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Automotive Industry Research & Advisory

Research, financial modeling, and strategic advisory for OEMs, automotive component manufacturers, dealership networks, and the investors and investment firms active across the automotive value chain.

The Sector Today

The automotive sector is in the middle of a transition that affects every layer of the value chain simultaneously. The shift from internal combustion engine platforms to battery electric and hydrogen-powered vehicles is changing the cost structure, the supplier relationships, and the capital requirements of OEMs at the same time that software-defined vehicle architectures are reshaping what an automobile manufacturer's actual analytical edge consists of. Tier 1 and Tier 2 suppliers built around ICE component manufacturing are facing structural demand questions. New entrants in EV and mobility platforms are raising capital against growth assumptions that are sensitive to regulatory incentive frameworks and infrastructure availability.

For investors, the complexity is in the transition itself. The companies best positioned to benefit from electrification are not always the incumbents with the strongest current market positions. ESG mandates are compressing the window for ICE-heavy investment theses. Several major OEMs are simultaneously extending hybrid platform investment as EV demand growth moderates from early adoption rates, with hybrid technology functioning as a bridge asset rather than a destination, which means the financial model for an OEM's capital allocation has to capture bridge technology scenarios rather than forcing a binary ICE or EV assumption. Supply chain concentration, particularly in battery materials and semiconductor components, is adding volatility to earnings profiles that were previously stable. The analytical work required to make sound capital allocation decisions in automotive today is significantly more demanding than it was a decade ago.

The investment case in automotive is not a question of whether the transition happens. It is a question of which companies are on the right side of the cost curve when it does, and which assumptions in the current valuation are exposed to regulatory or technology risk.

Who We Serve

Automotive Industry Players

OEMs, auto component manufacturers, dealership networks, and aftermarket businesses that need market intelligence, strategic analysis, and financial modeling to support platform decisions, market entry, capacity investment, and competitive positioning across ICE and EV segments.

Finance and Investment Community

PE firms, VC funds, institutional asset managers, and investment banks active in automotive, mobility, and adjacent sectors that need independent analytical work to support investment thesis development, deal diligence, portfolio monitoring, and exit strategy.

Vehicle Manufacturing and Supply Chain

Manufacturers evaluating production footprint decisions, platform consolidation, JV structures, and supply chain re-configuration in response to electrification and software-defined vehicle requirements.

What We Deliver

Business and Capital Advisory

Analytical and advisory support for automotive firms across the capital cycle: from M&A target identification and transaction screening to investor-ready materials for fundraising mandates in EV, mobility, and capacity expansion.

Strategic M&A opportunity assessment

Evaluation of M&A targets by sector synergies, strategic fit, and cross-border consolidation potential across OEMs, Tier 1 and Tier 2 suppliers, and mobility platforms.

Transaction screening and deal analysis

Screening of global/domestic automotive M&A transactions by valuation multiples, deal structures, and post-merger integration dynamics.

Risk evaluation

Assessment of operational, market, regulatory, and supply chain risks across OEMs, component suppliers, and aftermarket stakeholders.

Fundraising support

Financial modeling and investor materials for EV, mobility, and manufacturing capacity expansion mandates: pitch decks, information memoranda, and investor presentations.

Investor reporting and communications

Automotive factsheets, quarterly updates, and board-level reporting materials produced to institutional standard.

Analytical Outputs We Produce

OEM and supplier financial models covering ICE and EV segment transitions, platform investment requirements, and long-term margin trajectories.

EV startup and mobility platform investment analysis for VC and PE mandates, including technology risk assessment and regulatory dependency evaluation.

Dealer network performance reviews and retail channel strategy assessments.

Consumer financing, insurance, and credit access analysis for automotive financial services businesses.

Integrated sales and service capability assessments for OEMs restructuring their retail and aftersales operations.

Partnership and ecosystem intelligence for automotive players evaluating technology alliances, JV structures, and platform integrations.

Investor-ready pitch decks, information memoranda, and financial models for automotive and mobility fundraising mandates.

Automotive in Practice

Case Study

EV Market Entry Strategy and Competitive Landscape Assessment

A PE firm evaluating entry into the European EV charging infrastructure market engaged Perusal Global for a market sizing, competitive landscape analysis, and investment thesis validation. The work covered demand projections across five European markets, regulatory incentive framework analysis, Tier 1 and Tier 2 infrastructure operator profiling, and a DCF model for a target acquisition. The output informed the fund's decision to proceed with a lead investment and shaped the terms of the transaction.

Frequently Asked Questions

EV startups and mobility platforms are valued primarily on revenue growth trajectory, technology differentiation, regulatory incentive dependency, and the timeline to margin positive unit economics, not on the asset-based or earnings multiples that apply to established OEMs. The financial model has to capture the cost curve trajectory for battery and powertrain components, the subsidy and incentive structure affecting demand in each target geography, and the competitive displacement risk from both legacy OEMs accelerating their EV programmes and other new entrants. A probability-weighted scenario model is more useful than a single base case DCF for assets at this stage.

For Tier 1 and Tier 2 supplier transactions, commercial due diligence focuses on three questions the management presentation typically does not answer independently. First, what proportion of the revenue base is ICE-specific and what is the realistic demand trajectory for that component as OEM electrification programmes accelerate? Second, how concentrated is the customer base and what is the contractual protection on key relationships? Third, what is the exposure to battery material and semiconductor supply chain risk that could affect production continuity and margin? These three questions drive the revenue and margin assumptions in the deal model more than any other variable.

China-plus-one strategy assessment for automotive components starts with a component-level analysis of which parts of the manufacturing footprint carry genuine geopolitical exposure, customer diversification requirements, or ESG supply chain mandates, and which are not. For the exposed components, we assess alternative manufacturing geographies on four dimensions: labor and infrastructure cost economics, supply base maturity for the specific sub-assembly, logistics cost to end customer, and incentive framework availability including PLI schemes in India and IRA-adjacent opportunities in North America. The output is a ranked set of relocation options with a cost impact model for each.

Green hydrogen vehicle investments require analysis at two levels simultaneously. The technology level: fuel cell stack cost trajectory, hydrogen storage system performance, and competitive positioning relative to battery electric alternatives for the specific duty cycle and range profile the vehicle is designed for. The infrastructure level: hydrogen refuelling network availability and economics in the target deployment geography, because a commercially viable fuel cell vehicle depends on a refuelling infrastructure that in most markets does not yet exist at commercial scale. The investment thesis only holds if both levels of analysis support the same conclusion.

Dealer network performance modeling covers four analytical layers. Revenue and throughput: sales volume by outlet, vehicle mix, and financing and aftersales attachment rates. Efficiency: sales per square foot, lead conversion rate, and service bay utilisation. Customer metrics: loyalty rate, NPS, and conquest versus retention split. Digital integration: the proportion of the sales funnel that is online-originated and the dealer's capability to convert digital leads. The output benchmarks each dealer against network peers and identifies the specific operational and commercial levers with the highest impact on throughput and profitability.

An automotive market entry feasibility study typically covers market sizing using vehicle registration and production data, regulatory and homologation requirements, competitive landscape assessment of established and emerging players, distribution channel analysis, and a financial model for the entry scenario under consideration. For a new geography entry by an OEM or Tier 1 supplier, the study also covers manufacturing footprint options and supply chain readiness in the target market. Most engagements of this scope are completed within six to ten weeks depending on data availability and the number of geographies under evaluation.

Ready to Work?

The first conversation is about the specific decision your team is facing: an investment thesis that needs validating, a market entry that needs sizing, a transaction that needs analytical support, or a fundraise that needs a model and materials. We will tell you precisely how we approach it.