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1、1Autotech&Mobility M&A Overview 1H 2023Autotech&Mobility:Development in spite of crisisAfter record volumes and multiples in 2021,EBITDAmultiples are comparably low in 2022,while revenuemultiples and the number of deals are back to normallevels.However,this does not mean that technologicaldevelopmen

2、ts will appear to slow down anytime soon.Electric vehicles and charging are seeing investmentfrom all sides-now that OEMs have realized that themomentum is already in full swing.Market researchshows that an estimated total of$100 billion will beinvested in electric car chargers worldwide in the next

3、three years.AllOEMshaveannouncedmassivebillion-dollarinvestments in the transition to electric vehicles.GMjustannouncedthelargest-everautomotiveinvestment in EV raw materials.The overall revenue pool sees growth of 50%between 2015 and 2030-another indicator of theindustrys monetary potential.Autonom

4、ous driving is still on the fast track towardsreality-a large number of investments are bringingfully autonomous driving within reach.But regulationsare slowing down the momentum.2Autotech&Mobility M&A Overview 1H 2023EV TrendsEVasthemajordrivingforceoftheindusry1.1.GrowthGrowthprojectionsprojection

5、saccelerateaccelerate:AccordingtoBNEFs 2022 Long-Term Electric Vehicle Outlook,the number of passenger and commercial ZEVsworldwide will reach 781 million by 2040.In 2020,this forecast had just 491 million ZEVs on the roadin 2040.The latest outlook sees passenger ZEVsmaking up 45%of the 2040 passeng

6、er vehicle fleet,up from 39%in the 2021 report.Commercial ZEVshit 26%of the 2040 commercial fleet,up from 24%in the 2021 report.In total,across passenger andcommercial vehicles,the 2040 ZEV fleet share wentfrom 36%in 2021 to 42%in the 2022 report.TheIEAs2022GlobalEVOutlookincreaseditsexpected 2030 B

7、EV fleet by 61%,to 148 million,from 92 million in the 2021 report.2.2.RegionalRegional differencesdifferences:In the first half of 2022,2percent of cars sold in Japan and 7%in NorthAmerica were electric,while 23%and 22%of carssold in Europe and China were electric.The biggestcarmarketsinEuropehavema

8、designificantprogress since 2019.Between 1H 2019 and 1H2022,the EV share of sales has increased:From 3%to 26%in GermanyFrom 2.2%to 24%in the UKFrom 2.8%to 21%in FranceFrom 0.5%to 12%in ItalyMore than 2.5%of commercial vehicles sold globallyin 1H 2022 were zero-emission models.These werealmost exclus

9、ively BEVs.Because the economics ofelectrification are already favorable for a number ofuse cases,vans saw the greatest adoption.In the firsthalf of 2022,electric van penetration will range from8%to over 20%of sales in South Korea,China,Germany,and the UK.3.3.GlobalGlobal spendingspending:From 2016

10、to the first half of2022,global spending on clean road vehicles andinfrastructure,including BEVs,PHEVs,and FCVs,has reached nearly$1 trillion.Market analysiscalculatedthatcleantransportspendinghasexceeded$450 billion in 2022 alone.0501001502002503003504002015201620172018201920202021 2022eGlobal comm

11、ercial ZEV sales,by region(in thousand)ChinaEuropeOtherEstimateSource:BloombergNEF0501001502002503003504004505002016201720182019202020212022eGlobal spending on clean road transport vehicles and infrastructure(in$billion)AMERAPACEMEAEstimateSource:BloombergNEF3Autotech&Mobility M&A Overview 1H 2023Au

12、tonomous driving and mobility servicesMobilityservicesas newautomotivecashcow?On-demand mobility services and data-driven serviceswill significantly expand and diversify the automotiverevenue pool.This could generate up to$1.5 trillion,or 30 percent more in revenue,in 2030,compared tothe approximate

13、ly$5.2 trillion generated by traditionalcar sales and aftermarket products and services in2015,which was a 50 percent increase.Recurringrevenues coming from shares mobility(car sharing,e-hailing)and data connectivity services including apps,remote services and software updates.The car will increasin

