

8.3. Tesla, Inc. ...................................................................................................................................................40

8.4. Ford Motor Company.................................................................................................................................44

9. Macroeconomic Indicators 51

9.1. Country data ..............................................................................................................................................51

9.2. Methodology..............................................................................................................................................52

9.3. Industry associations..................................................................................................................................53

9.4. Related MarketLine research .....................................................................................................................53

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 Hybrid & Electric Cars in North America

Industry Profiles

LIST OF TABLES
Table 1: North America hybrid & electric cars market value: $ million, 2018–23 11

Table 2: North America hybrid & electric cars market volume: units, 2018–23 12

Table 3: North America hybrid & electric cars market category segmentation: % share, by value, 2018–2023 13

Table 4: North America hybrid & electric cars market category segmentation: $ million, 2018-2023 13

Table 5: North America hybrid & electric cars market geography segmentation: $ million, 2023 15

Table 6: North America hybrid & electric cars market value forecast: $ million, 2023–28 16

Table 7: North America hybrid & electric cars market volume forecast: units, 2023–28 17

Table 8: Toyota Motor Corporation: key facts 30

Table 9: Toyota Motor Corporation: Annual Financial Ratios 32

Table 10: Toyota Motor Corporation: Key Employees 33

Table 11: Toyota Motor Corporation: Key Employees Continued 34

Table 12: General Motors Company: key facts 35

Table 13: General Motors Company: Annual Financial Ratios 37

Table 14: General Motors Company: Key Employees 38

Table 15: General Motors Company: Key Employees Continued 39

Table 16: Tesla, Inc.: key facts 40

Table 17: Tesla, Inc.: Annual Financial Ratios 42

Table 18: Tesla, Inc.: Key Employees 43

Table 19: Ford Motor Company: key facts 44

Table 20: Ford Motor Company: Annual Financial Ratios 46

Table 21: Ford Motor Company: Key Employees 47

Table 22: Ford Motor Company: Key Employees Continued 48

Table 23: Ford Motor Company: Key Employees Continued 49

Table 24: Ford Motor Company: Key Employees Continued 50

Table 25: North America exchange rate, 2019–23 51

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 Hybrid & Electric Cars in North America

Industry Profiles

LIST OF FIGURES
Figure 1: North America hybrid & electric cars market value: $ million, 2018–23 11

Figure 2: North America hybrid & electric cars market volume: units, 2018–23 12

Figure 3: North America hybrid & electric cars market category segmentation: $ million, 2018-2023 14

Figure 4: North America hybrid & electric cars market geography segmentation: % share, by value, 2023 15

Figure 5: North America hybrid & electric cars market value forecast: $ million, 2023–28 16

Figure 6: North America hybrid & electric cars market volume forecast: units, 2023–28 17

Figure 7: Forces driving competition in the hybrid & electric cars market in North America, 2023 18

Figure 8: Drivers of buyer power in the hybrid & electric cars market in North America, 2023 19

Figure 9: Drivers of supplier power in the hybrid & electric cars market in North America, 2023 21

Figure 10: Factors influencing the likelihood of new entrants in the hybrid & electric cars market in North America,
2023 23

Figure 11: Factors influencing the threat of substitutes in the hybrid & electric cars market in North America, 202325

Figure 12: Drivers of degree of rivalry in the hybrid & electric cars market in North America, 2023 26

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 Hybrid & Electric Cars in North America

Industry Profiles

2. Market Overview

2.1. Market definition

The hybrid & electric cars market consists of the initial retail sale/registration of new electric and hybrid passenger
cars. Passenger cars include saloons/sedans, hatchbacks, SUVs, 4x4s, and other related vehicles.
The market value is calculated at the retail selling price (RSP) and the market volume is given in terms of units sold.
The electric cars segment refers to all-electric vehicles only, namely Battery Electric Vehicles (BEVs).
The hybrid cars segment refers to all types of hybrid electric cars such as full-standard Hybrid Electric Vehicles
(FHEVs), and mild and plug-in hybrid electric vehicles (MHEVs and PHEVs). The other alternative fuel vehicles (e.g.,
LPG, Hydrogen fuel cell, or 48vMEHVs) are not included.
All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this
report have been calculated using yearly annual average exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.

2.2. Market analysis

The North American hybrid & electric cars market recorded strong growth during the historic period between
2018 and 2023. However, the market experienced strong growth of 60.1% in 2023 and is set to follow a trend of
strong growth over the forecast period between 2023 to 2028.
According to GlobalData, the US held the largest share of 92.3% in the hybrid & electric car market in the North
American market in 2023. The growth in the North American hybrid & electric cars market is influenced by several
macroeconomic factors, such as rising GDP, growing consumer confidence, and an increase in disposable income
among individuals. For instance, according to the University of Michigan, the consumer confidence index in the US
stood at 71.2 in August 2023, up from 64.4 in June 2023. Moreover, the real GDP annual growth rate of the US in
2023 stood at 2.4%, according to GlobalData analysis based on information from, the Bureau of Economic Analysis
(BEA). In addition to this, according to GlobalData, in 2023, the net household disposable income of Canada
reached $1.3 trillion, an increase of 0.8% from 2022. Taking these factors into consideration, the market is poised
for sustained growth.
The North American hybrid & electric car market recorded revenues of $143,243.5 million in 2023, representing a
compound annual growth rate (CAGR) of 33.0% between 2018 and 2023. In comparison, the US and Canadian
markets grew with CAGRs of 33% and 34.5%, respectively, to reach $132,320.9 million and $9,822.6 million in
2023.
The growth of the hybrid & electric cars market in recent years can be partly attributed to the increasing prices of
gasoline and diesel as well as advancements in battery technologies. Also, the surge in gasoline and diesel prices

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Hybrid & Electric Cars in North America

Industry Profiles

was attributed to increased crude oil prices and supply disruption risks due to the war. Moreover, President
Biden’s Bipartisan Infrastructure Law invests $7.5 billion in EV charging, $10 billion in clean transportation, and
over $7.0 billion in EV battery components, critical minerals, and materials. Because of President Biden’s
leadership and record federal investment, EV sales have tripled, and the number of publicly available charging
ports has grown by at least 40%, there are more than three million EVs on the road and over 130,000 public
chargers across the country. President Biden's Investing in America agenda aims to have 50% of new vehicle sales
be electric by 2030. However, a 2023 analysis revealed, that recently announced projects in Canada include a $750
million project with Volta Charging in Granby, Quebec, a $1.2 billion project with ECO Procam Canada in Quebec,
and an $87 million project with the E3 Lithium plant in Alberta as investments in EVs and charging infrastructure
leads to achieve green mobility. These advancements and investments, coupled with rising fuel prices, incentivize
eco-friendly vehicle adoption for cost savings, fostering market growth.
Market production volume increased with a CAGR of 31.7% between 2018 and 2023, to reach a total of
3,027,640.0 units in 2023. The market's volume is expected to rise to 9,029,767.0 units by the end of 2028,
representing a CAGR of 24.4% over 2023–28.
Hybrid and electric car adoption has strongly increased in recent years thanks to their increasing affordability, the
growing availability of new offerings with improved range capacities, and the continuous expansion of charging
infrastructure. In addition to this, President Biden’s leadership and record federal investment resulted in EV sales
having tripled and the number of publicly available charging ports has grown by at least 40.0%. Companies such as
Tesla, General Motors, EVgo, Pilot, Hertz, and BP are announcing significant commitments to expand their public
charging networks by thousands of ports over the next two years. In alignment with this vision, President Biden
has publicly committed to building a national network of 500,000 EV chargers by 2030. To support this goal, the
Department of Transportation launched the National Electric Vehicle Infrastructure Program (NEVI), a $5 billion
initiative focused on installing vehicle chargers along major highways that support most long-distance trips. This
program aims to give drivers confidence in finding charging stations, stimulate private investment in charging
infrastructure and electric vehicles, and contribute to the President's goal of at least 50% of vehicle sales being
electric by 2030.
The hybrid segment accounted for the market's largest proportion in 2023, with total revenues of $74,488 million,
equivalent to 52% of the market's overall value. The electric segment contributed revenues of $68,755.5 million in
2023, equating to 48% of the market's aggregate value.
The surge in hybrid vehicle adoption was attributed to a confluence of factors. Government incentives and policies
promoting low-emission vehicles, including grants for purchasing hybrids and reduced taxes, have made these
vehicles more financially appealing to consumers. Advancements in technology, resulting in improved fuel
efficiency and performance, have bolstered consumer confidence in these vehicles. Additionally, the expansion of
charging infrastructure has mitigated concerns about range anxiety, making hybrids a more viable choice for
everyday commuting. As a result, the combination of governmental support, environmental awareness,
technological advancements, and infrastructure development has propelled the increasing popularity of hybrid
vehicles across North America in 2023.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 35.4% over 2023–28, which
is expected to drive the market to a value of $652,464.1 million by the end of 2028. Comparatively, the US and
Canadian markets will grow with CAGRs of 36.6% and 13.7%, respectively, to reach $630,408.7 million and
$18,680.3 million in 2028.
The sales of hybrid and electric cars will continue to grow strongly over the coming years, given that the market is
set to expand both in demand and supply terms. Automakers have revealed concrete plans to ramp up their
production of electric vehicles over the coming years to align with the transition to a low-carbon economy.
Accordingly, the increased number of offerings for consumers and government incentives are set to stimulate
sales. For instance, in the Inflation Reduction Act of the US, purchases of new electric, plug-in hybrid, and fuel cell
electric cars purchased in 2023 or after may qualify for a $7,500 federal income tax credit., for the first time,
allowed tax credits to be applied for the purchase of used electric vehicles. Following this, Siemens and the
Mexican clean technology company VEMO partnered to encourage the use of electric vehicle technologies in
Mexico. VEMO and Siemens intend to install 160kW charging stations at six key places along Mexico's center
roadways by 2024. Furthermore, by the end of 2024, VEMO hopes to have doubled its infrastructure for charging
to reach 500 charging sites. The fast expansion of the electric vehicle (EV) sector in Mexico and elsewhere has
prompted these improvements to the infrastructure. According to the Mexican Association of the Automotive
Industry (AMIA), the country will need roughly 40,000 public charging stations by 2041 to handle the anticipated

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Hybrid & Electric Cars in North America

Industry Profiles

increase in electric vehicles (EVs), which might eventually total 700,000 cars on the road. These developments will
boost the market for future days.

