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WABCO CORPORATE OVERVIEW 2010
© 2010 WABCO Holdings Inc. All rights reserved.
FORWARD LOOKING STATEMENTS
Comments in this document contain certain forward-looking statements, which are based on management’s good faith expectations and beliefs concerning future developments. Actual results may differ materially from these expectations as a result of many factors. These factors include, but are not limited to, the risks and uncertainties described in the “Risk Factors” section and the “Forward Looking Statements” section of WABCO’s Form 10-K, as well as in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Information Concerning Forward Looking Statements” section of WABCO’s Form 10-Q Quarterly Reports. WABCO does not undertake any obligation to update such forward-looking statements. All market and industry data are based on Company estimates.
This presentation contains certain non-GAAP financial measures as that term is defined by the SEC. EBIT and sales excluding the effects of foreign exchange are non-GAAP financial measures. Additionally, gross profit, gross profit margin, operating income, operating
2010 2
measures. Additionally, gross profit, gross profit margin, operating income, operating income margin, EBIT, EBIT margin, net income and net income per diluted share on a "performance basis" are non-GAAP financial measures that exclude separation and streamlining costs, one-time impact from the Indian joint venture transactions, discrete and other one-time tax items, as well as a one-time transitional impact from a new accounting standard (ASC topic 805, formerly known as SFAS No. 141(R)) that WABCO adopted in 2009, as applicable. Lastly, "free cash flow" presents our net cash provided by operating activities less purchases of property, plant, equipment and computer software. These measures should be considered in addition to, not as a substitute for, GAAP measures. Management believes that presenting these non-GAAP measures is useful to shareholders because it enhances their understanding of how management assesses the operating performance of the Company's business. Certain non-GAAP measures may be used, in part, to determine incentive compensation for current employees. Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are available in WABCO’s quarterly results presentations posted on the company’s website.
Sales of $1.5 BILLION in 2009
GLOBAL TECHNOLOGY LEADER in commercial vehicle industry
ABOUT WABCO
Sales of $2.6 BILLION in 2008
2010 3
Over 8,100 EMPLOYEES in 31 countries; 1,250 ENGINEERS
16 MANUFACTURING LOCATIONS in 10 countries
Listed on NYSE with the stock symbolWBC
MARKET FOCUS
Products, systems, servicesand support for vehiclemanufacturers andaftermarket customers
TRUCK
CIMC
GREAT DANETRAILERS
KÖGEL
KRONE
SCHMITZCARGOBULL
AUDI
BMW
DAIMLER
GENERALMOTORS
PSAPEUGEOTCITROEN
SSANGYOUNG
among others
CARAFTERMARKET
2010 4
TRUCK
CNHTC
DAIMLER
HINO Motors
MAN
PACCAR
SCANIA
TATA Motors
VOLVO
among others
CARGOBULL
WABASH
among others
TRAILER
CAR
BUS
EVOBUS
MAN
NISSAN
YUTONG
among others
AFTERMARKET
Supportingfleet and truckowners overvehiclelifetime
Distributors
Workshops
Fleets
MANUFACTURING LOCATIONS
(2)
2010 5
TECHNOLOGY AND INNOVATIONLEADER
PneumaticTransmissionAutomationSystem
ElectronicallyControlled AirSuspension(ECAS)
TractionControlSystem Electronic
StabilityControl
AdaptiveCruise Control
ECASfor automotive
Trailer Electronic Braking System
New GenerationAir Disc Brake
Air SystemProtector
HydraulicTransmissionAutomationSystem
OnGuard™CollisionMitigationSystem