14、gly become a platform for driversand passengers to use their time in transit to consumenovel forms of media and services or devote thefreed-up time to other personal activities thanks toconnectivityand,later,autonomoustechnology.Automobiles will need to be upgradeable due to theincreasing speed of i

15、nnovation,particularly in software-based systems.Consumers will be constantly aware oftechnologicaladvancementsassharedmobilitysolutions with shorter life cycles become morecommon,increasing demandforupgradability inprivately owned vehicles as well.27504000720120030150020152030The automotive revenue

16、 pool($bn)Recurring revenues from new servicesAftermarketOne-time vehicle salesSource:McKinseyThehurdlesof autonomousdrivingThe market for shared autonomous mobility is at acrossroads,and five factors could determine whichbusinesses succeed.1 1.TighteningTightening capitalcapital availabilityavailab

17、ility:There is less fundingavailable,particularly for disruptive technologies,dueto the changing global economic landscape andgeopolitical uncertainty.That puts a lot of pressure onstakeholders in the shared AV sector to improve theirtechnology and make a unique claim in importantmobility markets an

18、d cities.Autonomous sharedmobility investments in the US fell from a peak of$25billion in pre-pandemic 2019 to an estimated$3 billionin 2022.2 2.SpeedSpeed ofof deploymentdeployment:Businesses must act quicklyto gain a foothold and achieve commercial scale in keymarkets based on their operational-de

19、sign domaincapabilities.An analysis predicts that the top fivemarkets in select regions/countries will account for anoutsize share of the total shared AV marketabout50%in China and the US and 60%in Europe.3 3.StrongStrong unitunit economicseconomics:To gain a competitive edge,successful shared mobil

20、ity players must compete withexisting mobility modes in terms of price and rapidlyseek favorable unit economics through operationalexcellence and cutting-edge technology.4 4.RegulatoryRegulatory supportsupport:As they attempt to integrateinto existing mobility ecosystems,stakeholders maygain from es

21、tablishing cooperative partnerships withregulators and local transit authorities.5 5.StrongStrong partnershipspartnerships:By collaborating with oneanother,businesses can contribute to the maintenanceof a stable supply base.Given the often-strainedconnections in most industry value chains,thesearran

22、gements are especially important right now.4Autotech&Mobility M&A Overview 1H 2023M&A summaryTotal number of deals&valuation multiples in Autotech&Mobility,2015-2022 Forthetrailing30-monthrevenuemultiples,50%of all deals were in the 0.6xto 5.4x range.The minimum revenuemultiple paid out was 0.1x,whi

23、le themaximum was at 7.4x.During the same period,the trailing 30-month median EBITDA multiple came in at5.6x,with 50%of all deals in the 3.3x to7.5x range.The minimum EBITDA multiplepaid out was 0.3x,while the maximumdisclosed multiple was 14.9x.M&Amarketactivityat“typical”2ndhalflevelWith 49 deals,

24、the second half of 2022 is noticeably lower than the previous six months(70 deals)but is in thetypical 2nd half deal volume range in the Autotech&Mobility compared to previous years(2021-48 deals,2020-52 deals,2019-46 deals).With regard to valuations,the trailing 30-month median revenue multiple is

25、currently at 1.8x the same as 2H2020&1H 2021.The trailing 30-month median EBITDA multiple dropped to 5.6x.Sources:451 Research/S&P Capital IQ/Hampleton Research(2022).2.1x2.1x2.1x3.1x2.1x1.9x4.7x1.7x1.7x1.9x2.0 x1.8x1.8x3.0 x3.2x1.8x9.6x9.6x11.0 x11.1x13.4x13.4x15.5x15.5x15.5x17.2x17.2x10.4x11.8x11.

26、8x6.8x5.6x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 x 0 10 20 30 40 50 60 70 801H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 20220.0 x2.0 x4.0 x6.0 x8.0 x10.0 x Trailing 30-month revenuemultiple0.0 x4.0 x8

27、.0 x12.0 x16.0 x20.0 x Trailing 30-month EBITDAmultiple7.4x1.8x0.1x14.9x5.6x0.3x5Autotech&Mobility M&A Overview 1H 2023InvestorAcquisitionsin 30 monthsThree most recent acquisitionsImawebImaweb 2000 S.L.2000 S.L.Providence Strategic Growth Providence Equity Partners7Custeed SAS CRM Custeed SAS CRM S