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 Hybrid & Electric Cars in North America

Industry Profiles

3. Market Data

3.1. Market value

The North American hybrid & electric cars market grew by 60.1% in 2023 to reach a value of $143,243.5 million.
The compound annual growth rate of the market in the period 2018–23 was 33%.

Table 1: North America hybrid & electric cars market value: $ million, 2018–23

Year $ million € million % Growth

2018 34,397.0 29,126.4
2019 32,922.5 29,408.9 (4.3%)
2020 39,337.5 34,440.2 19.5%
2021 69,354.3 58,638.6 76.3%
2022 89,449.0 84,876.3 29.0%
2023 143,243.5 132,477.2 60.1%

CAGR: 2018–23 33.0%

Source: MARKETLINE MARKETLINE

Figure 1: North America hybrid & electric cars market value: $ million, 2018–23

Source: MARKETLINE MARKETLINE

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 Hybrid & Electric Cars in North America

Industry Profiles

3.2. Market volume

The North American hybrid & electric cars market grew by 49.4% in 2023 to reach a volume of 3,027,640 units.
The compound annual growth rate of the market in the period 2018-23 was 31.7%.

Table 2: North America hybrid & electric cars market volume: units, 2018–23

Year units % Growth

2018 765,210.0
2019 828,293.0 8.2%
2020 959,612.0 15.9%
2021 1,677,941.0 74.9%
2022 2,027,177.0 20.8%
2023 3,027,640.0 49.4%

CAGR: 2018–23 31.7%

Source: MARKETLINE MARKETLINE

Figure 2: North America hybrid & electric cars market volume: units, 2018–23

Source: MARKETLINE MARKETLINE

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 Hybrid & Electric Cars in North America

Industry Profiles

4. Market Segmentation

4.1. Category segmentation

Hybrid is the largest segment of the hybrid & electric cars market in North America, accounting for 52% of the
market's total value in 2023.
The Electric segment accounts for the remaining 48% of the market.

Table 3: North America hybrid & electric cars market category segmentation: % share, by value, 2018–2023

Category 2018 2019 2020 2021 2022 2023

Hybrid 66.8% 65.3% 66.5% 64.8% 54.2% 52.0%
Electric 33.2% 34.7% 33.5% 35.2% 45.8% 48.0%

Total 100% 100% 100% 100% 100% 100%

Source: MARKETLINE MARKETLINE

Table 4: North America hybrid & electric cars market category segmentation: $ million, 2018-2023

Category 2018 2019 2020 2021 2022 2023 2018-23

CAGR(%)
Hybrid 22,978.6 21,496.3 26,167.8 44,963.1 48,466.9 74,488.0 26.5%
Electric 11,418.4 11,426.2 13,169.6 24,391.2 40,982.1 68,755.5 43.2%

Total 34,397 32,922.5 39,337.4 69,354.3 89,449 143,243.5 33%

Source: MARKETLINE MARKETLINE

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 Hybrid & Electric Cars in North America

Industry Profiles

Figure 3: North America hybrid & electric cars market category segmentation: $ million, 2018-2023

Source: MARKETLINE MARKETLINE

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 Hybrid & Electric Cars in North America

Industry Profiles

4.2. Geography segmentation

The United States accounts for 92.4% of the North American hybrid & electric cars market value in 2023.
Canada accounts for a further 6.9% of the North American market.

Table 5: North America hybrid & electric cars market geography segmentation: $ million, 2023

Geography 2023 %
United States 132,320.9 92.4
Canada 9,822.6 6.9
Mexico 1,099.9 0.8

Total 143,243.4 100.1%

Source: MARKETLINE MARKETLINE

Figure 4: North America hybrid & electric cars market geography segmentation: % share, by value, 2023

Source: MARKETLINE MARKETLINE

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 Hybrid & Electric Cars in North America

Industry Profiles

5. Market Outlook

5.1. Market value forecast

In 2028, the North American hybrid & electric cars market is forecast to have a value of $652,464.1 million, an
increase of 355.5% since 2023.
The compound annual growth rate of the market in the period 2023–28 is predicted to be 35.4%.

Table 6: North America hybrid & electric cars market value forecast: $ million, 2023–28

Year $ million € million % Growth

2023 143,243.5 132,477.2 60.1%
2024 187,450.1 176,839.8 30.9%
2025 249,908.9 234,995.4 33.3%
2026 337,993.5 317,268.8 35.2%
2027 466,297.8 437,157.6 38.0%
2028 652,464.1 611,045.4 39.9%

CAGR: 2023–28 35.4%

Source: MARKETLINE MARKETLINE

Figure 5: North America hybrid & electric cars market value forecast: $ million, 2023–28

Source: MARKETLINE MARKETLINE

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 Hybrid & Electric Cars in North America

Industry Profiles

5.2. Market volume forecast

In 2028, the North American hybrid & electric cars market is forecast to have a volume of 9,029,767 units, an increase
of 198.2% since 2023.
The compound annual growth rate of the market in the period 2023–28 is predicted to be 24.4%.

Table 7: North America hybrid & electric cars market volume forecast: units, 2023–28

Year units % Growth

2023 3,027,640.0 49.4%
2024 3,912,555.0 29.2%
2025 5,261,789.0 34.5%
2026 6,681,724.0 27.0%
2027 7,941,083.0 18.8%
2028 9,029,767.0 13.7%

CAGR: 2023–28 24.4%

Source: MARKETLINE MARKETLINE

Figure 6: North America hybrid & electric cars market volume forecast: units, 2023–28

Source: MARKETLINE MARKETLINE

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 Hybrid & Electric Cars in North America

Industry Profiles

6. Five Forces Analysis

The hybrid & electric cars market will be analyzed taking hybrid & electric cars manufacturers as players. The key
buyers will be taken as independent dealerships, car leasing or rental companies, and individuals, and producers
and traders of metals, labor, producers of automotive parts, and operators of charging stations as the key
suppliers.

6.1. Summary

Figure 7: Forces driving competition in the hybrid & electric cars market in North America, 2023

Source: MARKETLINE MARKETLINE

The North American hybrid & electric cars market is characterized by high concentration and is dominated by a small
number of companies which reduces the rivalry. However, the large size of players increases the rivalry in the market.
Buyers in this market vary in size, including independent dealerships, car leasing/rental companies, and individual
consumers who are the end-users of hybrid & electric cars. Car dealerships and car leasing/rental companies are
sizeable buyers and have more bargaining power as compared to individual customers.
The suppliers in the market include providers of key parts such as electronics and battery cells; producers of raw
materials such as steel, aluminum, and other metals; as well as companies supplying differentiated inputs such as
fabricated components. The availability of a significant number of suppliers of these products in the market moderates
their power.
The market involves high fixed costs in the design and manufacture of cars. Moreover, the economies of scale gained
from mass production are important which requires high capital for setting up a manufacturing facility of feasible scale,
thereby reducing the likelihood of new entrants. However, established car companies can tap the hybrid & electric car
segment.
Finally, substitutes such as used cars, standard fuel cars, and public transport pose a strong threat to hybrid & electric
car manufacturers.

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6.2. Buyer power

Figure 8: Drivers of buyer power in the hybrid & electric cars market in North America, 2023

Source: MARKETLINE MARKETLINE

Buyers in this market vary in size, including independent dealerships, car leasing/rental companies, and individual
consumers who are the end-users of hybrid & electric cars. Car dealerships and car leasing/rental companies are
sizeable buyers and have more bargaining power as compared to individual customers. They can obtain favorable prices
through bulk purchasing and contractual arrangements. Nevertheless, compared to international car manufacturers
such as Toyota, Nissan, or Ford, even the biggest car buyers do not present a large negotiating power. Individual buyers
may comprise a potential mass market, but they are considered a small target group for this market when compared to
the number of buyers of conventional cars. According to the Government of British Columbia, in 2022, electric vehicles
accounted for 18.1% of the total new light-duty vehicles sold across British Columbia. The share of hybrid & electric cars
in total new passenger car sales is relatively low. The small number of buyers at present only slightly increases buyer
power, as their bargaining power and financial muscle remain negligible. Moreover, as the number of buyers increases
over time, the importance of each customer is decreasing further.
The typically higher price of a hybrid or electric car compared to an equivalent internal combustion car has been the
biggest barrier to their adoption so far. As large ticket items, with higher price points than ICE cars, hybrid & electric
cars are considered luxury goods of greater dispensability. This means that consumers are highly price-sensitive
towards the purchase of hybrid & electric cars, while the adoption of those cars is highly correlated with the disposable
income level of consumers. Consumers within the North American region (particularly in the US and Canada) have a
high disposable income, which means that their price sensitivity is relatively reduced. Leasing or loan financing may also
be a means of purchase, but this depends on the financial options provided in a country's market. The credit-heavy
characteristic of the US automobile industry, with widely obtainable car loans, increases the affordability of hybrid &
electric cars.
Furthermore, the propensity of consumers to buy a hybrid or electric car is associated with the price of gasoline fuel.
The increasing price of fuel enhances the appeal of buying a hybrid or electric vehicle as the running costs of a
conventional car are raised. In contrast, low fuel prices mean that hybrid & electric cars become less popular among
consumers as the benefits are undermined by their already high purchase costs. Fuel prices are rising continuously
across the nation. For instance, in 2023, gasoline prices in the US reached $3.5 per gallon. As such, the buyer power is
somewhat reduced as hybrid & electric cars become more financially appealing.
Finally, the market offers customers a limited degree of choice, with only a few manufacturers making a limited range
of products, particularly in the all-electric segment. Additionally, these products are sufficiently differentiated across
manufacturers, and that diminishes buyer power further. Consumers’ preferences for hybrid & electric cars are focused

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on attributes such as range capacity, battery charging time, top speed, and others. For many buyers, switching costs are
relatively low for hybrids but can be substantial for all-electric vehicles, for which major product attributes such as the
range capacity and the availability of compatible charging infrastructure may vary considerably. However, to retain
customers, manufacturers have invested heavily in brand building, infrastructure development, and service
relationships, meaning that buyer power could potentially weaken.
Overall, buyer power in the market is assessed as moderate.