RSSplus™Roll Stability Support
Trailer System
ESCsmart™
Trailer OptiTurn™
Trailer OptiLoad™
C-comp clutchcompressor
2010 6
1981 1986 1996 1998 2000 2001 2003 2004 2006 2007 2008 2009
Two StageCompressor
Trailer EBS - E
IntegratedVehicle TireMonitoring
Roll StabilitySupport fortrailers
Anti-LockBrakingSystem
>Trailer Telematics
TransmissionAutomation System
OnGuardMaxTM
Autonomous Emergency Braking
System
High OutputCompressor
ElectronicBrakingSystem
COMMERCIAL VEHICLE AIR CYCLE
Generates and
pressurizes the air to be
used in the braking
system and other
air-based applications
Dries, cleans, stores
and distributes the
compressed air to enable
proper system operation
under all conditions
AIRMANAGEMENT
AIRCOMPRESSION
AIRAPPLICATION
2010 7
MECHANICALService brakes, Parking brakes
Actuators
Foundation brakes
ELECTRONIC/ELECTRO-MECHANICALAnti-lock Braking Systems
Electronic Braking Systems
Transmission Automation
Electronic Suspension Control
MANAGEMENTCOMPRESSION APPLICATION
PRODUCT PORTFOLIO
Air Compressors 13%
Air Processing 11%
Conventional Brake Controls 13%
Anti-Lock Braking Systems 11%
Car Products 4%
Transmission Automation,Clutch Control 11%
2010 8
Others 6%
% 2009 Sales
Actuators 10%
Foundation Brakes 6%
Suspension Control 6%
Electronic Braking and StabilityControl Systems 9%
CUSTOMER VALUES
§WABCO is working on global TECHNOLOGY trends relevant to our customers
§ We have a clear path to enhance VEHICLE EFFICIENCYand ENVIRONMENTAL SUSTAINABILITY by 20%
§ Our vision is to improve ADVANCED SAFETY and DRIVER EFFECTIVENESS, and reduce the number of
2010 9
DRIVER EFFECTIVENESS, and reduce the number of commercial vehicle accidents by 50% by 2020
§We are involved in developing PRODUCTS and
FUNCTIONALITIES to better meet these needs
AFTERMARKET CAPABILITIES
Servicecenters
WABCOUniversity
Globaldistributornetwork
Sales,promotionand
marketing
SUPPORTING FLEET
Diagnosticssolutions
2010 10
Services,customersupport
Extensiverange of
products andsystems
Universalcustomerhotline
Regionalcustomerteams
Customerpartnerprogram
network SUPPORTING FLEETAND TRUCK OWNERS
OVER VEHICLELIFETIME
CUSTOMER DYNAMICS
TRUCK AND BUS MANUFACTURERSLARGE VOLUMES, LONG CYCLES 30+ Customers
TRAILER MANUFACTURERSSMALL VOLUMES, SHORT CYCLES 2,000+ Customers
§ Few, large, consolidating, globalizing§ Use technology to meet regulation, comfort,
safety and economics§ Need for global suppliers and development
partners with system expertise
§ Very many, small, local or regional§ Closely follow truck and bus technology§ Dependent on suppliers for product and
technical support, services and knowledge
2010 11
AFTERMARKETSMALL VOLUMES, SHORT CYCLES 3,000+ Customers
CAR MANUFACTURERSVERY LARGE VOLUMES, LONG CYCLES ~10 Customers
§ Small, many, local/regional; dependent on suppliers for product, services and knowledge
§ Multiple step distribution: distributors, repair shops, and fleet operators
§ 2 channels: independent aftermarket and original equipment supply
§ Few, large, global, sophisticated§ Many competitive suppliers for most
technologies§ Very high expectations for quality, program
management and supplier support
GLOBAL TRUCK & BUS PRODUCTION(over 6 tonnes Gross Vehicle Weight)
IndiaIndia
100% = 2,749K100% = 2,749K 100% = 2,734K100% = 2,734K
100% = 2,089K100% = 2,089KChinaChina
Japan/KoreaJapan/Korea
10%10%
31%31%
10%10%
9%9%
32%32%
10%10%
10%10%
2010 12
'07 '08 '09
Japan/KoreaJapan/Korea
S. AmericaS. America
N. AmericaN. America
EuropeEurope
10%10%
7%7%
14%14%
28%28%
10%10%
8%8%
12%12%
29%29%
49%49%
9%9%7%7%10%10%
15%15%
GLOBALIZATION