28、aaS for the automotive retail sectorFordonsData Nordic AB FordonsData Nordic AB Automotive dealer management softwareCusteed SAS Custeed SAS Auto retailer CRM SaaSStieger Software AG.Stieger Software AG.Automotive dealership management softwareEnvaseEnvase Inc.Inc.The Firmament Group4GeoStamp Indust

29、ries GeoStamp Industries Geospatial location data&analytics SaaInfosite Technologies Inc.Infosite Technologies Inc.Trucking dispatch SaaS&softwareDrayMaster Enterprise DrayMaster Enterprise rate management system(RMS)for intermodal trucking carriersTailwind Transportation Software Ltd.Tailwind Trans

30、portation Software Ltd.Enterprise transportation management system J.D.Power J.D.Power ThomaBravo LLC fka J.D.Power and Associates Inc.4Tail LightTail Light Automotive F&I menu&reporting SaaSSuperior Integrated Solutions Inc.Superior Integrated Solutions Inc.Automotive finance&insurance SaaSInventor

31、y Command Center LLC Inventory Command Center LLC SaaS for businesses in the automotive industryALG Inc.ALG Inc.Provides online automotive residual value dataRepairifyRepairify Inc.Inc.Kinderhook Industries LLC3AutoMobileAutoMobile Technologies Inc.Technologies Inc.Automotive repair&reconditioning m

32、anagement SaaSMobitechMobitech International Inc.International Inc.Mobile auto repair ERP SaaSRoot Four Imagination Inc.Root Four Imagination Inc.Vehicle diagnostics systemsTRANSPOREON TRANSPOREON GmbH GmbH HgCapitalLLP3NexogenNexogen KftKft.AI-based full truckload logistics(FTL)SaaSSupplyStackSuppl

33、yStacknv nv Transportation management SaaSTNX Limited TNX Limited Freight procurement automation SaaSKeyloopKeyloop UK Limited UK Limited Francisco Partners Management LP fka CDK Global UK Limited3SERTI Informatique Inc.SERTI Informatique Inc.Automotive dealership management SaaSFISC Limited FISC Li

34、mited Automotive finance SaaSMotor Document Solutions Limited Motor Document Solutions Limited Document management SaaSValsoftValsoft Corporation Corporation Inc.Inc.Valsef Capital3Enrich Software Corporation Enrich Software Corporation ERP for the truck leasing sectorAIM Computer Solutions Inc.AIM

35、Computer Solutions Inc.ERP for automotive production part suppliersASE Automotive Solutions ASE Automotive Solutions Automotive software&servicesTop 10 investors past 30 months236Number of acquirers whomade 1acquisition33Number of active acquirers during the past 30 months6Autotech&Mobility M&A Over

36、view 1H 2023$1.5 billion$1.5 billion20 DecMagna International Inc.acquiredVeoneerVeoneerInc.(Active Safety Inc.(Active Safety business)business)$595 million$595 million13 SepAptiv PLCacquiredIntercable S.r.lIntercable S.r.l$432 million$432 million18 JulyASM International NVacquiredLPE LPE SpASpA$290

37、 million$290 million25 OctEurowagacquiredINELOINELO$190 million$190 million12 DecAutoNation,Inc.acquired RepairSmithRepairSmith Inc.Inc.LARGEST DISCLOSED NON-SPAC DEALS OF 2H2022Top trends&largest transactionsVW Closes In on$1 Billion JV VW Closes In on$1 Billion JV With Chinese Chipmaking StartupSw

38、edish autonomous and electric autonomous and electric truck company Einride raises$500M in equity$500M in equity and debtand debtMagna to Buy VeoneerVeoneer Vehicle Safety Vehicle Safety Unit for$1.5 BillionUnit for$1.5 BillionBosch-backed SelfSelf-Driving Startup Driving Startup WeRideWeRide Weighi

39、ng IPOWeighing IPOIntel Completes Mobileye IPO Mobileye IPO StellantisStellantisto buy software developer to buy software developer aiMotiveaiMotive in autonomous driving pushMichelin acquires Michelin acquires RoadBoticsRoadBotics,a Pittsburgh-based street infrastructure scanning startupPorsche to