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6.3. Supplier power

Figure 9: Drivers of supplier power in the hybrid & electric cars market in North America, 2023

Source: MARKETLINE MARKETLINE

The suppliers in the hybrid & electric cars market include providers of key parts such as electronics, battery cells, and
complex vehicle assemblies; producers of raw materials such as steel, aluminum, lithium, cobalt, copper, nickel, and
other metals; as well as companies supplying differentiated inputs such as fabricated components, which are
outsourced rather than being manufactured in-house. The availability of a significant number of suppliers of these
products in the market moderates their power.
With fairly low differentiation of raw materials, there is often little to distinguish between different suppliers, which
theoretically reduces their power. However, the importance of high-quality raw materials and components to
manufacturers (particularly about safety concerns) mitigates this. On the other hand, players require operational and
logistics excellence from suppliers, including supporting rapid part identification and availability checks, timely delivery,
flexible replenishment, and return logistics. All these high standard requirements may increase the power of players
over suppliers, but the small number of large suppliers due to the economies of scale needed, as well as long-lasting
relationships and contracts, ultimately increase the supplier’s power. For instance, the prices of raw materials such as
steel, aluminum, and other metals are determined by the market and are subject to change due to several
uncontrollable factors including supply and demand and market speculation. Several manufacturers implement long-
term supply contracts for these materials at competitive prices to avoid future price shocks, which increases supplier
power.
Players tend to source high-spec inputs such as fabricated components from highly specialized suppliers. For example,
some of Tesla’s key suppliers include Brembo, which supplies brakes; AGC Automotive, which supplies windshields; and
Inteva Products, which manufactures instrument panels, as well as Panasonic which supplies batteries. Apart from the
fact that these suppliers offer a crucial and highly differentiated input, they tend to be large and diversified across the
automotive industry and other markets, thus they have augmented bargaining power against players. Companies
supplying rechargeable battery components are particularly vital to car manufacturers; the highest quality at the lowest
possible cost is crucial to remain competitive in comparison to standard fuel vehicles, as the battery pack makes up a
significant cost of the vehicle and determines its range. Large companies such as LG Chem, SK Innovation,
Contemporary Amperex Technology Co. Limited (CATL), and Panasonic, which are among the biggest suppliers of
batteries, are critical for the success of their clients, while these companies only have a small share of their revenues
reliant on this market. Hence, these suppliers are more important to market players rather than otherwise. Moreover,
players are tied into long-term contracts with those suppliers, which adds to the already high costs of switching
suppliers. All these factors boost the supplier's power.

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The backward integration is feasible to some extent and relatively common among players. Several players are
increasing their dependence on self-manufactured components and parts to avoid any disruptions in production due to
their non-availability from suppliers. For instance, Tesla intends to supplement the battery cells from suppliers with the
ones manufactured by them which will be more affordable than currently available cells and enable it to be more
effective and efficient. Moreover, developers of charging station networks, such as ChargePoint in the US and Sun
Country Highway in Canada, are considered significant suppliers of plug-in and electric cars. Still, backward integration
may seem difficult at this point, but Tesla has successfully developed its network, particularly in the US, gaining a
competitive advantage from it.
Overall, the suppliers have continued to satisfy customer demand, keep the business running, and look for ways to
expand while experiencing a condition of evaluation. Meanwhile, the global transportation industry is still evolving due
to the global push toward electric cars (EVs) by customers and governments. Moreover, suppliers are under constant
pressure to innovate and create new technologies due to transformation issues and uncertainties.
Overall, supplier power is assessed as moderate.

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6.4. New entrants

Figure 10: Factors influencing the likelihood of new entrants in the hybrid & electric cars market in North America, 2023

Source: MARKETLINE MARKETLINE

Brand strength and reputation are highly important in the automotive manufacturing industry, and it is therefore quite
difficult for new players to directly enter a particular country's market. Moreover, due to the high fixed costs involved in
car design and manufacture, as well as the economies of scale gained from mass production, new start-up companies
are rare: the capital requirements for a manufacturing facility of feasible scale are high. Tesla Motors is an exception to
this trend. It was only founded in 2003 and has moved from providing niche electric cars to having serious plans for
mass production. The company intends to boost the production of mass-market vehicles such as Model 3 and Model Y.
In FY2023, the company witnessed an annual growth of 473,382 Model 3 and Model Y deliveries globally.
The accessibility of raw materials and supply chain risks can be significant deterrents to the entry of new players into
the market. The price volatility of those materials due to their high concentration in a few mining sources, combined
with the trade uncertainty over tariffs for graphite in China and the socio-economic instability in the major supplier of
cobalt, DRC Congo, pose a significant risk for players in the market, thus deterring entry.
New entrants are likely to be encouraged by optimistic future growth and the importance of the car market to national
economies, as well as the importance of climate change issues to consumers. Most importantly, the purchase of
environmentally friendly cars is likely to be incentivized by the government through tax credits and rebate programs.
For instance, the US government offers clean vehicle tax credits up to $7,500 under the Internal Revenue Code Section
30D for new electric vehicles purchased from 2023 to 2032. Also, in Canada, tax incentives are differentiated across
provinces. For instance, British Columbia’s “Go Electric Program” offers $500 – $2000K in rebates for plug-in hybrids
with a range of less than 85 km and $1,000 – $4000K rebates for battery electric and long-range plug-in hybrids.
Moreover, Quebecers may be eligible for rebates of up to $8,000 on EVs under $60,000.
The industry players are subject to various regulations related to vehicle safety and testing, self-driving vehicles, battery
safety and testing, and automobile manufacturer and dealer regulations. These regulations vary across various
countries worldwide. For instance, in the US, the players are subject to the regulations of the National Highway Traffic
Safety Administration (NHTSA), including the NHTSA bumper standard and all applicable Federal Motor Vehicle Safety
Standards (FMVSS). The vehicles must comply with numerous FMVSS, such as those about occupant protection and
crashworthiness.
Strict emission standards always work as a deterrent for new entrants as they entail increased costs for compliance.
However, electric car manufacturers are favored by the tightening of emission standards for passenger vehicles, as
these may urge consumers to opt for environmentally friendly cars. Potential entrants might, therefore, be deterred or

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encouraged by emissions standards managed by the Environmental Protection Agency (EPA) in the US. It should be
noted, however, that there is considerable variation between states. In California, for example, the California Air
Resources Board (CARB) wields considerable influence over emissions requirements that car manufacturers must
comply with to trade in that market. In 2022, the California Air Resource Board passed the “Advanced Clean Car II
Regulations” which aims that by 2035, all new passenger cars sold in California must be emission-free. Moreover, in
March 2022, the Government of Canada released the 2030 Emissions Reduction Plan (ERP). With interim targets of at
least 20% by 2026 and at least 60% by 2030, the ERP includes a plan to implement a regulated zero-emission vehicles
(ZEVs) sales target that will require 100% of passenger car and light truck sales to be ZEVs by 2035.
Furthermore, infrastructure, in terms of the availability of charging stations, plays a crucial role in the penetration of
plug-in hybrid & electric cars within a market. According to the US Department of Energy, in Q1 2023, the Station
Locator's electric vehicle supply equipment (EVSE) ports or EV charging stations increased by 5,047, or 3.2% in the US.
Moreover, in Canada, there was a total of 21,242 level 2 public charging ports and 4,766 DC fast-charging ports
operating across Canada at the end of 2023. This increase in charging infrastructure is expected to attract new entrants
to the market.
The North American hybrid & electric cars market is growing significantly driven by factors such as the combination of
environmental awareness, regulatory support, and technological advancements propelling the growth of the market
and encouraging new entrants into the market. For instance, according to GlobalData, in 2023, the North American
hybrid & electric cars market witnessed a very strong annual growth rate of 60.1%, which will encourage new players to
tap into the market. Additionally, the automotive industry in the country is currently experiencing significant
transformation due to trends such as electrification, automation, and shared mobility.
Overall, the likelihood of new entrants is assessed as weak.

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6.5. Threat of substitutes

Figure 11: Factors influencing the threat of substitutes in the hybrid & electric cars market in North America, 2023

Source: MARKETLINE MARKETLINE

The main substitutes threatening players in the hybrid & electric cars market are standard fuel cars, used cars,
alternative forms of personal transport, and public transport. Automotive manufacturers tend to produce a range of
vehicles running on different fuel types, so the threat of standard fuel cars to market players is not as great as other
substitutes. Nevertheless, public transport and standard fuel cars are often cheaper alternatives, even if they may not
be the most environmentally friendly option.
Public transport, and personal transport substitutes, such as bicycles, can reduce the effect of volatile fuel prices for the
user. However, end-users may also find them less convenient, less reliable, and less significant as status symbols. The
benefits of these alternatives may vary considerably, depending on the frequency of their use, the distance covered, as
well as the availability and reliability of public transport.
The cost disadvantage of hybrid & electric cars against substitutes is becoming less evident as their price has decreased
in recent years. Hybrid & electric cars are also becoming more affordable as manufacturing costs fall and technological
advances are made. Over time, this will weaken the power of substitutes, particularly standard fuel cars. In terms of
operating costs, the price of electricity to run an electric car is a small fraction of the cost of fuel for equivalent internal
combustion engines, reflecting higher energy efficiency. According to published studies, plug-in hybrids and electric
cars can save around 40% to 60% in energy costs, compared with equivalent conventional cars. Subsequently, the
increasing price of fuel enhances the appeal of buying a hybrid or electric vehicle as the running costs of a conventional
car increase. In the case of all-electric cars, another major barrier to their large-scale adoption, and concurrently a
disadvantage against ICE cars, is the range capacity, which can be limiting for drivers covering significant daily distances.
The term “range anxiety” refers to the fear of insufficient battery capacity to reach a destination, given a lack of
available charging facilities. Even though the maximum range of an electric car in the market can be up to 450 km, the
cost of an electric car is highly proportional to its range capacity. Manufacturers’ response to reducing range anxiety
includes the further deployment of charging infrastructure and the development of higher battery capacities for
improved range, reducing that disadvantage against other substitutes.
Overall, the threat from substitutes in the market is strong.