§ All regions managed by local teams
§ No expats in key leadership positions
§ 9 Nationalities from 4 continents in
Local MarketConnectivity
§ 4 factories in China
- Benchmark Lean
processes
- 2 new factories
opened in 2010
§
LocalManufacturing
Local SupplyChain
§ Local strategic sourcing teams
connected to global
commodities
§ Strong supply base covering core
ProductDevelopment
§ 2nd Product Development
pillar in India to
address emerging
countries
specificity and
conventional
2010 13
continents in
leadership team
§ Took over JV in India
§ #1 Position in all Asia countries, especially
in China and India
§ #1 Position at Kamaz
§ 3 factories in India
- Multiple Award
Winning
§ 1 Factory in Brazil
- Lean
transformation under
way
covering core
commodities
§ Local supplier management
§ Leveraging BCC capabilities for
global
manufacturing sites
conventional
product design
(150 engineers)
§ Software development
center in Chennai
(85 engineers)
§ Test & design center in Poland
to support
Hanover
(100 engineers)
TRUCK & BUS REGIONAL ATTRIBUTES
SOUTH AMERICA <$1,500 $65K
JAPAN & KOREA <$1,000 $80K
NORTH AMERICA <$1,000 $80K
WESTERN EUROPE >$3,000 $130K
Typical heavy truckprice in market
Estimated content per vehicle based on total applicable market$ $K
§ Less advanced technology vs.Western Europe§ Large OEMs: Daimler, Volvo, PACCAR, ITE § Large fleets, able to influence OEM design
§ Less advanced technology – mostly from Brazil§ Main OEMs: Daimler, VW, Volvo, Scania
2010 14
CHINA & INDIA <$300 $30KEASTERN EUROPE <$500 $70K
§ Advanced technology, high electronics penetration§ 6 OEMs: Daimler, Volvo, MAN, Iveco, PACCAR, Scania
§ Few large, pan European fleets
§ Expected to Return to Fast growing production in the Future
§ Improving quality and safety§ Global and local OEMs: KamAZ, MAZ,
§ Technology moving towards Western Europe§ Main OEMs: Hyundai, Hino, Isuzu, ND§ Targeting global market
§ Basic technology; advanced technology penetration under 10% of total market
§ Large OEMs: FAW, DFM, CNHTC in China; TATA Motors & Ashok Leyland in India
COMPETITIVE OVERVIEW
KNORR HALDEX LCC COMPETITORS§ Technical capabilities similar to WABCO
§ No position in transmission automation or cars
§ Strong position in North America following BENDIX acquisition
§ Trailing in emerging markets
§ Challenger position§ Lower electronics capabilities compared to WABCO and KNORR
§ Strong automatic slack adjuster business
§ Entering into special products for diesel engines
WABCO KNORR HALDEX LCC competitors
LCC COMPETITORS
§ Strong low cost / low tech solutions§ Mainly mechanical capabilities § Targeting specific markets with specific product ranges
§ Low price strategy in Aftermarket
2010 15
WABCO KNORR HALDEX LCC competitors(2009 Estimated Commercial Vehicle Sales) ($1.5B ) (~$1.7B ) (~$0.4B) (All Under ~$0.1B)
Anti-lock Braking Systems Electronic Braking SystemsConventional ProductsTransmission AutomationAir CompressorsAir ProcessingActuatorsSuspension ControlFoundation Brakes
Complete Offering Partial Offering Niche Offering
sources: KNORR-BREMSE website, HALDEX website
Car
SALES BY REGION AND CUSTOMERTYPE
2009 SALES BY REGION 2009 SALES BY CUSTOMER TYPE
South America
North America
Europe
Trailer
Aftermarket
Truck & Bus 55%
4%
32%
9%65%
6%
8%
Asia 18%
Other 3%
2010 16
Global
North AmericaEurope
Asia
South America
-10%
-5%
0%
5%
10%
15%
20%
Car4%
Percentage
SALES 5-YEAR CAGR*
*Compound annual growth rate in local currencies from 2004 to 2009
PERFORMANCE FROM GROWTH
ABOVE MARKET SALES GROWTH THROUGH 2014*
CAGR4 - 6%
Cars
AftermarketExpansion
