Powertrain 2020

Electromobility – The only way forward?

October, 2010
PT2020_Electromobility_Webminar_02112010 .pptx
Contents Page

Regulations and resources 4

A.
Market development 8
B.
Battery costs 21
C.
Summary and conclusions 24
D.
About Roland Berger and eMobility 25
E.

© 2010 Roland Berger Strategy Consultants PT2020_Electromobility_Webminar_02112010 .pptx 3

Al REGULATIONS AND RESOURCES

Recently, all G8 countries pledged to limit the increase in global

warming to 2°C – Significant efforts from all sectors required
Forecast global CO2 emissions [Gt CO2]
COMMENTS
REFERENCE > Reference Scenario of
SCENARIO 45% increase in CO2
40.6 (>5°C global emissions likely to lead to
warming expected) >5°C global warming
36.4
32.5 33% > Transportation sector
-37%
27.9 34% emissions grow by 39%
25.7 with all growth outside the
Other 36% OECD
45% > To keep warming
Power 44% <2°C, major CO2
generation 41% SCENARIO 450
(keep global reductions need
Transpor- warming <2°C) to be achieved
tation 23% 22% 22% (Scenario 450)

Ref. Scen. Ref. Scen.

Scen. 450 Scen. 450
2006 2020 2030 2040 2050

Source: IEA WEO 2008, Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 4

Al REGULATIONS AND RESOURCES

Major transportation countries are largest importers and consumers

of oil – Oil supply will peak within the upcoming decades

1) Avg. CAGR 1994-2006 2) Avg. CAGR1995-2005 3) Peak oil supply between 2015 and 2025 4) >50% of oil demand from vehicles

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 5

Al REGULATIONS AND RESOURCES

In Europe, CO2 fleet emission targets are toughest and actual

emission levels are lowest

CO2 fleet emission targets by region [g/km]1)

COMMENTS
4)
> Only the EU has announced a
long-term CO2 emission
target for 2020
-27%
-29% > Obama's more aggressive
-41% -16% approach essentially pulls the
216 2020 NHTSA target forward to
190 2016
160 160 157 168 154 167
130 141 > Japan has only announced a
medium-term CO2 emission
95
target
> China has an ambitious CO2
emission target until 2015 –
few vehicles in stock
Actual Target Target Actual Target Target Actual Target Target Actual Target
2006 20122) 2020 2006 20163) 2020 2006 2010 2015 2008 20155)

1) No cycle conversion considered; gasoline assumed for non-EU countries 2) For 65% of the fleet from 2012 on, gradually increasing to 100% of the fleet by 2015
3) New national fuel-economy program proposed by Barack Obama 4) New passenger vehicle sales
5) Target based on draft official automotive fuel-economy standards to improve fuel economy by an additional 18% by 2025

Source: EC; EPA, DOT; NHTSA; JAMA; ICCT; press; Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 6
Al REGULATIONS AND RESOURCES

In order to reduce future emissions and conventional fuel

dependency, largest transportation regions launch overall programs

Overview of major programs

European strategy for Electric Vehicle Next-generation New energy
the uptake of green Deployment Act1) vehicle and fuel vehicle policy
vehicles initiative
20102) 20102) 20072) 2006-20102)
> Technology-neutral > Program to support the > Environmental energy > 3-stage development
policy framework for nationwide deployment strategy on vehicles plan to promote energy-
clean and energy- of EVs and fuel in Japan efficient vehicles
efficient vehicles, but > Significant incentives > Five strategies offering > Key policy measures
preference within EC given to selected diversified technology along the entire vehicle
for EVs communities options value chain
> Promoting vehicles on > Emphasis on plug-in > Areas covered are > Increasing focus on
basis of improved EVs batteries, fuel cells, hybrid vehicles and
conventional ICEs clean diesel, biofuel, EVs
> Facilitating deployment and traffic flow control
of ultra-low-carbon
vehicles
1) Bill is proposed by three US senators 2) Year published