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 Hybrid & Electric Cars in North America

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6.6. Degree of rivalry

Figure 12: Drivers of degree of rivalry in the hybrid & electric cars market in North America, 2023

Source: MARKETLINE MARKETLINE

The leading manufacturers in terms of sales of hybrid & electric cars in North America are Toyota, Ford, General
Motors, and Tesla. The immense growth of the North American market in recent years – mainly due to the emerging
penetration of hybrid & electric cars, stimulated by government incentives – has alleviated rivalry among players.
The hybrid & electric cars market is characterized by high concentration, dominated by a small number of large
companies, as car manufacturers are reluctant to enter a new car segment given the significant fixed and development
costs involved in car production. A degree of differentiation reduces rivalry somewhat; there are several different sub-
segments within the market, such as BEVs, PHEVs, EREVs, and HEVs. Moreover, these segments can be split out in
terms of saloons, hatchbacks, SUVs, and others.
Diversity is also essential to avoid negative demand shocks based on macroeconomic factors that may affect certain
segments or even the whole market. Automotive manufacturers have diversified in terms of the market segments they
operate in and produce a wide range of other vehicles with different fuel types, including gas, diesel, LPG, and hydrogen
fuel cells. Geographic diversification can offer more protection against the vagaries of any one country's market. These
factors mean that when macroeconomic conditions are tough, rivalry will tend to increase significantly.
There are also several differences and competitive advantages among players. Tesla Motors differentiates itself from
rivals as it is an electrical vehicle-only car manufacturer. Accordingly, as it specializes in this segment, it has greater
potential for innovation than its rivals. On the other hand, legacy automotive manufacturers such as Toyota,
Volkswagen, Daimler, and General Motors have increased financial strength and diversity in the wider automotive
industry. In this way, they are less dependent on the hybrid and electric market, while they have greater financial
resources to invest in the research and development of the types of cars on which innovation is a crucial aspect of
competition. Large financial muscle can also lead to a significant competitive advantage as the capacity to offer credit
financing to dealerships and discounts to large buyers can expand sales and increase players’ market share.
Over the historic period, the market experienced rapid growth. The demand for rising environmental awareness,
regulatory support, technological advancements, strong policy support, growing consumer demand, and the global EV
market is poised for continued rapid growth in the coming years is propelling the growth of the North American hybrid
& electric cars market. According to GlobalData, the North American hybrid & electric cars market is projected to
witness strong growth at a CAGR of 35.4% over 2023–28. Such strong growth potential is expected to ease the rivalry
between the players.
Overall, rivalry in this market is assessed as strong.

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7. Competitive Landscape
The North American hybrid and electric car market is highly concentrated, with a few manufacturers offering a
limited number of models relative to market size. Competition is segmented into standard non-plug-in hybrids
(HEVs), plug-in hybrids (PHEVs), extended-range electric vehicles (EVs), and battery all-electric vehicles (BEVs),
each further divided by size (sub-compact, compact, mid-size, full-size, SUVs). Price and features like range
capacity and battery efficiency heavily influence competitive strategies, making supply chain management crucial.
Each player targets different segments with models tailored to varying price points and features, resulting in
distinct competitive advantages. The North American market is largely dominated by Tesla, Toyota, General
Motors, and Ford.

7.1. Who are the leading players?

Tesla Inc
Tesla is one of the leading players in the hybrid and electric market in North America in 2023. It is an automotive
company that designs, manufactures, and markets electric vehicles, components, and energy storage and
generation systems. The company's electric vehicle portfolio includes the premium sedan Model S, the SUV Model
X, and the recent sedan Model 3 and Model Y all-electric cars. The company also operates a network of more than
a thousand superchargers in the US to enable long-distance driving; this high-speed charger is designed to
replenish 170 miles of range in the battery pack in as little as 30 minutes. The company provides products and
services through international sales organizations, galleries, vehicle service centers, stores, and Supercharger
stations. It serves individuals and industrial and commercial customers. The company has a business presence
across North America, Europe and Asia. The company is based in Austin, Texas, the US,
Toyota Motor (Toyota)
Toyota is one of the leading players in the hybrid and electric market in North America in 2023. It is a
manufacturer and seller of motor vehicles. The company’s electric vehicle portfolio includes the top-selling sub-
compact model Prius brand, which is among the most affordable, and the RAV4 Prime hybrid SUV. Toyota caters to
its products through Lexus, Toyota, and Hino brand names. It operates manufacturing facilities in several cities
across North America, Latin America, Europe, Africa, Asia Pacific, and the Middle East. It also operates research
and development (R&D) facilities in the US, Japan, and China. Moreover, Toyota has a presence in the premium
end of the market with its Lexus brand. The company is based in Toyota City, Aichi, Japan.
General Motors (GM)
GM is one of the leading players in the hybrid and electric market in North America in 2023. It is involved in the
design, development, production, and marketing of cars. The company’s vehicle portfolio includes electric and
plug-in cars. Chevrolet, with the sub-compact Chevy Bolt EV and the compact Chevy Volt PHEV, are some of the
major electric cars in the market. On the other hand, General Motors has a limited presence in standard hybrids,
with its Chevrolet Malibu model. It has a business presence in North America, Europe, and South America. The
company is based in Detroit, Michigan, US.
Ford Motor (Ford)
Ford is one of the leading players in the hybrid and electric market in North America in 2023. It is an automotive
company, that designs, manufactures, markets, and services a full line of cars, trucks, sport utility vehicles, and
electrified vehicles. The company’s vehicle portfolio includes standard hybrids and plug-in hybrids. It markets
products under the brand names of Ford and Lincoln. The company operates through three reportable business
segments: automotive, ford credit, and mobility. It primarily operates across the Americas, Europe, Asia-Pacific,
the Middle East, and Africa. The company is based in Dearborn, Michigan, US.

7.2. What strategies do the leading players follow?

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Tesla aims to remain one of the best-selling electric car manufacturers as the adoption of electric cars accelerates,
by building a strong brand image and capitalizing on the early adoption of its cars. The company has invested in
innovation to offer advanced product features such as higher range performance, faster charging, and advanced
auto-pilot systems. It has also invested in infrastructure by developing its charging network, to facilitate the
adoption of its cars and retain its consumer base in the long term, building brand loyalty and increasing switching
costs for consumers.
Moreover, its business model has been crucial for its success so far, following the business-model principle that
technology companies follow to increase adoption: the cash flow from the first premium product is re-invested in
R&D to push costs down through technological advances, allowing the roll-out of the next more affordable
product as adoption increases and production ramps up.
Toyota is the only major manufacturer that had completely shunned all-electric vehicles until recently, focusing on
affordable mild hybrids, in which it has pioneered low-cost hybrid technology (Hybrid Synergy Drive) since the
introduction of Prius in 1997. It had only sought to expand the range since then, adding the Corolla Hybrid and
RAV4 Hybrid among others, appealing to consumers seeking sedans and SUVs in that market. The company
focuses on improvements in hybrid technologies, including in functions and cost, and contributions to the
environment through advancements; internal combustion engine fuel economy technology as well as
improvement in technology in connection with more stringent emission standards; development of advanced
safety technology designed to promote driving and vehicle safety; development of EVs, FCVs, and other alternative
fuel vehicles; automated driving technologies and connected car technologies.
Ford aims to strengthen its competitive position and profitability by expanding, improving, and innovating new
products and services. The company focuses on diversification and investing in new businesses and opportunities.
It plans to expand its electric vehicle category and battery manufacturing capacity, including a $3.5 billion
investment in a lithium iron phosphate battery plant. Ford also assesses various markets, channels, and investors
to de-risk and improve asset-funding matching.
GM's strategy lies its vision of Zero Crashes, Zero Emissions, and Zero Congestion, which serves as a guiding
compass for the company's growth. This vision sets the context for GM's decision-making processes, fostering a
culture that values innovation and emphasizes agility. A key focus for GM is delivering an exceptional customer
experience while simultaneously expanding its brands, fostering customer loyalty, and developing software-
enabled services. An important aspect of GM's ambition is to establish a global vehicle portfolio featuring
advanced platforms and cutting-edge technology, including electric and autonomous vehicles.

7.3. What are the recent developments in the market?

In July 2023, Volvo and Tesla collaborated to expand Mexico's network of electric vehicle charging stations. Volvo
electric car owners in Mexico will soon have access to Tesla Superchargers, which are fast-charging locations. From
the first half of 2024, owners of Volvo's current electric car models, including the XC40, C40 Recharge, and soon
the EX90 and EX30, will be able to use adapters to connect to the Supercharger network in Mexico. Ford and
General Motors, two of America's top automakers, have just disclosed that they will adopt Tesla's charging system
for their upcoming line of electric automobiles. This partnership shows that Tesla Superchargers' effectiveness and
dependability are recognized.
In December 2023, Tesla announced it would open part of its Canadian Supercharger network to non-Tesla EVs
and build a 120,000-square-foot EV center in Vancouver, the largest in North America. This facility will focus on EV
servicing, preparation, and delivery operations, and include a showroom. Located at 950 Raymur Ave., it will be
Tesla’s largest service center in Western Canada. Construction begins in early 2024, finishing by early 2026. The
aim is to expand EV infrastructure and support electric vehicle adoption in line with B.C.'s zero-emission vehicle
targets.
In July 2023, Toyota Canada announced a partnership with Edmonton International Airport (YEG) to bring 100
zero-emission hydrogen fuel cell electric vehicles (FCEVs) to Alberta's roadways. This partnership aims to promote
the use of sustainable transportation options in the region.
In FY2023, Ford has been focusing on the manufacturing and production of electric vehicles (EVs) in Canada. The
company has made a substantial investment of $1.3 billion in its Oakville assembly plant in Ontario to convert it

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into a high-volume hub for EV manufacturing. In FY2024, Ford has also been retiming the launch of upcoming EVs
at its Oakville plant while building out an advanced industrial system for producing next-generation EVs.
In April 2023, Toyota announced that by 2026, it plans to release 10 new battery-electric car models. Toyota will
also establish a brand-new, specialist division to concentrate on the upcoming battery EVs. Toyota has stated that
a variety of options, including gasoline-electric hybrids, is better for its international clientele.
In April 2023, GM and Samsung SDI formed a joint venture (JV) to establish a manufacturing facility in the US for
producing battery cells exclusively for electric vehicles, with an investment of over $3,000 million. This
collaboration is expected to strengthen GM's position in the electric vehicle market and will significantly contribute
to GM's plans of scaling its electric vehicle production capacity in North America, surpassing an annual output of
one million units.

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8. Company Profiles

8.1. Toyota Motor Corporation

8.1.1. Company Overview

Toyota Motor Corporation (Toyota or ‘the company’) is a manufacturer and seller of motor vehicles. The
company’s products include mid-size, luxury, sports and specialty cars, recreational and sport-utility vehicles,
pickup trucks, minivans, trucks and buses. The company also extends its businesses in the fields of housing,
financial services. Toyota caters to its products through Lexus, Toyota, and Hino brand names. The company
operates its business in Ireland, Italy, Poland, TUrkiye, Malawai, Zimbabwe, Cuba, Haiti, Peru, Canada and
United States. It operates through its distributors in North America, Europe, Asia, Oceania, Middle East, Africa,
Central and South America. The company is headquartered in Toyota City, Aichi, Japan.
The company reported revenues of (Yen) JPY45,095,325 million for the fiscal year ended March 2024 (FY2024),
an increase of 21.4% over FY2023. In FY2024, the company’s operating margin was 11.9%, compared to an
operating margin of 7.3% in FY2023. In FY2024, the company recorded a net margin of 11%, compared to a net
margin of 6.6% in FY2023.

