美股汽车行业-美国汽车和汽车零部件：软件定义的汽车

Equity Research 23 June 2022U.S. Autos and Auto Parts The Software Defined Vehicle Digital natives (e.g., TSLA) are redefining the car as a software platform, creating a transformation challenge for legacy OEMs and suppliers. In suppliers, VC and APTV are best positioned (reiterate OW and Top Pick, respectively). GM is making solid progress while F is still laying an agile organizational foundation. We appreciate your consideration in the Institutional Investor All-America & All-Canada Research Survey 2022. View our analysts. Vote for Barclays. The software defined vehicle (SDV) is a paradigm shift in software, hardware, and culture. While digital natives, such as TSLA (UW) and RIVN (EW), use a clean-sheet vehicle architecture approach that allows them to continuously update software and deliver (and potentially monetize) new features, legacy OEMs are starting with an antiquated compute system of 100+ distributed electronic control units (ECU) with embedded software, which make any changes difficult. OEMs need to migrate to a software architecture that isolates software from hardware, incorporates a robust middleware, and provides seamless linkages into the cloud—all of which requires OEMs to shift development cultures and processes from waterfall to agile, continuous integration/development. Legacy OEMs have a major transformation challenge to catch up to digital natives: Legacy OEMs are in the early days of creating software organizations, skill sets, and clean-sheet architectures. We believe that GM and VW are the furthest ahead but they still face a migration challenge that could span multiple years. We argue that Ford is behind for now, but has set into place a new agile organization that will provide the proper rapid-cycle iterative environment for software success. Suppliers need to adopt to new roles or risk being left behind. We do not believe that just because an OEM is building a large software organization, there will be no work left for outside support—the task is simply too large and the time frame too short for complete in-sourcing. Yet at the same time, tier-one suppliers need to shift to one of several new roles, as a new automotive value chain emerges in software defined vehicles. Rather than building traditional components (e.g., mechatronics) with embedded software integrated into hardware, the new value chain will be increasingly divided between hardware and software. For hardware, suppliers could either take a build-to-print or specialty hardware role. For software, the value chain will likely be comprised of feature specialists, OS/middleware providers, cloud services, network management, and systems integrators. Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as o