Source: EC; Clean Future; METI; NORC; MOF; MIIT; MOST; Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 7
Bl MARKET DEVELOPMENT

ICE powertrain optimization can help to reduce CO2 reductions by

30% to 40% compared to today

European CO2 fleet emissions – 2008 and forecast for 2020

SEGMENT CO2 fleet emission targets CO2 fleet emissions
2020 2012 2008
Expected ICE
95 g/km 130 g/km 155 g/km optimization
Large SUV by 20201)

Compact SUV

Premium

Large

Mid-size

Small (A/B)

0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240

CO2 EMISSIONS [g/km]

Shows the market size for a specific vehicle segment 1) EVs/PHEVs not considered

Source: J.D. Power, Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 8

Bl MARKET DEVELOPMENT

The effective efficiency of an engine can be increased by various

measures – Mainly gas exchange and friction losses addressable

Energy losses in combustion process

COMMENTS
Combustion process
Compression ratio > The theoretical threshold is defined by the
Air/fuel ratio thermodynamic efficiency ηv
48% > The combustion cycle (higher air/fuel
7% ratio, higher compression) can increase
this value
6%
> Turbo-charging can shift the operating
Direct injection 6% point to a more efficient region
Variable valve control
Combustion process 8% 21% > Gas exchange losses can be decreased
(e.g. tumble) Lean combustion by dethrottling (direct injection, variable
(stratified) valve lifting)
Direct injection
Variable valve control > Downsizing can be utilized to decrease
mechanical losses (friction)
> Wall heat and losses from non-ideal
Thermodynamic Gas exchange Non-ideal Wall heat Friction Effective combustion are difficult to control in the
efficiency combustion efficiency
combustion process, thermoelectric
1) Typical part load operating point of naturally aspired gasoline engine (n=2000min-1, pme=2bar) approaches under investigation
Source: FEV; RWTH Aachen; Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 9
Bl MARKET DEVELOPMENT

Gasoline engines' CO2-emissions can be improved by more than

40%

CO2 reduction potential of gasoline engines compared to today's mainstream engine

CO2 EMISSIONS

100%
(Today)
- 4-9%
Start-stop
- 7-15% - 4-5%
- 6-12% Mild hybrid
60% - 8-12%
(2020) - 10-13% - 10-14%
General Downsizing2) Var. valve train3) Hybrid 2nd-gen DI (lean) HCCI
improvements1) (in partial load)
EURO6
NOx after-
treatment
required
100%
NOX EMISSIONS
1) E.g. reduced engine friction, integrated exhaust manifold, optimized cooling (incl. adjustable water pump), EPS, aerodynamic optimization, gearbox ratios
2) Incl. cylinder reduction 3) Variable valve lift (3 stages, incl. 0-stroke for cylinder deactivation)

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 10

Bl MARKET DEVELOPMENT

Currently applied low emission technologies have already reduced

gasoline engine CO2-emissions by 15-30%
CO2 emission comparison – Best in class gasoline engines

COMMENTS
Engine power [KW]
• Current low emission
250 technology has reduced
~3.0L1) -29% gasoline engine CO2 emission
A6
9-5 by 15-30% compared with
200 330i normal technology
Passat
V70
E-class
A4 2.0 TFSI
• BMW has introduced lean
Insignia 2.0 Turbo
150 ~2.0L1) stratified combustion engines
Mondeo 2.0 SCTI
320i
(N43/N53), which a substantial
-19%
Mondeo 2.0
advantage especially at high
100 A3 1.6 FSI displacements
Fiesta 1.6 116i
~1.6L1) B170

-18% • Big spread of fuel efficiency

50
(CO2 emission per engine
80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250
displacement) can be observed
CO2 emission [g/km]

1) Engine displacement

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 11

Bl MARKET DEVELOPMENT

Diesel engines have less CO2 reduction potential (up to 30%) –

NOx emissions require HCCI or after-treatment

CO2 reduction potential of diesel engines compared to today's mainstream engine

CO2 EMISSIONS

100%
(Today)
- 3-7%
Start-stop
- 4-13% - 2-4%
Mild hybrid
70% - 8-10% + /- 0%
(2020) - 3-5% - 3-5%

