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Diesels Set to Out-Strip Hybrids in Accelerating US Growth Release date: 24 May 2007 With US regulators looking to revise fuel economy standards amid concerns for energy security and greenhouse gas (GHG) emissions, research published today by UBS and Ricardo points to combined annual diesel and hybrid gasoline vehicle sales in the US of 2.7 million by 2012. The Ricardo/UBS research report "Is Diesel set to boom in the US?" sets out the legislative and consumer drivers of engine technology for the North American automotive market over the coming decade, as well as the many candidate technologies available for future vehicle products. At present, hybrid gasoline technology appears to be the preferred route in the US, not least due to its attraction as a visible badge of green awareness amongst higher income purchasers. Many OEMs plan to launch hybrid products in the next few years, but the report highlights that this technology faces substantial manufacturing cost penalties which are unlikely to be eroded even in mass production. Diesel has a clear cost advantage over hybrid, even when fitted with the type of complex exhaust after-treatment technologies necessary to meet future, more stringent emissions regulations. Diesel already dominates in Europe. The conditions may now be right for a big acceleration in diesel sales in the North American market. Ricardo forecasts that combined diesel and hybrid gasoline will represent 15 per cent of the US light vehicle market by 2012, with sales of diesels outstripping gasoline hybrids by 1.5 million units versus 1.2 million. UBS highlights that European automakers and a number of global suppliers look set to benefit from the diesel trend. NOTES TO EDITORS: Ricardo plc: With technical centres in the UK, USA, Germany and the Czech Republic, and offices in Shanghai and Tokyo, Ricardo is a leading independent technology provider and strategic consultant to the world's automotive industries. The company's engineering expertise ranges from vehicle systems integration, controls, electronics and software development, to the latest driveline and transmission systems and gasoline, diesel, hybrid and fuel cell powertrain technologies. Its customers include the world's major vehicle, engine and transmission manufacturers, tier 1 suppliers and leading motorsport teams. Ricardo is committed to excellence and industry leadership in people, technology and knowledge; approximately 70 per cent of its employees are highly qualified multi-disciplined professional engineers and technicians. A public company, Ricardo plc posted sales of £173 million in financial year 2006 and is a constituent of the FTSE techMark 100 index - a group of innovative technology companies listed on the London Stock Exchange. UBS is one of the world's leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses. UBS is the leading global wealth manager, a top tier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking. UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 39% of its employees working in the Americas, 34% in Switzerland, 17% in the rest of Europe and 10% in Asia Pacific. UBS's financial businesses employ roughly 80,000 people around the world. Its shares are listed on the SWX Swiss Stock Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE). "Is the Diesel set to boom in the US?" is published by UBS in association with Ricardo plc. Copies of the report may be obtained from the media contacts listed below or downloaded from the Ricardo and UBS web sites. A conference call with the report's authors will take place on Friday 25 May 2007 at 14.30 (London) and is open to the media and investors. To join this conference call please use one of the following numbers: Austria: +43 (0)268 2205 6293 Remote Replay will be available for 7 days from 25 May 2007 on +44 (0)20 7031 4064 (Access Code: 752102). In addition a presentation of the report by Ricardo and UBS will be held on 19 June 2007 at the UBS London presentation centre, 1 Finsbury Avenue, London, EC2M 2PP, UK.
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