OE TRUCK, BUS AND TRAILERINCREASING VALUE PER VEHICLE§ Air Disc Brakes§ Transmission Automation Controls§ Electronic Stability Control§ Driver Assistance Systems
GLOBALIZATION§ China§ Eastern Europe / Russia
India
2010 17
20142009
OE Truck,Bus andTrailer
§ India
AFTERMARKET EXPANSION § Enhanced Penetration§ 10% Year-of-year§ New Product Ranges§ New Services (e.g. Diagnostics, Training)§ East Europe, North America and Asia
AUTOMOTIVE PENETRATION§ Electronic Air Suspension§ Vacuum Pumps
*Assumes commercial vehicle production flat at 2009 levels
INNOVATION: AIR DISC BRAKES
SALES PROJECTIONSIndexed (2009 Sales = 100)
CAGR47% 688
NG22MAX
2010 18
2009 2012 2014
100
427 § New generation for heavy duty
trucks and buses
§ Patented reinforced single-piston
technology delivers high
performance at lowest weight
§ Increased reliability, longer brake
pad life, extended service intervals
§Mandatory in EU in Nov. 2011
INNOVATION:ELECTRONIC STABILITY CONTROL
SALES PROJECTIONSIndexed (2009 Sales = 100)
473
CAGR 37%
2010 19
§Mandatory in EU in Nov. 2011
§ Includes yaw control to keep vehicle on steered course and avoid jack-knifing
§Roll Stability Support mitigates roll-over situations for coaches, trucks and trailers
§ ESCsmart™: Industry’s first technology that uses computational simulation to certify ESC. Breakthrough homologation system approved in 27-country EU and in 20 other countries
100
292
2009 2012 2014
INNOVATION: TRANSMISSION AUTOMATION SYSTEMS
§ Provides fuel savings, reduced
SALES PROJECTIONSIndexed (2009 Sales = 100)
145
182CAGR 13%
New OptiDriveTM Transmission Automation system
2010 20
§ Provides fuel savings, reduced
clutch wear, improved serviceability,
reduced driver training
§ Developed modular version to meet
requirements of new customers in
emerging markets
§ Standardized components provide
improved cost position and reduced
application engineering
100
145
2009 2012 2014
GLOBALIZATION: CHINA
SALES PROJECTIONSIndexed (2009 Sales = 100)
300CAGR 25%
§ 2005 to 2008 sales grew at 70% CAGR
2010 21
100
190
2009 2011 2014
§ Signed long term agreement with CNHTC
through 2016 including sole supplier of
transmission automation systems
§ Joint venture with Fuwa, world’s largest
maker of trailer axles, to produce air disc
brakes in China
§ Growing weight in WABCO’s global
manufacturing network and an internal
benchmark for Six Sigma Lean
GLOBALIZATION: INDIA
SALES PROJECTIONSIndexed (2009 Sales = 100)
214CAGR 21%
2010 22
100
155
2009 2011 2014
§ Strongly anchored market leader
§ Preferred supplier for all OEMs
§ Nationwide sales and service network
§ Extensive product & software
development capabilities
§ Lean and TPM driven manufacturing
§ High record of industry awards
PERFORMANCE THROUGH EXECUTION
We are globalizing constantly: growing, leveraging and optimizing our network of
capabilities in manufacturing, sourcing and engineering
The WABCO Operating System is our roadmap andone of the most advanced
management environments in our industry
2010 23
sourcing and engineeringour industry
GLOBALIZATIONGLOBALIZATIONWABCO OPERATING WABCO OPERATING
SYSTEMSYSTEM
WABCO OPERATING SYSTEM
Accountability and alignment across the
value chain
Integrated supply chain supported by Lean processes from
suppliers to customers
������
OrganizationalDevelopment
Six Sigma Lean
������
2010 24
Processes based on Design For Six Sigma drivingspeed and reliability
Establish partnerships as competitive differentiator
Hoshin-like management system
in place
Common Development Process
Customer Partnership
Total Employee Involvement
© 2010 WABCO Holdings Inc. All rights reserved.