General Downsizing2) Var. valve train3) Hybrid 2nd-gen DI (lean) HCCI

improvements1) (in partial load)
EURO6

Today
NOX EMISSIONS
1) e.g. reduced engine friction, integrated exhaust manifold, optimized cooling (incl. adjustable water pump), EPS, aerodynamics optimization, gearbox ratios

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 12

Bl MARKET DEVELOPMENT

Additional powertrain costs in 2020 in Europe are an estimated

EUR 400-2,500 per vehicle

Gasoline powertrain Diesel powertrain

2,500

1,500

800 850 900

650 750
550 600
400 500
Niche
appl.

A-/B- C- D- SUV E-/F- SUV A-/B- C- D- SUV E-/F- SUV

segment segment segment compact segment large segment segment segment compact segment large

Source: Expert interviews, Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 13

Bl MARKET DEVELOPMENT

EU CO2-emission limits of 95 g/km in 2020 are unlikely to be meet

with conventional powertrain technologies

European CO2 fleet emissions – 2008 and forecast for 2020

SEGMENT CO2 fleet emission targets CO2 fleet emissions
2020 2012 2008
95 g/km 130 g/km 155 g/km
Large SUV
CO2 fleet emissions 110 g/km
Compact SUV 2020 (estimate)
Gap of
Premium >10 g/km

Large

Mid-size

Small (A/B)

0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240

CO2 EMISSIONS [g/km]

Shows the market size for a specific vehicle segment

Source: J.D. Power, Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 14

Bl MARKET DEVELOPMENT

To reach EU CO2-emission limits of 95 g/km in 2020 (partial) Zero

Emission Vehicles (EVs or PHEVs) are needed

European CO2 fleet emissions – 2008 and forecast for 2020

SEGMENT CO2 fleet emission targets
2020
Need for
95 g/km
zero-emission
Large SUV
or partial zero-
110 g/km
emission vehicles
Compact SUV
?
Premium 1-2%
Large

Mid-size 5-10% ?

Small (A/B) ? 2-4%

0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240

CO2 EMISSIONS [g/km]

Shows the market size for a specific vehicle segment

Source: J.D. Power, Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 15

Bl MARKET DEVELOPMENT

Thus, incumbent OEMs also need to focus their Powertrain strategy

on "electrification" and Zero Emission Vehicles

Technology focus and priorities

> Single displacement approx. 400 cm3
… > Optimized combustion processes CAS, base and full load range
> Optimized (green) fuels
> Massive downsizing, reduced friction
> Variable air, fuel, electrification
Integrated > High-power batteries
COMBUSTION ENGINE

hybrid
> Single displacement approx.
+ boost, short + plug-in 250 cm3
e-drive > Optimized combustion
+ stop-start processes/emissions,
reduction high/full-throttle
recuperation E-drive with ICE > Downsizing, reduced friction
range extender > High-power e-motors
Conventional > High-energy batteries
ICE

EV with
Pure EV fuel-cell range
extender

ELECTRICAL PROPULSION
Source: VW, Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 16
Bl MARKET DEVELOPMENT

There are different options for electrifying powertrains –

Technical layout depending on application and vehicle segment
PURE ELECTRIC DRIVING POSSIBLE
Micro/mild hybrid Full hybrid (PHEV option) PHEV EV
Belt-driven Integrated Parallel Power-split Second Serial hybrid Serial hybrid Battery
starter- starter- hybrid hybrid electric (parallel option) (range electric vehicle
generator generator axle extended)

1)

2)

Mixed operation, incl. long distance Urban/rural Urban

Main applications Upper medium class/premium class, large SUVs, sports cars, Mid-size cars, Mini & small
transporters/vans MPVs, small SUVs, cars, small
(vehicle segments) light delivery trucks, vans, mini
sports cars vans, fun cars

Engine Gears Clutch HV E-machine 1) Belt-driven starter-generator 2) Integrated starter-generators