8.1.2. Key Facts

Table 8: Toyota Motor Corporation: key facts

Head office: 1 Toyota-Cho, Toyota City, Toyota-Shi, Aichi, Japan

Number of Employees: 375235
Website: www.toyota.jp
Financial year-end: March
Ticker: 7203
Stock exchange: Tokyo Stock Exchange
Source: COMPANY WEBSITE MARKETLINE

8.1.3. Business Description

Toyota Motor Corporation (Toyota or ‘the company’) designs, manufactures and sale of sedans, minivans, compact
cars, sports utility vehicles, trucks and related parts and accessories throughout the world. It also provides
financing, vehicle and equipment leasing, and certain other financial services primarily to its dealers and their
customers to support the sales of vehicles and other products manufactured by Toyota.
The company operates through three segments: Automotive, Financial Services, and All Others.
Under the Automotive segment, Toyota designs, manufactures, assembly, and sale of passenger cars, minivans,
and commercial vehicles such as trucks and related parts and accessories.. Toyota's product line-up includes
subcompact and compact cars, mini-vehicles, mid-size, luxury, sports and specialty cars, recreational and sport-
utility vehicles (SUVs), pickup trucks, minivans, trucks and buses. The vehicles manufactured by Toyota, Daihatsu
and Hino can be classified into three categories: hybrid vehicles, conventional engine vehicles, and fuel cell
vehicles. In FY2023, the Automotive segment reported revenues of JPY33,776,870.0 million, which accounted for
90.9% of the company's revenue.
Under the Financial Services segment, the company’s operations are handled by Toyota Financial Services (TFSC), a
wholly-owned subsidiary of the company. As of March 2022, it currently operates financial services companies in
43 countries and regions, which support its automotive operations globally. The segment primarily provides

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financing to dealers and their customers for the purchase or lease of Toyota vehicles. TFSC also provides retail
leasing through the purchase of lease contracts originated by Toyota dealers. The segment also provides retail
financing, retail leasing, wholesale financing and insurance. The segment also includes Toyota Finance Corporation
which provides a range of financial services, including retail financing, retail leasing, and credit cards. During
FY2023, the company had financing contracts in North America with 5,500; Europe 1,647; Other with 938; Asia
with 2,034; and Japan with 2,767. In FY2023, the Financial Services segment reported revenues of JPY2,786,679.0
million, which accounted for 7.5% of the company's revenue.
The company's all Other business segment includes the design and manufacture of prefabricated housing, and
information technology-related businesses, including an e-commerce marketplace called GAZOO.com. In FY2023,
the All Other segment reported revenues of JPY590,749.0 million, which accounted for 1.6% of the company's
revenue.
Geographically, Toyota classifies its revenue into five segments: Japan, North America, Europe, Asia and Other. In
FY2023, the Japan segment accounted for 24.6% of its revenue, followed by 36.4% from North America, 19% from
Asia, 11% from Europe and 9% from Others. As of March 2023, the company operated 16 production sites in
Japan. Apart form this, it had facilities across overseas, including the Americas, Europe, Africa and Asia Pacific.

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Table 9: Toyota Motor Corporation: Annual Financial Ratios

Key Ratios 2019 2020 2021 2022 2023
Growth Ratios
Sales Growth % -1.19 -8.88 15.30 18.40
Operating Income Growth % 12.83 -8.40 36.31 -9.04
EBITDA Growth % 1.93 -3.82 25.39 -1.09
Net Income Growth % 8.14 10.27 26.94 -13.99
EPS Growth % -1.12 10.36 29.13 -12.55
Working Capital Growth % 25.88 60.31 42.83 32.97
Equity Ratios
EPS (Earnings per Share) JPY 145.64 144.02 158.93 205.23 179.47
Dividend per Share JPY 44.00 44.00 47.00 52.00 60.00
Dividend Cover Absolute 3.31 3.27 3.38 3.95 2.99
Book Value per Share JPY 1366.18 1490.80 1674.18 1904.88 2089.08
Profitability Ratios
Gross Margin % 18.01 18.02 17.76 19.03 16.99
Operating Margin % 7.04 8.03 8.08 9.55 7.33
Net Profit Margin % 6.23 6.82 8.25 9.08 6.60
Profit Markup % 21.97 21.98 21.59 23.50 20.47
PBT Margin (Profit Before Tax) % 7.56 9.35 10.77 12.72 9.87
Return on Equity % 9.49 9.88 9.59 10.86 8.65
Return on Capital Employed % 6.31 6.70 5.39 6.53 5.41
Return on Assets % 7.25 3.85 3.86 4.39 3.45
Return on Working Capital % 326.00 292.19 166.96 159.33 109.00
Operating Costs (% of Sales) % 92.96 91.97 91.92 90.45 92.67
Administration Costs (% of Sales) % 9.85 9.98 9.68 9.48 9.66
Liquidity Ratios
Current Ratio Absolute 1.04 1.05 1.06 1.09 1.10
Quick Ratio Absolute 0.89 0.91 0.93 0.91 0.93
Cash Ratio Absolute 0.20 0.23 0.24 0.28 0.31
Leverage Ratios
Debt to Equity Ratio Absolute 1.02 1.04 1.10 1.01 1.04
Net Debt to Equity Absolute 0.72 0.73 0.70 0.68 0.71
Debt to Capital Ratio Absolute 0.50 0.51 0.52 0.50 0.51
Efficiency Ratios
Asset Turnover Absolute 1.16 0.56 0.47 0.48 0.52
Fixed Asset Turnover Absolute 5.66 2.77 2.40 2.55 2.87
Inventory Turnover Absolute 18.66 9.44 8.26 7.57 7.64
Current Asset Turnover Absolute 3.20 1.58 1.30 1.35 1.48
Capital Employed Turnover Absolute 0.90 0.83 0.67 0.68 0.74
Working Capital Turnover Absolute 46.34 36.37 20.67 16.69 14.86
Source: COMPANY FILINGS MARKETLINE

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Table 10: Toyota Motor Corporation: Key Employees

Name Job Title Board

Akio Toyoda Chairman Executive Board
Carla Neff Vice President Administration, Toyota Indiana Senior Management
Emi Osono Director Non Executive Board
Gill A. Pratt Chief Scientist Senior Management
Gill A. Pratt Executive Fellow for Research Senior Management
Ikuro Sugawara Director Non Executive Board
In Charge-Software Development Centre
James Kuffner Senior Management
Senior Fellow
Jun Nagata Chief Communication Officer Senior Management
Deputy Chief Officer of External and Public
Jun Nagata Senior Management
Affairs Group
Kazuaki Shingo Chief Production Officer Executive Board
Kazuaki Shingo President Toyota Compact Car Company Executive Board
Keiji Yamamoto Chief Information and Security Officer Senior Management
In Charge- Digital Transformation Promotion
Keiji Yamamoto Senior Management
Dept
Keiji Yamamoto In Charge- Information Systems Group Senior Management
Kevin Voelkel Senior Vice President vehicle plants. Senior Management
Koji Kobayashi Chief Risk Officer Executive Board
Koji Kobayashi Director Executive Board
Koji Kobayashi Operating Officer Executive Board
Koji Sato Chief Executive Officer Senior Management
Koji Sato President Senior Management
Masahiko Maeda Director Non Executive Board
Mitsuru Kawai Director Non Executive Board
Philip Craven Director Non Executive Board
Chief Executive Officer Latin America and
Rafael Chang Miyasaki Senior Management
Caribbean Region
Shigeki Terashi Executive Fellow Senior Management
Shigeki Tomoyama Chief Officer-Japan Business Sales Group Senior Management
Shigeki Tomoyama Executive Officer Senior Management
Shigeru Hayakawa Chief Privacy Officer Senior Management
Shigeru Hayakawa Chief Sustainability Officer Senior Management
Simon Humphries Chief Branding Officer Executive Board
Source: COMPANY FILINGS MARKETLINE

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Table 11: Toyota Motor Corporation: Key Employees Continued

Name Job Title Board

Simon Humphries Director Executive Board
Simon Humphries Head-Design Executive Board
Simon Humphries Senior General Manager-Design Executive Board
General Manager Lexus International Co,
Takashi Watanabe Senior Management
Lexus Electrified Development Division
Takashi Watanabe President Lexus International Co. Senior Management
Takeshi Uchiyamada Director Non Executive Board
Chairman- Toyota Motor (China) Investment
Tatsuro Ueda Senior Management
Co., Ltd
Tatsuro Ueda Chief Executive Officer China Region Senior Management
Tatsuro Ueda Operating Officer Senior Management
Ted Brown Vice President Manufacturing Senior Management
Tetsuo Ogawa Chief Executive Officer North America Region Senior Management
Chief Executive Officer Toyota Motor North
Tetsuo Ogawa Senior Management
America, Inc.
Tetsuo Ogawa President Toyota Motor North America Inc Senior Management
President Toyota Indiana Toyota Motor North
Tim Hollander Senior Management
America
General Manager GAZOO Racing Company,
Tomoya Takahashi Senior Management
GR Vehicle Development Division
Tomoya Takahashi President GAZOO Racing Company Senior Management
Yoichi Miyazaki Chief Competitive Officer Executive Board
Yoichi Miyazaki Chief Financial Officer Executive Board
Yoichi Miyazaki Director Executive Board
Yoichi Miyazaki President Business Planning and Operation Executive Board
Yumi Otsuka Chief Sustainability Officer Senior Management
Yumi Otsuka Senior Fellow Senior Management
Source: COMPANY FILINGS MARKETLINE

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8.2. General Motors Company

8.2.1. Company Overview

General Motors Company (GM or 'the company') designs, develops, manufactures, and markets cars, trucks,
crossovers, and automobile parts. The company also provides automotive financing services through General
Motors Financial Company, Inc. It offers products through distributors, dealers and authorized sales, service,
and parts outlets. GM markets its products under the brands of Buick, Cadillac, Onstar, Chevrolet, GMC, and
Baojun. GM also provides software-enabled services and subscriptions. The company operates manufacturing
and assembly facilities in Brazil, Canada, China, Mexico, and South Korea. It has business presence in North
America, Europe, and South America. The company is headquartered in Detroit, Michigan, the US.
The company reported revenues of (US Dollars) US$171,842 million for the fiscal year ended December 2023
(FY2023), an increase of 9.6% over FY2022. In FY2023, the company’s operating margin was 5.4%, compared to
an operating margin of 6.2% in FY2022. In FY2023, the company recorded a net margin of 5.9%, compared to a
net margin of 6.3% in FY2022. The company reported revenues of US$43,014 million for the first quarter ended
March 2024, an increase of 0.1% over the previous quarter.