GLOBALIZATION:MANUFACTURING STRATEGY
§ Supporting Local Markets from Local
Factories
Global Manufacturing StrategyGlobal Manufacturing Strategy Share of Workforce By:Share of Workforce By:High Cost Country Best Cost Country
10%22%
39% 42%
2010 25
Factories
§ Leveraging Manufacturing Capabilities
in China and India to Lower Costs
§ Accelerating Six Sigma Lean
Deployment in all Facilities
90%78%
58%47%
32%
42%53%
68%
61%
2000 2002 2004 2006 2008 2010
GLOBALIZATION:SOURCING STRATEGY
§ Focusing Purchasing Strategy on 3 Main
Regional Clusters - Western Europe,
Central/Eastern Europe and Asia
§ Consolidating Supply Base
Global Sourcing Strategy Share of Sourcing By:High Cost Country Best Cost Country
10%22%
30% 35% 40%43%
2010 26
§ Consolidating Supply Base
§ Driving Quality Improvement and Six Sigma
Lean Implementation at Key Suppliers
§ Leveraging Broad Internal and External
Capabilities in India and China
§ Performing Continuous Supplier Risk
Management Analysis
90%78%
70% 65% 60%57%
43%
2000 2002 2004 2006 2008 2010F
GLOBALIZATION:ENGINEERING STRATEGY
Global Engineering StrategyGlobal Engineering Strategy Engineering Workforce by:Engineering Workforce by:High Cost Country Best Cost Country
WESTERN EUROPE
§ Advanced products and Systems
§ Connectivity to European OEM development
CENTRAL EUROPE
§ Conventional products§ Design Support§ Standards, material and Requalification Test Center
Growth in Resources(Indexed to 2002)
114121 123
130
31%27%17%
2010 27
2002 2004 2006 2008 2010F
ASIA
§ Development of products for region specifics
§ Software development§ Design and calculation support
AMERICAS
§ Connectivity to US and South American OEMs
§ Regional variant development
§ Application development
OEM development§ Technology, Process, Data and Systems
Requalification Test Center 100
96% 86% 83%73% 69%
31%27%17%14%
FINANCIAL PERFORMANCE Q1 2010
Sales $491.1 $491.1 36.2%
Gross Profit 140.2 140.5 63.1%
28.5% 28.6% +474 bps
OPEX & Other (97.1) (96.0) (16.9%)
(19.8%) (19.5%) +327 bps
Operating Income 43.1 44.5 1,250.0%
8.8% 9.1% 801 bps
PerformanceQ1 Q1 vs. 2009
Reported Performance In Local Curr. Performance Drivers
(In $ Millions except per share data)
(2),(3) (1)
• Volume & Mix: $32.9• Productivity:
–Materials: $10.9–Conversion: $4.0–OH Absorption & Other: $9.3
• OPEX & Other: ($12.9):–Reinstate suspended costs: ($7.9)–Labor inflation/India Opex: ($4.5)
• +11% versus Q4 ’09• Order Book at $721M, Up 28% YoY• Price: ($5.7) or (1.2%)
2010 28
8.8% 9.1% 801 bps
Equity Income 1.8 1.8
EBIT $38.7 $42.2
7.9% 8.6%
Taxes 7.6 8.2
Net Income $30.7 $33.6
EPS $0.47 $0.51
–Labor inflation/India Opex: ($4.5)–Bonus Accrual Above Target: ($3.2)–Savings net of new investments: $2.7
Strong Financial Performance Generates 31% Incremental Margin
• Meritor WABCO JV Up $1.6M Versus Last Year
• Versus ’09 Reported of ($0.57) and Performance of ($0.08)
• Streamlining $0.1 vs. ($30.9) in ’09
• Separation ($3.6) vs. ($2.9) in ’09
• ~20% Performance Tax Rate
(1) Adjusted for currency translation, streamlining and separation costs(2) Adjusted for streamlining and separation costs(3) Adjusted for streamlining and separation costs, and discrete and other one-time tax items
© 2010 WABCO Holdings Inc. All rights reserved.
Key InputsKey InputsUpdated 2010 GuidanceUpdated 2010 GuidanceFY 2010 GUIDANCE
Structural Incremental Margin
2010Incremental Margin
SalesSales
Performance Performance Op MarginOp Margin
15% - 20%
5% – 7%
$1,835 - $1,910
23% - 28%
6.5% – 8.5%
Original Revised
(2)
($ Millions, except per share data)
Low End – High End Low End – High End
§ Price erosion level of 1.7% or better
§ Maintaining strong levels of productivity
§ Raw materials pricing expected to degrade margins by ~90 bps starting in Q2
§ Additional investments of ~$3M in new business opportunities
(1 EURO = 1.37 USD)(1 EURO = 1.37 USD)
(1)
(1)
2010 29Raising Full Year 2010 Guidance
Margin
PerformancePerformanceEPSEPS
$1.00 - $1.40 $1.40 - $1.80(3)
Free Cash Free Cash Flow Flow
ConversionConversion(4)
80% - 90% (Excluding Stream. &
Separation)
80% - 90%(Excluding Stream. &
Separation)
in new business opportunities
§ Net interest expense at current rates
§ Performance tax rate of ~20%
§ Streamlining & separation cash payments: ~$50M
§ Impact from EC fine not includedNote: Guidance as announced on May 5, 2010. Inclusion of this information in this presentation is not an update or reaffirmation of those financial assumptions(1) Adjusted for currency translation(2) Adjusted for streamlining and separation costs(3) Adjusted for streamlining and separation costs, and discrete and other one-time tax items(4) Net cash provided by operating activities less net cash used for the purchases of PP&E and computerware as a percentage of net income© 2010 WABCO Holdings Inc. All rights reserved.