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 17

Bl MARKET DEVELOPMENT

Two scenarios have been developed: "downsized mobility"

(low scenario) and "the future drives electric" (high scenario)

Scenarios to estimate powertrain penetration shares

Drivers Downsized mobility The future drives electric
1 Mobility EV driving range > EVs have limited range > EVs have limited range
needs > No disadvantage for PHEVs > No disadvantage for PHEVs
> Limited infrastr. in city centers > Concurrent infrastr. in urban areas
Infrastructure > Slow roll-out > Accelerated roll-out

2 Cost Fuel and battery prices > Stagnating fuel prices > Rising oil prices
limita- > Battery cost reduction > Accelerated battery cost reduction
tions
> Little government support for fuel- > High tax incentives/subsidies for zero- or
Taxes/incentives efficient technologies nearly zero-emission vehicles in beginning

3 Image/ Segments > Limited segment offering, A-/B- > Wide segment offering; A-/B-/C-
comfort segments for EVs, C-/D-segments for segments for EVs, C-segments or bigger
require- PHEVs for PHEVs
ments > A few front-runners > Numerous OEMs already in first phase
Brands > Most OEMs remain skeptical > Many incumbent OEMs actively involved

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 18

Bl MARKET DEVELOPMENT

EV market potential is calculated based on car buyers who have

access to infrastructure and a compatible mobility profile

Western Europe EV new car sales in 2020 [k units]

16,850 Potential EV
customers

10,600

3,100
1,800 1,600 1,200 1,000 800

New car sales in In areas with At least two cars Only one EV Fulfill mobility Drive EV Have a TCO Potential EV
Western Europe infrastructure in the household per household range segments advantage customers
coverage available

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 19

 Bl MARKET DEVELOPMENT

The share of electrified powertrains can then probably increase

significantly in all major Automotive markets

Share of powertrain technologies in major markets in 2015/2020 – High scenario

Western Europe Japan US China
1% 1%
2015 0% 0% 0%
0%
2% 0% 0%
4% 3% 2%
1% 5% 7% 1%
2% 0% 0% 2%

94% 90% 89% 93%

2020 4%
5% 6%
7% 8% 9%
14% 1% 4% 8% 1%
9% 4% 2% 0%
0%
6% 1% 5% 4%

73% 77% 74%

79%

ICE (none + micro) Mild Full PHEV (serial) PHEV (parallel) EV

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 20

Cl BATTERY COSTS

Current battery costs around 700 $/kWh need to be reduced by

nearly 50% in order to realize "high scenario" for (PH)EV penetration

Value chain EV battery of ternary mix (NMC)

CAPEX1)
[USD m] 1 MINING/ 2 RAW MATERIAL 3 CELL 4 BATTERY
RAW PROCESSING MANUFACTURING ASSEMBLY
20-30 MATERIALS
Depending on degree of
automation
650-770
Other components:
BMS, housing, plates

350-400

VALUE ADD
~100 ~ 275 ~ 500 ~700
[USD/kWh]
PRODUCTION > Local > Global > Regional > Local

COST > Material purity > Production > Volume (n/hrs)

> Specific(kWh/kg)
DRIVERS (to/m3) efficiency (m2/sec)

LEVERS > Mining capacity > Standardization > Manufacturing > Assembly technology
(oligopoles) > New materials (nano) technology > Labor costs
> Sulphatization > Process technology > Component costs
1) Necessary invest for 100k EV-equivalents (20 kWh)

Source: IIT; expert interviews; Roland Berger analysis PT2020_Electromobility_Webminar_02112010 .pptx 21