8.2.2. Key Facts

Table 12: General Motors Company: key facts

Head office: 300 Renaissance Center Detroit, Michigan, United States

Number of Employees: 163000
Website: www.gm.com
Financial year-end: December
Ticker: GM
Stock exchange: New York Stock Exchange
Source: COMPANY WEBSITE MARKETLINE

8.2.3. Business Description

General Motors Company (GM or 'the company') designs, manufactures, and markets automotive products. The
company also provides software-enabled services and subscriptions. It markets the products under the brands of
Buick, Cadillac, Chevrolet and GMC brands.
The company classifies its operations into four business segments, including GM North America (GMNA), GM
International (GMI), GM Cruise, and GM Financial.
The GMNA segment of the company serves the customers in North America. It manufactures and markets vehicles
under the brands of Buick, Cadillac, Chevrolet, and GMC. In FY2023, the GMNA segment reported revenue of
US$141,445 million, which accounted for 82.3% of the company's revenue.
Under the GMI segment, the company designs, manufactures, and markets vehicles under Baojun, Buick, Cadillac,
Chevrolet, and Wuling brands. It also sells cars and trucks to fleet customers. In FY2023, the GMI segment
reported revenue of US$15,420 million, which accounted for 9.2% of the company’s revenue.
The company’s GM Financial segment provides automobile finance solutions. It provides consumer lending
including loan and lease across the credit spectrum. It also offers commercial products to dealer customers, new
and used vehicle inventory financing, working capital and storage center financing. GM Financial had 35 facilities of
which 22 are located in the US. In FY2023, the GM Financial segment reported revenue of US$14,225 million,
which accounted for 8.2% of the company’s revenue.
Under the Cruise segment, it develops and commercializes autonomous vehicle technology. In FY2023, Cruise
segment reported revenue US$102 million, which accounted for 0.1% of the company’s revenue.

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The company also generates its revenue through corporate and others segment. In FY2022, Corporate segment
reported revenue US$273 million, which accounted for 0.1% of the company’s revenue.
The company's wholly owned subsidiary, OnStar provides subscription-based and complementary services to
approximately 21 million connected vehicles globally. OnStar provides connected safety, security and mobility
solutions and advanced information technology.
GM operates manufacturing and assembly facilities in Brazil, Canada, China, Mexico, and South Korea.
Geographically, the company classifies its operations into two regions: the US and the non-US. In FY2022, the US
accounted for 81.2% of the company's revenues, followed by the non-US with 18.8%.

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Table 13: General Motors Company: Annual Financial Ratios

Key Ratios 2019 2020 2021 2022 2023
Growth Ratios
Sales Growth % -6.67 -10.75 3.69 23.41 9.64
Operating Income Growth % 23.31 21.04 40.55 3.58 -3.73
EBITDA Growth % 8.20 -0.77 9.90 -2.00 1.14
Net Income Growth % -16.00 -4.53 55.89 -0.84 1.93
EPS Growth % -24.53 19.93 33.66 -21.16 21.90
Working Capital Growth % 42.76 -110.23 658.88 20.57 -22.69
Equity Ratios
EPS (Earnings per Share) USD 5.28 6.33 8.46 6.67 8.13
Dividend per Share USD 1.52 0.18 0.36
Book Value per Share USD 29.85 32.16 39.83 48.42 53.57
Profitability Ratios
Gross Margin % 10.18 12.39 15.18 12.62 11.30
Operating Margin % 3.99 5.42 7.34 6.16 5.41
Net Profit Margin % 4.91 5.25 7.89 6.34 5.89
Profit Markup % 11.33 14.14 17.90 14.44 12.74
PBT Margin (Profit Before Tax) % 5.42 6.61 10.01 7.40 6.05
Return on Equity % 16.11 14.27 16.77 14.66 15.75
Return on Capital Employed % 3.83 4.27 5.47 5.59 5.21
Return on Assets % 2.96 2.77 4.18 3.91 3.77
Return on Working Capital % -55.29 654.24 121.17 104.10 129.62
Operating Costs (% of Sales) % 96.01 94.58 92.66 93.84 94.59
Administration Costs (% of Sales) % 6.19 4.60 5.79 6.48 5.28
Liquidity Ratios
Current Ratio Absolute 0.88 1.01 1.10 1.10 1.08
Quick Ratio Absolute 0.76 0.88 0.93 0.93 0.90
Cash Ratio Absolute 0.22 0.25 0.27 0.21 0.20
Leverage Ratios
Debt to Equity Ratio Absolute 2.47 2.44 1.83 1.69 1.89
Net Debt to Equity Absolute 1.92 1.80 1.35 1.23 1.48
Debt to Capital Ratio Absolute 0.71 0.71 0.65 0.63 0.65
Efficiency Ratios
Asset Turnover Absolute 0.60 0.53 0.53 0.62 0.64
Fixed Asset Turnover Absolute 1.67 1.53 1.60 1.97 2.14
Inventory Turnover Absolute 12.20 10.40 9.28 9.66 9.58
Current Asset Turnover Absolute 1.83 1.57 1.56 1.72 1.70
Capital Employed Turnover Absolute 0.96 0.79 0.75 0.91 0.96
Working Capital Turnover Absolute -13.84 120.79 16.50 16.89 23.96
Source: COMPANY FILINGS MARKETLINE

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Table 14: General Motors Company: Key Employees

Name Job Title Board

Alan Wexler Senior Vice President Strategy and Innovation Senior Management
Aneel Bhusri Director Non Executive Board
Arden Hoffman Chief People Officer Senior Management
Arden Hoffman Senior Vice President Senior Management
Ashish Kohli Vice President Investor Relations Senior Management
Baris Cetinok Interim Head - Software and Services Senior Management
Vice President Product, Software and
Baris Cetinok Senior Management
Services
Christopher T. Hatto Chief Accounting Officer Senior Management
Christopher T. Hatto Vice President Global Business Services Senior Management
Executive Vice President Legal, Policy,
Craig B. Glidden Senior Management
Cybersecurity
Craig B. Glidden Secretary Senior Management
Daniel E. Berce Chief Executive Officer GM Financial Senior Management
Daniel E. Berce President GM Financial Senior Management
Daniel E. Berce Senior Vice President Senior Management
Devin N. Wenig Director Non Executive Board
Marketing Director- General Motors Australia
Heath Walker Senior Management
and New Zealand
Jan E. Tighe Director Non Executive Board
Executive Vice President Global
Jens Peter Clausen Senior Management
Manufacturing and Sustainability
Joanne C. Crevoiserat Director Non Executive Board
John Roth Vice President Global Cadillac Senior Management
Jonathan McNeill Director Non Executive Board
Joseph Jimenez Director Non Executive Board
Senior Vice President Energy Storage and
Josh Tavel Propulsion, RandD, and Manufacturing Senior Management
Engineering
Judith A. Miscik Director Non Executive Board
Julian Blissett Executive Vice President Senior Management
Julian Blissett President GM China Senior Management
Senior Vice President Product Programs,
Kenneth Morris Senior Management
Product Safety and Motorsports
Linda R. Gooden Director Non Executive Board
Lin-Hua Wu Chief Communications Officer Senior Management
Lin-Hua Wu Senior Vice President Senior Management
Source: COMPANY FILINGS MARKETLINE

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Table 15: General Motors Company: Key Employees Continued

Name Job Title Board

Marissa West President GM North America Senior Management
Marissa West Senior Vice President Senior Management
Mark A. Tatum Director Non Executive Board
Mark L. Reuss President Senior Management
Mary T. Barra Chairman Executive Board
Mary T. Barra Chief Executive Officer Executive Board
Molly Peck Chief Transformation Officer Senior Management
Norm de Greve Chief Marketing Officer Senior Management
Norm de Greve Senior Vice President Senior Management
Patricia F. Russo Director Non Executive Board
Paul A. Jacobson Chief Financial Officer Senior Management
Paul A. Jacobson Executive Vice President Senior Management
Rory Harvey Executive Vice President Senior Management
Rory Harvey President Global Markets Senior Management
Rosario Pena Chief Executive Officer Mexico Senior Management
Shilpan Amin President GM International Senior Management
Shilpan Amin Senior Vice President Senior Management
Thomas M. Schoewe Director Non Executive Board
Wesley G. Bush Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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8.3. Tesla, Inc.

8.3.1. Company Overview

Tesla, Inc. (Tesla or 'the company') is an automotive company that designs, manufactures and markets electric
vehicles, components, and energy storage and generation systems. The company's electric vehicle portfolio
includes the Model S sedan, the Model 3 sedan, and the Model X sport utility vehicle (SUV). Tesla also provides
energy systems including solar panels and rechargeable lithium-ion batteries. The company provides products
and services through international sales organizations, galleries, vehicle service centers, stores and
Supercharger stations. It serves individuals, industrial and commercial customers. The company has business
presence across North America, Europe and Asia. The company is headquartered in Austin, Texas, the US.
The company reported revenues of (US Dollars) US$96,773 million for the fiscal year ended December 2023
(FY2023), an increase of 18.8% over FY2022. In FY2023, the company’s operating margin was 9.2%, compared
to an operating margin of 16.7% in FY2022. In FY2023, the company recorded a net margin of 15.5%, compared
to a net margin of 15.4% in FY2022. The company reported revenues of US$21,301 million for the first quarter
ended March 2024, a decrease of 15.4% over the previous quarter.