WABCO SUMMARY
§ Industry leader, we continue to be well prepared and sufficiently FLEXIBLEto take full advantage of increasing demand for new commercial vehicles in
2010, while maintaining our commitment to long term growth STRATEGY
§ Power to remain THE TECHNOLOGY LEADER adding breakthroughs to portfolio of technologies and products for full connectivity to all markets
§ WABCO Operating System, one of our industry’s most advanced
2010 30
§ WABCO Operating System, one of our industry’s most advanced management environments, delivers continuous OPERATIONAL
improvements
§ We drive PERFORMANCE by connecting with and adapting toCUSTOMERS everywhere in the world and continuing to anticipate and
satisfy their needs
PASSION© 2010 WABCO Holdings Inc. All rights reserved.
TRUCK AND TRAILER PRODUCTS
TRUCKElectronic Control UnitsAdaptive Cruise ControlEBS Proportional Relay ValvePedal Unit with EBS Brake Signal TransmitterABS Modulator ValveAutomatic Temperature ControlElectronically Controlled Air SuspensionShock AbsorberFront Air Disc BrakeSteering Angle SensorTransmission AutomationClutch ControlRetarder ControlAir CompressorRear Air Disc Brake(Electronic-) Air Processing Unit Reservoir
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
1
4
67
10
11
2010 32
ReservoirEBS Trailer Control ValveElectronic Stability Control ModuleEBS Axle Modulator
TRUCK AND TRAILERBrake ChamberTristop® CylinderAir BellowIntegrated Vehicle Tire Monitoring ECUIVTM Wheel ModuleDouble Diaphragm Spring Brake
TRAILERTrailer Central ElectronicSmartBoardTrailer Electronic Braking SystemElectronically Controlled Air SuspensionTrailer Air Disc Brake
17
18
19
20
21
22
2324
25
26
27
2829
3031
EBS: Electronic Braking System
ABS: Anti-Lock Braking System
ECU: Electronic Control Unit
2
3
4
5
8
9
11
12
13
14
15
16 1718
19
20
21
2223
24
25
26
27
28
2930
31
BUS PRODUCTS
EBS Brake Signal TransmitterEBS Proportional Relay ValveABS Solenoid Modular ValveElectronic Stability Control UnitEBS Backup ValveEBS Axle ModulatorAdaptive Cruise Control ModuleHand Brake ValveIVTM DisplayIVTM Wheel ModuleIVTM Electronic Control UnitAutomatic Traction Control Water ValveATC Operating ConsoleATC SubstationElectronic Control Units EBS, CVCECAS Electronic Control Unit ECAS Solenoid valve
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
171
8
9
11
1314
15
16
24
25
2627
2010 33
ECAS Solenoid valveECAS Level SensorAir Disc BrakeBrake ChamberTristop Cylinder(Electronic) Air Processing UnitCompressorMTS SensorMTS Door CylinderMTS Electronic Control UnitMTS Door Valve
17
18
19
20
EBS: Electronic Braking System
ABS: Anti-Lock Braking System
CVC: Central Vehicle Controller
IVTM: Integrated Vehicle Tire Monitoring
ECAS: Electronically Controlled Air Suspension
MTS: Door Control for Bus
21
22
23
24
25
26
27
2345
6
7
10
1217
18
19
20
21
22
23
CAR PRODUCTS
Air BellowElectronic Control Unit for ECAS & ESACVacuum PumpAir Supply UnitHeight SensorAir Reservoir
1
2
3
4
5
1
27
2010 34
Air ReservoirSolenoid Valve Block
6
73
4
56
ECAS: Electronically Controlled Air Suspension
ESAC: Electronic Shock Absorber Control