Cl BATTERY COSTS

Even with 65% increased energy efficiency, costs of battery packs

are in best case around $ 270 / kWh – Materials highest lever

Necessary increase of energy density – Ternary mix (NMC), high energy

COST REDUCTION LEVERS FOR BATTERY PRODUCTION [USD/kWh]
700
Battery 9
55 17
assembly
115
Other 145
components
115
158
Cell 21
225 36
manufacturing 63
44 9 265
6
25
Material Raw materials -40%
24
175 66
processing Active materials -40%
Cell manufacturing -40%
-1% p.a. -50% (net, -80% -5% p.a. Other components -20% 95
Raw materials 100 -1% p.a.1) (net) doubled) (total) (net) Battery assembly2) -25% 55
Costs 2010 Cost of raw Improved Cell Cost reductions Battery Increase in Best cost
materials materials manufacturing in other assembly specific scenario
processing efficiency components efficiency energy: +65%
1) Mainly driven by decrease of cathode material costs (Co, Ni) 2) Battery management system, housing, etc.

Source: Roland Berger analysis PT2020_Electromobility_Webminar_02112010 .pptx 22

Cl BATTERY COSTS

Even in the long term, the cost difference between EVs/ PHEVs and
ICEs is unlikely to fall below EUR 4,000 and EUR 5,000
Approximate cost of powertrain for mid-size vehicles [EUR]
Gasoline EV PHEV1)
Powertrain costs Powertrain costs Powertrain costs
-9,000
-7,000
16,500
14,000

Battery Battery
+800 7,500 7,000
ICE4)
Electric motor2)
2,200 3,000 Electric motor2)
Power electronics Power electronics
Other3) Other3)
2010 2020 2010 2020 2010 2020

1) Serial hybrid layout 2) Incl. single stage gearbox 3) Cooling, adaption transmission and wiring harness 4) Incl. generator

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 23

Dl SUMMARY AND CONCLUSIONS

E-mobility will come – but realism is necessary and new business

models are needed to make it a success

The COMBUSTION ENGINE WILL REMAIN ON THE MARKET for the next two to three decades, if only
because it provides good value at a relatively low initial cost.

ENERGY SOURCES WILL CHANGE, but storage will take place not just by means of electricity
but also next-generation biofuels and potentially hydrogen.

Similar to other new technologies, e-mobility is HIGHLY FIXED COSTS DRIVEN in all aspects –
ECONOMIES OF SCALE are NECESSARY , CONCENTRATION is INEVITABLE.
Examples:
- High R&D costs for new cell chemistries
- Infrastructure and/or software based value added services

OEMS AND SUPPLIERS need to deal with the HIGH DEGREE OF UNCERTAINTY. They must
DEVELOP NEW BUSINESS MODELS AND ALTERNATIVE REVENUE STREAMS to compensate for
technology substitution.

PARTNERSHIPS are CRUCIAL for success:

Mobility services will pave the road for eMobility

PT2020_Electromobility_Webminar_02112010 .pptx 24
E. About Roland Berger

PT2020_Electromobility_Webminar_02112010 .pptx 25
El ROLAND BERGER

Roland Berger Strategy Consultants is a truly global firm –

We provide strategic advice to the world's top decision makers

Our profile

Founded in 1967 in Germany by Roland Berger

36 offices in 25 countries, with approx. 2,100 employees

180 RB Partners currently serving approximately
1,000 international clients

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 26

El ROLAND BERGER – AUTOMOTIVE COMPETENCE CENTER

The Roland Berger Automotive Competence Center: A strong and

global team
Roland Berger Automotive: >200 consultants worldwide

Western Europe
Russia > Global team of more than
12 Partners/Principals 2 Partners/Principals
90 Consultants 10 Consultants
200 dedicated
automotive consultants
Japan
USA 4 Partners/Principals > Over 300 clients in the
4 Partners/Principals Eastern Europe 20 Consultants automotive industry
20 Consultants 2 Partners/Principals
15 Consultants > More than 1,000 success-
China
ful projects since 2000
2 Partners/Principals > Proven leading-edge
20 Consultants
tools and methodologies
> Thought leadership in the
South America India1) worldwide automotive
2 Partner/Principal 1 Partner/Principal community, producing
10 Consultants 10 Consultants
highly regarded studies
and top quality research

