Harvard Case - Geely SEA: New Electric Vehicle Platforms
"Geely SEA: New Electric Vehicle Platforms" Harvard business case study is written by Willy Shih, Shu Lin. It deals with the challenges in the field of Strategy. The case study is 27 page(s) long and it was first published on : Jan 10, 2022
At Fern Fort University, we recommend Geely SEA to prioritize a multi-pronged strategy for its new electric vehicle (EV) platforms. This strategy involves:
- Accelerating the development and launch of its SEA platform in key Southeast Asian markets, focusing on market penetration and product differentiation through tailored offerings.
- Leveraging its existing manufacturing infrastructure and partnerships to achieve cost leadership and vertical integration in the region.
- Embracing a digital transformation strategy to enhance customer experience, optimize operations, and build a strong brand presence through social media and digital marketing.
- Developing strategic alliances with local players to navigate complex regulatory landscapes and tap into emerging market opportunities.
2. Background
This case study focuses on Geely SEA, a subsidiary of the Chinese automotive giant Geely, as it embarks on a mission to establish a strong foothold in the rapidly growing Southeast Asian EV market. Geely SEA is tasked with developing and launching new EV platforms specifically tailored to the unique needs and preferences of this region. The company faces a complex landscape with diverse market dynamics, intense competition, and evolving government regulations.
The main protagonists are:
- Geely SEA: The subsidiary responsible for spearheading Geely's EV strategy in Southeast Asia.
- An Cong Hui: The CEO of Geely SEA, tasked with navigating the company through a challenging market environment.
- Southeast Asian governments: Key stakeholders with varying policies and regulations influencing the EV market.
- Local competitors: Established players and emerging startups vying for market share in the region.
3. Analysis of the Case Study
Industry Analysis:
- Porter's Five Forces:
- Threat of New Entrants: High, due to the rapid growth of the EV market and the availability of technology.
- Bargaining Power of Buyers: Moderate, as consumers have increasing options but are still influenced by factors like price, range, and brand reputation.
- Bargaining Power of Suppliers: Moderate, with key components like batteries and software subject to supply chain disruptions.
- Threat of Substitutes: Moderate, with alternative fuel technologies like hydrogen and biofuels emerging.
- Competitive Rivalry: High, with established players like Toyota and Honda, as well as local startups, vying for market share.
SWOT Analysis:
Strengths:
- Strong parent company backing (Geely) with experience and resources.
- Advanced EV technology and platform (SEA).
- Potential for cost leadership through manufacturing partnerships.
- Understanding of the Southeast Asian market.
Weaknesses:
- Limited brand recognition in the region compared to established players.
- Potential for supply chain disruptions due to reliance on Chinese components.
- Navigating complex regulatory landscapes in diverse markets.
Opportunities:
- Rapidly growing EV market in Southeast Asia.
- Government incentives and support for EV adoption.
- Potential for partnerships with local players and startups.
- Development of tailored products and services for specific market segments.
Threats:
- Intense competition from established and emerging players.
- Volatility in raw material prices and supply chains.
- Changing consumer preferences and evolving technology.
- Potential for regulatory changes and policy uncertainty.
Value Chain Analysis:
Geely SEA's value chain can be analyzed through the lens of its core activities:
- Research and Development: Developing advanced EV technology and platforms.
- Manufacturing: Leveraging existing infrastructure and partnerships for cost-effective production.
- Marketing and Sales: Building brand awareness, targeting specific market segments, and establishing a strong distribution network.
- After-sales Service: Providing comprehensive support and maintenance for EV owners.
Business Model Innovation:
Geely SEA can leverage business model innovation to gain a competitive advantage by:
- Subscription-based models: Offering flexible ownership options with subscription plans.
- Data-driven services: Utilizing data analytics to personalize customer experiences and optimize operations.
- Strategic alliances: Partnering with local companies for distribution, charging infrastructure, and service networks.
4. Recommendations
1. Accelerated Market Penetration:
- Prioritize the launch of the SEA platform in key Southeast Asian markets with high EV adoption potential, such as Thailand, Singapore, and Malaysia.
- Tailor product offerings to specific market segments by considering local preferences, driving conditions, and affordability.
- Develop a comprehensive marketing strategy that leverages digital channels, social media, and local partnerships to build brand awareness and generate demand.