40、reach$78B Valuation in IPO$78B Valuation in IPO7Autotech&Mobility M&A Overview 1H 2023Data breakdown geography and subsector,past 30 mos.Headquarters of Autotech targetsHeadquarters of acquirers of European targetsLAST 30 MONTHSEnterprise Applications for the automotive industryremains the largest M

41、&A segment in this sector,accounting for 43%of all Autotech deals in the past30months.DealstargetingcompaniesintheEmbeddedSoftware&Systemssegmentanincreasingly popular and publicised area represent27%of the deal volume in the past 30 months.This is.nodoubt because automotive OEMs and theirsuppliersf

42、acetremendouspressuretodeliverdifferentiating mobility experiences or risk being leftbehind.Accordingly,Internet commerce&contenttransactions account for 14%of all Autotech deals,and are trending towards growth as car buying andselling shifts towards online commerce.Enterprise ApplicationsCustomer r

43、etention&CRM,dealership managementsystems,automotive PLM software.Internet Commerce&ContentOnline vehicle classifieds,vehicle auction websites.Embedded Software&SystemsADAS,connectedcar systems,self-drivingsoftware.Mobility&Fleet ManagementRide sharing&hailing,e-mobility,parking applications,fleetma

44、nagementsystems.Over the past 30 months,54%of all transactionsworldwide targeted a North American company,compared to 36%targeting a European company.Meanwhile,67%of European targets were bought by.acquirers that were also European showing howintense intra-European M&A activity is currently,andhow m

45、any acquirers seek strategic partners withinEurope.27%16%43%14%RoW10%RoW5%North America 54%North America 28%Europe67%Europe36%8Autotech&Mobility M&A Overview 1H 20230.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 xSub-sectoroverviewM&A activity in the Enterprise Applications segmentincreased slightly in 2H2022,wi

46、th 28 deals compared to24 deals in 1H2022.The trailing 30-month medianrevenue multiple came in at 1.8x,with 50%of all dealsannounced being in the 1.0 x to 3.6x range.The lowestrevenue multiple disclosed was 0.1x,while the highestwas 5.4x.Not enough EV/EBITDA data was disclosed toshowarepresentativet

47、railing30-monthmedianEBITDA multiple range.Enterprise ApplicationsRicardodivestsitsSoftwarebusinessunitRicardo plc,a global strategic,environmental andengineeringconsultancycompany,announcedonAugust 2ndthat it has completed the sale of RicardosSoftware business unit comprising of shares in the UK,US

48、 and Czechia companies of Ricardo Softwaretogether with related assets(“Ricardo Software”)toFOG Software Group,a division of ConstellationSoftware Inc(CSI).Ricardo Software provides AI-basedautomotivesimulationdesignSaaSforpropulsion and transmission design to automotivebusinesses globally.Software

49、provides features for 3Dengine analysis,finite element(FE)pre-and post-processing,complex physical systems modeling,3Dand 2D simulation,design process integration,licensesfromFOGSoftware Group,ensuringcontinuity of service to itsAutomotive and Industrialcustomers.Themaximumcashconsideration receivab

50、le is$20.5 million(16.8m).dynamic and kinematic simulation,3D computationalfluid dynamics(CFD)simulation workflow,1D gasdynamics simulation tool,and engine simulation.Aspart of the transaction,Ricardo will continue to haveaccess to software1.8x5.4x0.1xTrailing 30-month revenue multipleACQUIRED2 Aug$

51、20.5 million17221471614171511161825221824281H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H20229Autotech&Mobility M&A Overview 1H 20230.0 x2.0 x4.0 x6.0 x8.0 xInternet Commerce&ContentAutoNation Completes the Acquisition of RepairSmithAutoNation,Inc.(NYSE:

52、AN),Americas most admiredautomotive retailer,announced in December that ithas completed the acquisition of RepairSmith,a full-service mobile solution for automotive repair andmaintenance.The acquisition of RepairSmith createsmeaningfulAfter-Salesbusinessopportunities,including utilizing another chan

53、nel to provide servicetoAutoNationsexistingCustomerbaseandintroduceadditionalvehicleownerswhohavepurchased vehicles outside the AutoNation dealernetwork.RepairSmith will serve as a resource forreconditioning and internal services to increaseacquire RepairSmith for$190 million,is expectedtocloseinthe