1) Partnership with Tata Strategic Management Group

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 27
El ROLAND BERGER – AUTOMOTIVE COMPETENCE CENTER

The Automotive Competence Center continuously conducts

high-quality research on e-mobility topics

Major Roland Berger studies on E-Mobility

Powertrain 2020: The Future Drives Electric • EV/PHEV global market modeling
(Sep. 2009) • Impact on the mobility value chain and potential new business models
• Key challenges for the industry and recommendations on how to prepare for them

Winning the powertrain race – The front line • Marketing as a key role for new powertrain challenges
role of marketing and sales ( Apr. 2009) • Requirements for brand positioning
• The role of design in customer decisions
• Requirements towards the sales and service organization

Powertrain 2020 - China's ambition to become • Chinese efforts to become major technology hub for E-components
market leader in E-Vehicles (Jan. 2010) • Government is pushing and moving towards electric driving
• Implications on business model design and partnering strategies for suppliers as well
as OEMs

Powertrain 2020: Li-Ion batteries – the • Li-Ion batteries market modelling

next Bubble ahead? • Estimation of industry capacity usage– not to be reached till 2018
• Need for action for Western governments in order to avoid loosing future technologies
(March 2010)

Powertrain 2020: Electric Vehicles – Voice of • Drivers for the electrification of powertrain – scarce resources and tougher regulations
the Customer • Customers' affinity to electric vehicles
• Potential additional profit sources for electric vehicles
(April 2010)

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 28

El ROLAND BERGER – AUTOMOTIVE COMPETENCE CENTER

We have completed more than 30 projects in future electrified

Powertrains since 2007, covering the entire value chain
CLIENTS SELECTED PROJECTS
A RAW MATERIAL > Market and technology study Li-Ion batteries for raw material suppliers
SUPPLIERS > Market study and partnering strategy for global Japanese manuf. of Li-Ion batteries
> Site selection Europe for Japanese Li-Ion manufacturer
> Study on use of different battery types for European battery manufacturer association
B BATTERY SUPPLIERS > Market analysis 2020 of European hybrid vehicle market
> Study on global market prospects for alternative range-extender concepts
> Market entry strategy hybrids Europe for leading global Japanese supplier
> Technology strategy, partnering and reorganization in EV-context for leading Tier1
C TRADITIONAL > Analysis of legislative framework, taxation and possible subsidies for
COMPONENT E-vehicles in 14 European markets
SUPPLIERS > Market study in China regarding alternative fuels and Powertrain concepts up to 2020
> Market analysis Europe and product positioning of new electric vehicle
> Concept development and feasibility study for E-vehicle design, development and manufacturing
D OEMS > Development of hybrid and E-vehicle strategy for OEM incl. innovative EV concept
> Make-or-Buy strategy for HEV/EV components for leading global OEM
> Business model design/go-to-market strategy EV for global OEM
E UTILITIES > E-Mobility strategy for Italian, Czech and German utilities (infrastructure requirements,
business model, coordination of pilot programs ...)
> Development of support program "E-Mobility" in context of overall economic stimulus program of
F MUNICIPALITIES & German government, coordination of model regions
GOVERNMENT > E-mobility strategy for various other national and regional governments

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 29

Contact us for further information and discussion

CONTACTS
Dr. Wolfgang Bernhart Thomas Schick
Partner Partner

Roland Berger Strategy Consultants GmbH Roland Berger Strategy Consultants GmbH
Automotive Competence Center Automotive Competence Center
Loeffelstraße 46 Neue Mainzer Strasse 69-75
70597 Stuttgart 60311 Frankfurt
Germany Germany
Phone +49 711 3275-7421 Phone +49 69 29924-6202
Mobile +49 160 744-7421 Mobile +49 160 744-6202
mailto: wolfgang_bernhart@de.rolandberger.com mailto: thomas_schlick@de.rolandberger.com

Source: Roland Berger PT2020_Electromobility_Webminar_02112010 .pptx 30

It's character
that creates
impact!

PT2020_Electromobility_Webminar_02112010 .pptx 31