2. Cost Leadership and Vertical Integration:
- Leverage existing manufacturing infrastructure and partnerships in China and Southeast Asia to achieve cost leadership.
- Explore vertical integration opportunities by acquiring or partnering with key component suppliers, such as battery manufacturers.
- Optimize manufacturing processes through automation and lean production techniques to enhance efficiency and reduce costs.
3. Digital Transformation Strategy:
- Embrace a digital transformation strategy to enhance customer experience, optimize operations, and build a strong brand presence.
- Develop a robust online platform for vehicle configuration, purchase, and after-sales service.
- Utilize data analytics to understand customer preferences, optimize marketing campaigns, and improve product development.
4. Strategic Alliances:
- Form strategic alliances with local players to navigate complex regulatory landscapes, access distribution channels, and tap into emerging market opportunities.
- Partner with local governments to secure incentives, support infrastructure development, and promote EV adoption.
- Collaborate with technology companies to integrate advanced features like autonomous driving and connected car technologies.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Leveraging Geely's expertise in EV technology and manufacturing while adapting to the specific needs of Southeast Asian markets.
- External customers and internal clients: Catering to diverse customer preferences and building strong relationships with local partners.
- Competitors: Differentiating Geely SEA's offerings through product innovation, cost leadership, and a customer-centric approach.
- Attractiveness: Targeting markets with high growth potential and utilizing strategies that maximize profitability.
Assumptions:
- The Southeast Asian EV market will continue to grow at a rapid pace.
- Governments in the region will continue to support EV adoption through policies and incentives.
- Geely SEA will be able to successfully navigate regulatory complexities and establish strong partnerships.
6. Conclusion
Geely SEA has a significant opportunity to become a leading player in the Southeast Asian EV market. By embracing a multi-pronged strategy focused on market penetration, cost leadership, digital transformation, and strategic alliances, the company can overcome its challenges and achieve sustainable growth.
7. Discussion
Alternatives:
- Focusing solely on high-end EV models: This approach could limit market reach and potentially lead to lower sales volumes.
- Ignoring the importance of digital transformation: This could result in a less competitive customer experience and hinder brand building efforts.
- Relying solely on internal resources: This could limit the company's ability to adapt quickly to evolving market conditions and leverage external expertise.
Risks:
- Competition: Intense rivalry from established and emerging players could erode market share.
- Regulatory uncertainty: Changes in government policies could impact the EV market significantly.
- Supply chain disruptions: Reliance on Chinese components could lead to production delays and cost increases.
Key Assumptions:
- The Southeast Asian EV market will continue to grow at a rapid pace.
- Governments in the region will continue to support EV adoption through policies and incentives.
- Geely SEA will be able to successfully navigate regulatory complexities and establish strong partnerships.
8. Next Steps
- Develop a detailed strategic plan outlining specific market entry strategies, product development timelines, and marketing campaigns.
- Secure necessary funding to support the implementation of the strategy.
- Establish key partnerships with local players, government agencies, and technology companies.
- Monitor market trends and competitor activities to ensure the strategy remains aligned with evolving market dynamics.
Timeline:
- Year 1: Launch the SEA platform in key Southeast Asian markets.
- Year 2: Expand product offerings and distribution networks.
- Year 3: Achieve profitability and establish a strong market presence.
By implementing these recommendations and addressing the identified risks, Geely SEA can capitalize on the immense potential of the Southeast Asian EV market and secure a leading position in this rapidly evolving industry.
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Case Description
Kent Bovellan, the Chief Engineer and Head of the Vehicle Architecture Center for Geely Holding, the Hangzhou, China headquartered global automotive group, was debating the platform choice for an upcoming "D" segment midsized battery electric vehicle (BEV). He had led the architectural development of the new Geely SEA platforms for its new family of BEVs. The new car would be part of the Zeekr premium lineup. He knew that smaller cars on a given platform inevitably suffered from costs problems, while larger vehicles suffered from less than premium attributes. They could emphasize meeting cost targets on the low end, but that might have a negative impact on the high end. Which platform should they choose? This case explores the platforms and derivatives strategies used by global auto manufacturers, and some of the changes wrought by the shift from internal combustion vehicles to battery electric. It emphasizes the importance of achieving volume and scale in reaching competitive costs and selling prices, and offers an opportunity to explore the potential impact of open standards and modular interchangeability on the structure of the industry.
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