54、firstquarter of 2023,subjecttocustomaryclosingconditions and regulatoryapprovals.AutoNationsspeedtofrontlinereadinessandexpedite vehicle delivery to Customers.The transaction,pursuant to which AutoNation willSub-sectoroverviewM&A activity in the Internet Commerce&Contentsegment decreased“back to nor

55、mal”in 2H2022,with 7deals compared to an unusually high number of 15deals in 1H2022.The lowest revenue multiple disclosedwas 0.1x,while the highest was 7.4x.,with 50%of alldeals in the 0.3x to 5.8x range.Not enough EV/EBITDAdata was disclosed to show a representative trailing 30-month median multipl

56、e range.Trailing 30-month revenue multiple2.9x7.4x0.1xACQUIRED12 Dec$190 million12151310974921259761571H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H202210Autotech&Mobility M&A Overview 1H 20230.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 xSub-sectorovervie

57、wM&A activity in the Embedded Software&Systemssubsectordecreasedin2H2022,with12dealscompared to 19 deals in 1H2022.The trailing 30-monthmedian revenue multiple came in at 0.9x,and 50%of alldeals were in the 0.8x to 3.4x range.The minimumdisclosed revenue multiple paid out was 0.6x,while themaximum w

58、as 7.4x.Not enough EV/EBITDA data wasdisclosed to show a representative trailing 30-monthmedian multiple range.Embedded Software&SystemsMagna to acquire Veoneers Active SafetyBusinessSwedish automotive technology company Veoneerannounced that it has entered into an agreement withMagnaInternationalIn

59、c.,amobilitytechnologycompany and one of the largest suppliers in the autoindustry.Under the agreement Magna will acquireVeoneers Active Safety business from SSW Partners,a New York based investment partnership(SSW)for$1.525 billion in cash.Combining Veoneers ActiveSafetycompetenceandproductportfoli

60、owithMagnas Advanced Driver Assistance Systems,ADAS,business will strengthen the2021.Magna intended toacquire Veoneer for$3.8billion but couldnt matchthe$4.5 billion counterofferfromQualcommand SSW Pbined business and provide customers in moregeographical locations with a full suite of ADASsolutions

61、.This comes after a biding war betweenMagna and Qualcomm inTrailing 30-month revenue multiple0.9x0.6x7.4xACQUIRED20 Dec$1.5 billion6510913157131711615171519121H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H2022(Active Safety Business)11Autotech&Mobility M&

62、A Overview 1H 2023Sub-sectoroverviewM&A activity in the Mobility&Fleet Managementsegment fell to an all time low in 2H2022,with 2 dealsinked compared to 11 deals in 1H2022.Mobility&Fleet ManagementEurowagto acquire IneloEurowag,a leading pan-European integrated payments&mobility platform focused on

63、the Commercial RoadTransportationindustry(CRT),announcedinDecember that it has reached an agreement forW.A.G.paymentsolutionsa.s.,awholly-ownedsubsidiary of Eurowag,to acquire 100%of the sharecapital of Grupa Inelo S.A.(Inelo),a leading FleetManagementSolutions(FMS)andWorkTimeManagement(WTM)provider

64、inPolandandSlovenia,for up to 306 million.Inelo provides vehiclelocation and fleet management SaaS,related mobiletransportationandgovernmentsectorsglobally.Software providesfeaturesfordatacollection,dataanalysis,satellitevehiclelocation,driversworkingtimeanalysis,and infringementsanalysis.applicatio

65、ns,andsensor-baseddata retrieval anddownload,anddrivercardreadersystemsforbusinesses in theACQUIREDDateUndisclosedNot enough EV/EBITDA or EV/Revenue data wasdisclosed to show a representativean accurate andrepresentative trailing 30-month median multiple range.1018161412151610177103891121H20152H2015

66、1H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H202212Autotech&Mobility M&A Overview 1H 2023EV Industry headlines&disclosed 2022 key transactions Despite Teslas growth,the EV revolution still caught the auto industry off guardPorsche Boss Faces Software Woes Keeping V