8.3.2. Key Facts

Table 16: Tesla, Inc.: key facts

Head office: 1 Tesla Road , Austin, Texas, United States

Telephone: 15125168177
Fax: 13026555049
Number of Employees: 140473
Website: www.tesla.com
Financial year-end: December
Ticker: TSLA
Stock exchange: NASDAQ
Source: COMPANY WEBSITE MARKETLINE

8.3.3. Business Description

Tesla, Inc. (Tesla or 'the company'), formerly Tesla Motors, Inc., designs, develops, manufactures, and sells fully
electric vehicles and advanced electric vehicle powertrain components and energy storage systems. It sells
products directly to customers through retail locations and company’s website. It has operations across North
America, Europe, and Asia.
The company categorizes its business operations two reportable segments: Automotive, and Energy Generation
and Storage.
Tesla’s Automotive segment involved in designing, developing, manufacturing, sale, and leasing of electric vehicles.
It also involved in offering various services such as sales of used vehicles, non-warranty after-sales vehicle services,
retail merchandise services, and vehicle insurance revenue services. It offers products under four categories:
Model 3, Model Y, Model S, and Model X. Under Model 3 category, the company designs and manufactures mid-
size sedan vehicles from Fremont Factory and Gigafactory. Under Model Y, it manufactures compact sport utility
vehicle (SUV) vehicles from Fremont Factory. Under Model S, the company manufactures four-door full-size sedan
vehicles, incorporates with Autopilot hardware, large touchscreen driver interface, over-the-air software updates,
and fast charging. Under Model X, it manufactures mid-size SUV, incorporates a unique falcon wing door system
for superior access to the second and third seating rows. In FY2022, the Automotive segment reported revenue of
US$77,553 million, which accounted for 95.2% of the company's total revenue.

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The company’s Energy Generation and Storage segment is involved in the design, manufacture, installation, and
sale or lease of stationary energy storage products and solar energy systems to residential and commercial
customers, or sale of electricity generated by the company’s solar energy systems to customers. In FY2022, the
Energy Generation and Storage segment reported revenues of US$3,909 million, which accounted for 4.8% of the
company's total revenue.
Tesla primarily designs and engineers and tests electric vehicles and their systems and components. The company
is also engaged in designing, developing and manufacturing lithium-ion battery packs, electric motors and
components both for its vehicles and for the company's original equipment manufacturer customers at the Tesla
factory.
Geographically, the company classifies its operations into three segments: the US, others, China. In FY2022, the US
accounted for 49.8% of the company's total revenues, followed by others (27.9%), China (22.3%).

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Table 17: Tesla, Inc.: Annual Financial Ratios

Key Ratios 2019 2020 2021 2022 2023
Growth Ratios
Sales Growth % 14.52 28.31 70.67 51.35 18.80
Operating Income Growth % 82.22 2989.86 227.13 108.98 -34.78
EBITDA Growth % 37.81 107.00 118.58 84.22 -21.99
Net Income Growth % 10.87 179.31 700.58 127.79 19.20
EPS Growth % 16.32 173.09 681.71 122.33 16.60
Working Capital Growth % -185.18 768.31 -40.69 92.13 46.88
Equity Ratios
EPS (Earnings per Share) USD -0.29 0.21 1.66 3.69 4.30
Book Value per Share USD 2.44 7.72 9.74 14.13 19.67
Profitability Ratios
Gross Margin % 16.56 21.02 25.28 25.60 18.25
Operating Margin % -0.28 6.32 12.12 16.73 9.19
Net Profit Margin % -3.54 2.19 10.26 15.45 15.50
Profit Markup % 19.84 26.62 33.83 34.41 22.32
PBT Margin (Profit Before Tax) % -2.71 3.66 11.78 16.84 10.31
Return on Equity % -13.15 3.10 18.30 28.15 23.95
Return on Capital Employed % -0.29 5.26 15.38 24.51 11.42
Return on Assets % -2.72 1.60 9.67 17.42 15.88
Return on Working Capital % -4.81 15.99 88.21 95.95 42.61
Operating Costs (% of Sales) % 100.28 93.68 87.88 83.27 90.81
Administration Costs (% of Sales) % 10.77 9.97 8.39 4.84 4.96
Liquidity Ratios
Current Ratio Absolute 1.13 1.88 1.38 1.53 1.73
Quick Ratio Absolute 0.80 1.59 1.08 1.05 1.25
Cash Ratio Absolute 0.59 1.36 0.89 0.61 0.57
Leverage Ratios
Debt to Equity Ratio Absolute 2.03 0.53 0.23 0.07 0.08
Net Debt to Equity Absolute 1.08 -0.34 -0.36 -0.43 -0.38
Debt to Capital Ratio Absolute 0.67 0.35 0.18 0.06 0.08
Efficiency Ratios
Asset Turnover Absolute 0.77 0.73 0.94 1.13 1.02
Fixed Asset Turnover Absolute 1.23 1.45 1.97 2.40 2.37
Inventory Turnover Absolute 6.15 6.51 8.16 6.52 5.98
Current Asset Turnover Absolute 2.41 1.62 2.00 2.40 2.14
Capital Employed Turnover Absolute 1.04 0.83 1.27 1.46 1.24
Working Capital Turnover Absolute 17.12 2.53 7.28 5.73 4.64
Source: COMPANY FILINGS MARKETLINE

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 Hybrid & Electric Cars in North America

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Table 18: Tesla, Inc.: Key Employees

Name Job Title Board

Elon Musk Chief Executive Officer Executive Board
Elon Musk Director Executive Board
Hiromichi Mizuno Director Non Executive Board
Ira Ehrenpreis Director Non Executive Board
James Murdoch Director Non Executive Board
JB Straubel Director Non Executive Board
Joe Gebbia Director Non Executive Board
Kathleen Wilson-Thompson Director Non Executive Board
Kimbal Musk Director Non Executive Board
Robyn M. Denholm Chairman Executive Board
Tom zhu Senior Vice President Automotive Senior Management
Vaibhav Taneja Chief Financial Officer Senior Management
Source: COMPANY FILINGS MARKETLINE

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 Hybrid & Electric Cars in North America

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8.4. Ford Motor Company

8.4.1. Company Overview

Ford Motor Company (Ford or 'the company') is a manufacturer of automobiles. The company's product
portfolio includes cars, and sport utility vehicles (SUVS), trucks and vans, hybrids, Lincoln luxury vehicles,
commercial trucks, fleet vehicles, utility vehicles, vehicle accessories, and after sales vehicle parts and other
related products. It also provides financial services through Ford Motor Credit, vehicle insurance service, vehicle
maintenance and repair services. The company's major automotive vehicle brands include Ford and Lincoln. It
primarily operates across the Americas, Europe, Asia-Pacific, the Middle East and Africa. The company is
headquartered in Dearborn, Michigan, the US.
The company reported revenues of (US Dollars) US$176,191 million for the fiscal year ended December 2023
(FY2023), an increase of 11.5% over FY2022. In FY2023, the company’s operating margin was 3.1%, compared
to an operating margin of 3.9% in FY2022. The net profit of the company was US$4,347 million in FY2023,
compared to a net loss of US$1,981 million in FY2022. The company reported revenues of US$42,777 million
for the first quarter ended March 2024, a decrease of 6.9% over the previous quarter.

8.4.2. Key Facts

Table 19: Ford Motor Company: key facts

Head office: One American Road Dearborn, Michigan, United States

Telephone: 13133223000
Fax: 13026555049
Number of Employees: 177000
Website: www.ford.com
Financial year-end: December
Ticker: F
Stock exchange: New York Stock Exchange
Source: COMPANY WEBSITE MARKETLINE

8.4.3. Business Description

Ford Motor Company (Ford or 'the company') is involved in designing, manufacturing, marketing, and servicing a
full line of cars, trucks, vans, utility vehicles, luxury vehicles, and SUVs. The company's core brands include Ford
and Lincoln. Ford, through its subsidiaries, also provides vehicle financing services. It operates 44 plants globally
spread across the world.
The company classifies its operations into three segments: Automotive, Ford Credit, and Mobility.
Though the Automotive segment, the company sells Ford and Lincoln brand vehicles, service parts, and accessories
worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts,
and accessories. In FY2022, the company through the Automotive segment sold approximately 4,231,000 vehicles
throughout the world. In FY2022 the Automotive segment reported revenue of US$148,980.0 million, which
accounted for 94.3% of the company's total revenue.
The Ford Credit segment comprises the company’s vehicle-related financing and leasing activities at its wholly-
owned subsidiary, Ford Motor Credit Company LLC (Ford Credit). Ford Credit offers a variety of automotive
financing products to and through automotive dealers throughout the world. Ford Credit’s European operations
are managed through its UK-based subsidiary, FCE Bank plc (FCE). In FY2022, the Ford Credit segment reported
revenues of US$8,978.0 million, which accounted for 5.7% of the company's total revenue.

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The Mobility segment develops autonomous vehicles and related businesses. It designs, build, grow, and invest in
emerging mobility services. In FY2022, Mobility segment reported revenue of US$99.0 million, which accounted
for 0.1% of the company total revenue. Geographically, the company classifies its operations into six regions: the
US, the UK, Canada, Germany, Mexico and All Other. In FY2022, the US accounted for 66.7% of the company's
revenues, followed by Canada with 8%; the UK with 5.2%; Germany with 4.1%, Mexico with 1.1%; and All Other
with 14.9%.