67、W a Step Behind TeslaGM EV unit BrightDropexpects$1 billion in 2023 revenue,mass production of all-electric delivery vans to start in DecemberMusk delivers first Tesla truck,but no update on output,pricingVW will only sell EVs in Norway as of 2024but it has to,like everyone elseElectric Vehicles Now

68、 13%Of New Vehicle Sales GloballyArgo AI,an autonomous startup backed by VW and Ford,shuts down amid mounting lossesElectric motorbike-maker ZappElectric Vehicles to go public via SPACUS giant BlackRock commits$1 billion to big battery developments in AustraliaElectric vehicle owners are fed up with

69、 broken EV chargers and janky softwareVolkswagen,Siemens invest$450M into Electrify America in EV charging pushMercedes-Benzplots global EV charging network with 10,000 chargers by 2030DateAcquirerTargetTarget countryTarget descriptionDeal amount20 Sep BorgWarner Inc.Hubei Surpass Sun Electric Co.Lt

70、d(Charging Business)ChinaEV charging systems$39m1 AugNikola CorporationRomeo Power Inc.fka Romeo Systems Inc.USLithium-ion battery modules for EVs$144m29 JulyBorgWarner Inc.Rhombus Energy Solutions,Inc.USEV charging infrastructure$185m14 June Blink Charging Co.fka Car Charging Group Inc.SemaConnect

71、Inc.fkaSemaCharge Inc.USOperates EV charging stations and provides EV charging systems$160m26 AprilBlink Holdings BV Blink Charging Co.Electric Blue Ltd.fka EB Vehicles Ltd.UKEV charging infrastructure&systems$16.9m23 Feb Beam Global fka Envision Solar International Inc.AllCell Technologies LLC(asse

72、ts)USLithium-ion battery modules for EVs$12.9m09 Feb Valeo SEValeo Siemens eAutomotive GmbH Siemens AktiengesellschaftGermany High-voltage electric motors$316m13Autotech&Mobility M&A Overview 1H 2023EVs&charging Top trends(1/2)UnstoppableEVsIn 2022,a total of 10,5 million new BEVs and PHEVswere deli

73、vered,a 55%increase over 2021.EV sales inEurope increased only+15%over 2021,after twoyears of rapid growth.EV sales in the United Statesand Canada increased by 48%year-over-year in spiteof a weak light vehicle market that fell by 8%in 2022.EVs grew by 82%in China from 2021 to 2022.Alternatively-powe

74、red vehicles(APVs)accounted formore than a half(53.1%)of the EU car market duringthe last quarter of the year,with over 1.3 million carsregistered in total.On a quarterly basis,this is the firsttime that APVs surpass traditional petrol and dieselfuel-typesThe global shift to electrified vehicles is

75、happening atvery different speeds depending on the individualmarket.Interest in hybrid technology also continues tooutstrip full battery electric vehicles(BEVs)in mostcountries except China.5.2 per cent of all new WestEuropean BEV passenger car registrations during theopening 7-months 2022 were from

76、 Chinese OEMs(3.8%Jan-Jul 2021).Alongside the Chinese brands,over 100,000 BEVshave arrived from Chinese shores this year withWesternbadgeson,fromthelikesofTesla(ModelY/3),Dacia(Spring)andBMW(iX3),emphasising the confidence the West now has inChinese manufacturing.AutomakersandthesoftwareissueFor yea

77、rs and years,the development of EVs has beenpredicted and although the trend has exceeded almostall forecasts,it seems that the traditional OEMs havebeen caught completely unprepared.Its as if theydidnt quite believe that EVs would really be a realityand that they would remain science fiction.VW Ele

78、ctric ID vehicle owners around the world havereported issues with infotainment screens,rangecalculations,smartphone connectivity failures,charging,and other features that are far more seamless in othervehicles.Thelong-promisedadditionof wirelessupdates is becoming more common in other vehicles,but i

79、t only started in December 2022 and has yet toroll out in North America.The Volkswagen Groups software issues are welldocumented and mirror the broader issues faced bymany legacy automakers.It has been forced tobecomebothasoftwarecompanyandamanufacturing company as it competes with newplayers like T

80、esla,Nio and Rivian,who have essentiallydesigned their vehicles as battery-powered computerson wheels.Industry experts conclude that the software-definedvehicles transformation will be an inexorable trenddriving the development of the automotive industryover the next five to ten years.36.40%22.60%16