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 Hybrid & Electric Cars in North America

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Table 20: Ford Motor Company: Annual Financial Ratios

Key Ratios 2019 2020 2021 2022 2023
Growth Ratios
Sales Growth % -2.77 -18.45 7.23 15.93 11.47
Operating Income Growth % -83.80 -949.52 163.98 118.19 -11.32
EBITDA Growth % -18.22 -57.46 133.51 36.08 -4.70
Net Income Growth % -98.72 -2821.28 1502.42 -111.04 319.43
EPS Growth % 48.05 -38.30 310.08 -71.45 93.28
Working Capital Growth % -16.59 22.85 -6.56 7.34 1.73
Equity Ratios
EPS (Earnings per Share) USD 1.88 1.16 4.75 1.36 2.62
Dividend per Share USD 0.60 0.15 0.10 0.50 0.60
Dividend Cover Absolute 3.13 7.72 47.51 2.71 4.37
Book Value per Share USD 8.13 7.49 11.77 10.45 10.29
Profitability Ratios
Gross Margin % 8.01 4.57 12.06 10.88 9.17
Operating Margin % 0.33 -3.47 2.07 3.89 3.10
Net Profit Margin % 0.03 -1.01 13.16 -1.25 2.47
Profit Markup % 8.71 4.79 13.71 12.21 10.10
PBT Margin (Profit Before Tax) % -0.41 -0.88 13.04 -1.91 2.25
Return on Equity % 0.14 -4.17 36.97 -4.58 10.16
Return on Capital Employed % 0.32 -2.59 1.70 3.87 3.18
Return on Assets % 0.02 -0.49 6.84 -0.77 1.64
Return on Working Capital % 3.26 -22.55 15.44 31.39 27.36
Operating Costs (% of Sales) % 99.67 103.47 97.93 96.11 96.90
Administration Costs (% of Sales) % 7.16 8.02 8.74 6.89 6.07
Liquidity Ratios
Current Ratio Absolute 1.16 1.20 1.20 1.20 1.20
Quick Ratio Absolute 1.05 1.09 1.07 1.06 1.04
Cash Ratio Absolute 0.18 0.26 0.23 0.26 0.24
Leverage Ratios
Debt to Equity Ratio Absolute 4.68 5.27 2.85 3.21 3.49
Net Debt to Equity Absolute 3.64 3.64 1.82 2.19 2.55
Debt to Capital Ratio Absolute 0.82 0.84 0.74 0.76 0.78
Efficiency Ratios
Asset Turnover Absolute 0.61 0.48 0.52 0.62 0.67
Fixed Asset Turnover Absolute 2.35 1.91 2.08 2.50 2.81
Inventory Turnover Absolute 13.03 11.24 10.48 10.78 10.77
Current Asset Turnover Absolute 1.36 1.10 1.21 1.40 1.48
Capital Employed Turnover Absolute 0.97 0.75 0.82 0.99 1.03
Working Capital Turnover Absolute 9.80 6.50 7.46 8.06 8.83
Source: COMPANY FILINGS MARKETLINE

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Table 21: Ford Motor Company: Key Employees

Name Job Title Board

Head Digital Product, Model e, Ford Motor
Alex Purdy Senior Management
Company
Alexandra Ford English Director Non Executive Board
Andrew Frick President Ford Blue Senior Management
Anning Chen Chief Executive Officer Ford of China Senior Management
Anning Chen President Ford of China Senior Management
Anthony Lo Chief Design Officer Senior Management
Beth A. Rose Chief Compliance, Ethics, and Integrity Officer Senior Management
Beth A. Rose General Counsel Senior Management
Beth E. Mooney Director Non Executive Board
Chief Executive Officer Ford Motor Company
Bev Goodman Senior Management
of Canada, Limited
President Ford Motor Company of Canada,
Bev Goodman Senior Management
Limited
Vice President Sustainability, Environment
Bob Holycross Senior Management
and Safety Engineering
Brian Rathsburg Marketing Manager-Ford Super Duty Senior Management
Bryce Currie Vice President Americas Manufacturing Senior Management
Director Government Relations, Ford Motor
Caroline Hughes Senior Management
Company of Canada, Ltd.
Cathy O’Callaghan Controller Senior Management
Christopher Smith Chief Government Affairs Officer Senior Management
Christopher Yates Chief Talent Officer Senior Management
Chuck Gray Vice President Vehicle Hardware Engineering Senior Management
Director Sustainability, Homologation and
Cynthia Williams Senior Management
Compliance
Darren Palmer Vice President Electric Vehicle Programs Senior Management
Dave Webb Treasurer Senior Management
Dave Webb Vice President Senior Management
David McClelland Vice President Strategy and Partnerships Senior Management
Dianne Craig President Lincoln Senior Management
Doug Power Vice President Corporate Development Senior Management
Edwin Krenz Chief Engineer-Ford Mustang Senior Management
Elena A. Ford Chief Dealer Engagement Officer Senior Management
Eliane Okamura Chief Financial Officer Senior Management
Executive Vice President Strategy, Ford Motor
Eliane Okamura Senior Management
Credit Company
Source: COMPANY FILINGS MARKETLINE

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Table 22: Ford Motor Company: Key Employees Continued

Name Job Title Board

Eliane Okamura Treasurer, Senior Management
Vice President Communications and Public
Elvira Schachermeier Senior Management
Affairs, Ford of Europe
Emily Kolinski Morris Chief Economist Senior Management
Ernest Adams Chief Diversity Officer Senior Management
Ernest Adams Chief Equity and Inclusion Officer Senior Management
Gordon Platto Chief Designer-F-Series and Explorer Senior Management
Graham Pearson Director Asia Pacific Product Development Senior Management
Hans Schep General Manager Ford Pro Europe Senior Management
Henry Ford III Director Non Executive Board
Chief Advanced Product Development and
J. Doug Field Senior Management
Technology Officer
Vice President Digital Product Design, Ford
Jae Park Senior Management
Model e
James D. Farley, Jr. Chief Executive Officer Executive Board
James D. Farley, Jr. Director Executive Board
James D. Farley, Jr. President Executive Board
Chief People and Employee Experience
Jennifer Waldo Senior Management
Officer
Vice President Product Development
Jim Baumbick Senior Management
Operations and Quality
Jim Dobleske Chairman-Ford Land Senior Management
Jim Dobleske Chief Executive Officer Ford Land Senior Management
Joerg Beyer Director Engineering, Ford of Europe Senior Management
Managing Director Product Development,
Joerg Beyer Senior Management
Ford Weke GMBH
John B. Veihmeyer Director Non Executive Board
John C. May Director Non Executive Board
Director Vehicle and Product Engineering,
John Davis Senior Management
Ford Next LLC
John Dion Chief Transformation Officer Senior Management
John L. Thornton Director Non Executive Board
John Lawler Chief Financial Officer Senior Management
John S. Weinberg Director Non Executive Board
Jon M. Huntsman, Jr. Director Non Executive Board
Jon Williams General Manager Ford Blue in Europe Senior Management
Juan De Pena Chief Program Engineer-Ford Ranger Senior Management
Source: COMPANY FILINGS MARKETLINE

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 Hybrid & Electric Cars in North America

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Table 23: Ford Motor Company: Key Employees Continued

Name Job Title Board

Kay Hart President International Markets Group Senior Management
Vice President Labor Affairs, Ford Motor
Kevin C. Legel Senior Management
Company
Vice President Industrial Operations Europe
Kieran Cahill Senior Management
and IMG
Kimberly A. Casiano Director Non Executive Board
Kumar Galhotra Chief Operating Officer Senior Management
Vice President Communications, Ford Motor
Lauren More Senior Management
Company of Canada, Ltd.
Linda Zhang Chief Engineer- All-Electric F-150 Lightning Senior Management
Vice President EV Programs and Energy
Lisa Drake Senior Management
Supply Chain
Lisa Materazzo Chief Marketing Officer Senior Management
Liz Door Chief Supply Chain Officer Senior Management
General Manager Passenger Vehicles, Ford
Lyle Watters Senior Management
China
Vice President Passenger Vehicles, Ford
Lyle Watters Senior Management
China
Lynn Antipas Tyson Director Investor Relations Senior Management
Lynn Vojvodich Radakovich Director Non Executive Board
Marin Gjaja Chief Operating Officer Ford Model e Senior Management
Chief Executive Officer Ford Motor Credit
Marion Harris Senior Management
Company
Marion Harris President Ford Motor Credit Company Senior Management
Mark Truby Chief Communications Officer Senior Management
Martin Sander General Manager Ford Model e Europe Senior Management
Mary Culler President Ford Motor Company Fund Senior Management
Vice President International Government
Matt Godlewski Affairs, Government and Community Affairs, Senior Management
Ford of Europe
Director Global Technology Strategy,
Matt Jones Senior Management
Research and Advanced Engineering
Michael Amend Chief Enterprise Technology Officer Senior Management
Mike Amend Chief Enterprise Technology Officer Senior Management
Mike Keogh Chief Financial Officer Ford Model e Senior Management
Monazza Khan Director Ford of Europe Senior Management
Monazza Khan General Counsel Ford of Europe Senior Management
Vice President Food Customer Development
Nigel Brackenbury Senior Management
Operations and Quality
Vice President Human Resources Ford of
Peter Godsell Senior Management
Europe
Peter Stern President Ford Integrated Services Senior Management
Source: COMPANY FILINGS MARKETLINE

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 Hybrid & Electric Cars in North America

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Table 24: Ford Motor Company: Key Employees Continued

Name Job Title Board

Rahul Singh Chief Technology Officer Ford Pr Senior Management
Director Enterprise Connectivity, Ford of
Reno Marioni Senior Management
Europe
Vice President Mobility Platforms and
Rich Strader Senior Management
Products
Rob Bedichek Director Platform Architecture Senior Management
Chief Connected Vehicle Software Officer-
Roz Ho Senior Management
Model e
Sam Wu Chief Executive Officer Ford China Senior Management
Sam Wu President Ford China Senior Management
Director Advanced Driver Assist System
Sammy Omari Senior Management
Technologies
Steven P. Croley Chief Policy Officer Senior Management
Steven P. Croley General Counsel Senior Management
Chief Executive Officer Ford Pro and Ford
Ted Cannis Senior Management
Customer Service Division
Senior Technical Leader-Environmental
Tim Wallington Senior Management
Sciences
Werner Puetz Vice President Purchasing, Ford of Europe Senior Management
Vice President Finance and Transformation,
Will Periam Senior Management
Europe
William Clay Ford, Jr. Chairman Executive Board
William E. Kennard Director Non Executive Board
William W. Helman IV Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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 Hybrid & Electric Cars in North America

Industry Profiles

9. Macroeconomic Indicators

9.1. Country data

Table 25: North America exchange rate, 2019–23

Year Exchange rate (€/$)

2019 1.1195
2020 1.1422
2021 1.1827
2022 1.0539
2023 1.0813

Source: MARKETLINE MARKETLINE

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Hybrid & Electric Cars in North America

Industry Profiles

Appendix

9.2. Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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Hybrid & Electric Cars in North America

Industry Profiles

9.3. Industry associations

9.3.1. International Energy Agency

9 rue de la Fédération
75739 Paris Cedex 15
France
Tel.: +33 (0)1 40 57 65 00
Fax: +33 (0)1 40 57 65 09
https://www.iea.org/

9.3.2. The Electric Vehicle Association

PO Box 274
Cardiff, CA 92007
Tel.: -
Fax: -
https://electricautoassociation.squarespace.com/

9.4. Related MarketLine research

9.4.1. Industry Profile

Global Electric & Hybrid Cars

Electric & Hybrid Cars in the United States
Electric & Hybrid Cars in Canada

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Hybrid & Electric Cars in North America

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About MarketLine
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