81、.40%12.10%9.40%2.80%0.20%New passenger cars by fuel type in the EU 2022PetrolHEVDieselBEVPHEVOtherNGVSource:Acea14Autotech&Mobility M&A Overview 1H 2023EVChargingRolloutIn a few months,there will be almost the samenumber of EV charging ports as there are gas stationsin the US.Thats about 115K statio

82、ns in total.Butcompared to the US,China is the prime example ofEV infrastructure.Although China was initially slow toadoptEVs,aggressivegovernmentpoliciesandalluring government incentives have encouraged EVsales to account for 28.6%of new car sales in 2022(15.2%in 2021),compared to only 6.9%in the U

83、S(4.4%in 2021).As a result,EV infrastructure hasproliferated throughout big cities,supporting not onlypassenger cars but also a significant proportion ofelectric buses,lorries,and two-wheelers.BNEF estimates that there are 9.6 million home EVchargers and 2.7 million public chargers installedglobally

84、 by the end of 2022.By 2025,China hopesto have built enough EV infrastructure to handle upto 20 million EVs.The forecast is that China willcontinue to dominate the globe in EV chargergrowth through 2025,even though the new USinfrastructure bill will encourage growth and EV salesare breaking records.

85、EVs&charging Top trends(2/2)Source:IEAVCfundingdrivestheindustryThis development is driven by eager M&A activity andVC funding.Before 2022 year began,over$4.6B hadbeen invested in private EV charging companies overthe 10 years spanning 2012 to 2021.and 2021.Inaccordance with increasing EV usage,acti

86、ve capitalmarkets,and a strong economy,industry fundingincreased year over year.Total investment in electricvehicle chargers looks set to cross$100 billion laterthis year.It took about a decade to reach this level butthe next$100 billion of spending will likely take onlythreeyears,accordingtoBloombe

87、rgNEF.Acumulative spending on charging hardware,installationand maintenance could reach$200 billion in 2026(Note:2022,2023 and 2026 figures are estimates).Home charger investment in Europe is expected tohave toped$2 billion by the end of 2022 whileInvestment in public charging is estimated to havegr

88、own 2.6x in the last year.Inthepast,Europeanstartupshaveattractedsignificantly more deals at an earlier stage and smallerround sizes($4.9 million).Consequently,Europeanstartups accounted for 33%of deal volume but 14%of global funding in 2021.Source:BloombergNEF050100150200250201820192020202120222023

89、2026EV Charging Investment(in$billion)04008001200160020002015201620172018201920202021Publicly available slow&fast chargers(Fast&Slow-in thousand)USEuropeChina161715815Autotech&Mobility M&A Overview 1H 2023The automotive and energy industries areconverging,recognizing that batteries(either in cars,as

90、 wall-mounted batteries for home use or as stand-alone megapacks)and smart management softwareare critical components of the global transition torenewable energy,as well as a huge revenue streamfor OEMs.Tesla,Volkswagen and Nissan recognisedthebenefitsearlyonandhaveimplementedcorporate strategies in

91、 the past,taking advantage ofthe energy industry.GeneralGeneral MotorsMotors is now following their strategy andlaunching a new energy product line under a newbusiness unit called GM Energy for homeowners,businesses and utilities.The next step in the EVoffensive,which aims to generate revenue beyond

92、manufacturing and consumption,goes beyond sellingelectric vehicles.GM Energy covers the full spectrumof electric vehicle ownership,including stationaryenergy storage,solar power in partnership withSunPower,and bi-directional charging technologythat delivers power from the vehicle to your home(V2H)an

93、d the grid(V2G).In late 2021,CTEK,a global leader in vehicle chargingsolutions,announced a partnership with GM todesign,develop,and supply a selection of level 2 EVcharging stations for residential and commercial usethat are branded Ultium.EV charging Selected highlightsBorgWarnerInc.acquiredRhombus

94、BorgWarner Inc.(NYSE:BWA),a leading US-basedTier-1 automotive parts supplier,announced that ithasacquiredRhombusEnergySolutionsatapurchase price of up to$185mn.Headquartered in San Diego,California,Rhombusoffers V2G-enabled and UL-certified charging andenergy management solutions,dedicated for elect

95、ricbuses and trucks focusing on the North Americanmarket.Founded in 2012,the company has raised$26mn from leading investors across the globeincluding the likes of Emerald Technology Venturesand Cycle Capital.In2021,BorgWarnerannounceditsChargingForward strategy with a clear objective to take aleadin

96、g position in the electrification of transport.ACQUIRED29 JulyOnthebackofanumberofstrategicacquisitions,thistransactionrepresentsits push into the high-growth market of EVchargingtechnologysolutions.Borg Wagner$185mSource:Press Releasealso acquired Charging Business of Hubei Surpass Sun Electric(SSE

97、)on September 20th2022.16Autotech&Mobility M&A Overview 1H 2023AboutHampletonPartnersHampleton Partners is at the forefront of international mergers and acquisitions advisory for companies withtechnology at their core.Hampletons experienced deal makers have built,bought and sold over 100 fast-growin

98、g tech businesses and providehands-on expertise and unrivalled international advice to tech entrepreneurs and the companies who are looking toaccelerate growth and maximise value.With offices in London,Frankfurt,Stockholm and San Francisco,Hampleton offers a global perspective with sectorexpertise i

99、n:Autotech&Mobility,IoT,AI,Fintech,Insurtech,Cybersecurity,VR/AR,Healthtech,Digital Marketing,Enterprise Software,IT Services,SaaS&Cloud and E-Commerce.SelectionofHampletonAutotech&MobilitytransactionsConclusion&contactsMichel AnninkMichel AnninkDgrowth fundingacquired byacquired byacquired byacquir

100、ed byacquired by2022 was a record year for M&A in Autotech&Mobility with 119 transactionsinked,exceeding previous highs in 2021 by nine deals.While the first half of theyear was exceptionally strong,both transaction volumes and revenue multiplesreturning to more normal levels in H2.EBITDA multiples

101、are however at an all-timelow since 2015,impacted by the rising interest rates and more challenging marketconditions that followed Russias war in Ukraine.After having reached a tipping point in 2021,global EV sales grew by 55%,reaching10,5m while the global shipments for petrol and diesel-powered ca

102、rs declined by12%over the same period.EVs represented more than 15%of total new car sales.globally after 10%in 2021,with China at 29%,Europe at 23%and the USA at 7%.Directly connected,the EV-charging market continues to boom with global investments in this segment in 2022 equal that of the previous

103、fiveyears combined.Major steps forward within autonomous driving were taken by GMs subsidiary Cruise,Alphabets Waymo and Baiduexpanding their commercial robotaxi services to more cities in the US and China.Meanwhile,Intel IPOed theirMobileye business while multi-billion autonomous tech developer Arg

104、o.AI,backed by VW and Ford announced toshut down amidst mounting financial losses,and autonomous shuttle pioneer Navya entering receivership.The sector is continuing its transformation to shared electric autonomous mobility and we believe these trends keepon driving M&A in Autotech&Mobility in 2023.

105、Hampleton provides independent M&A and corporate finance advice to owners of Autotech,Internet,IT Services,Digital Commerce,and Software companies.Ourresearch reports aim to provide our clients with current analysis of the transactions,trends and valuations within our focus areas.Data Sources:We hav

106、e based our findings on data provided by industry recognised sources.Data and information for this publication was collated from the 451 Research database,a division of The 451 Group and part of S&P Global;Capital IQ,a product of S&P Global;TechCrunch;CB Insights;and more.Disclaimer:This publication

107、 contains general information only and Hampleton Ltd.,is not,by means of this publication,rendering professional advice or services.Before making any decision or taking any action that may affect your finances or your business,you should consult a qualified professional adviser.Hampleton Ltd.shall n

108、ot be responsible for any loss whatsoever sustained by any person who relies on this publication.2023.For more information please contact Hampleton Ltd.Hampleton produces regular reports on M&A activity in the following sectorsHampleton produces regular reports on M&A activity in the following sectorsHR TechInsurtechIT&Business ServicesAR/VRArtificial Intelligence Autotech&MobilityCybersecurityDigital CommerceEnterprise SoftwareFintechHealthtechYou can subscribe to these reports at http:/ FranciscoFollow HampletonFollow Hampleton