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Investments in Asia Could Exceed Merger & Acquisition in the West Because of Sanctions, Says Expert_我的网站
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[ 新车上市] 6月26日，新款沃尔沃XC60 T8插混版车型正式上市，新车共有三个配置版本，官方指导价为52.39万-60.39万，限时参考尊享价35.49万-43.49万。而在此前，新款XC60燃油版车型也已经发售，售价39.69-47.49万元，此次官方发布了燃油版本的限时参考尊享价，5款配置版本车型，售价区间为25.49万-32.49万元。 Ambuj Sonal, Associate Partner at Link Legal, a firm tracking mergers and acquisitions (M&A) and joint ventures, among others, spoke with Sputnik about cross-border investments in the era of growing uncertainty and the impact this will have on M&A activity in 2022 and beyond.,Sputnik: In the past two years, many restrictions have been imposed on foreign investments globally, mainly for reasons of national security. What effect have such regulatory changes had on cross-border mergers and acquisitions?,Ambuj: The primary reasons for implementing such additional scrutiny were to control the misuse of the uncertain situation and opportunistic investment behavior. Indeed, these restrictions affected cross-border deals globally in early 2020. For example, the European Commission Report on foreign investment flows [released in November 2021] suggested that foreign direct investment (FDI) flow to European countries declined by approximately 71 percent during the time of COVID.,Although these economies had amended regulations to protect their domestic companies from 'corporate raiders', this deterred foreign investors and caused a substantial decline in inbound M&A deals.,Having said that, the global cross-border M&A activity showed huge improvements in the second half of 2020, when most of the countries had started vaccination and adopted other measures to control the pandemic.,Reports show that from the second half of 2020, the volume of global deals increased by approximately 29 percent, and deal values soared by roughly 156 percent, indicating that cross-border M&A deals enjoyed a quicker recovery from COVID.,Sputnik: India has also amended foreign investment rules, explicitly targeting countries with which it shares land borders. How has it affected M&A activity and overall foreign investment flow, primarily from China?,Ambuj: The Indian government, in Press Note 3 (PN3) in April 2020, decreed that all investments from entities (direct or indirect) with which India shares a land border, would have to be made under the 'approval route' and would need security clearance.,PN3 also covered investments where beneficial ownership belonged to China, Taiwan, Hong Kong and Macau. Initially, investors from these nations approached the Indian Government for approval. However, the government was silent about these approvals until the first year of PN3.,According to data disclosed under a recent application filed under the Right to Information Act, the Department of Promotion of Industry and Internal Trade (DPIIT) has revealed that it received 382 FDI proposals from Chinese entities after PN3, of which 80 proposals have been approved.,The DPIIT made the commitment that appropriate due diligence and FDI approvals from Chinese entities would be scrutinized on a case-by-case basis. Before PN3, Chinese firms were actively investing in technology and e-commerce businesses in India, particularly in start-ups.,Up to 2019, India received foreign investments of approximately $3.4Bln from China and Hong Kong. However, post PN3, the total investment from China and Hong Kong has declined to $952Mln or 72 percent.,Having said that, despite COVID-19 and a huge drop in Chinese investments, India has received the highest annual FDI ($83.57Bln) in the 2021-22 financial year, and has emerged as a preferred investment destination.,The steps taken by the Indian government during the past few years have affected the increasing volumes of inbound FDI, which has led to record levels.,Sputnik: The geopolitical scenario has undergone tectonic changes because of tensions between China and the US, and the Russia-Ukraine conflict. Decoupling is a new buzzword that many say is part of de-globalization. How is this affecting mergers and acquisitions globally, especially in India?,Ambuj: 'Decoupling' refers to a situation where another country replaces a particular country in a global and extended supply chain. 'De-globalization' would constitute a step beyond 'decoupling' where activities that are performed offshore are brought back home completely.,Tensions between the US and China have caused a major drop in cross-border M&A deals for these two countries (an almost 95 percent drop from 2016 to 2020) primarily because of geopolitical, trade, and tariff uncertainties.,On the other hand, global M&A deals were badly hit because of the Russia-Ukraine conflict. According to data provided by Reuters, the Russia-Ukraine conflict caused the value of global M&A activities to plunge 29 percent in the first quarter of 2022.,The geopolitical scenario will most probably result in a complex and disrupted global supply chain. The present conflicts such as between US and China, and Russia and Ukraine have given rise to debate about whether we are heading towards 'decoupling', which might slowly lead to 'de-globalization'.,Decoupling and de-globalization will affect the global economy adversely and could result in long-standing inflation.,So far as India is concerned, the geopolitical situation has caused unexpected price rises, disrupted supply chains, and introduced other uncertainties because of blocked inventory. This has affected major sectors such as textiles, plastics, steel, pharma, Compressed Natural Gas (CNG), etc.,Although such geopolitical situations have majorly affected M&A activity in Asia, investments in India might see a rise. Mostly, the manufacturing sector could benefit, considering how easy it is to do business and the cost-effective labor in the Indian market.,Other European countries are already considering shifting their manufacturing facilities from China to India. This is a result of the Indian government's efforts to boost foreign investments, which has made India a preferred investment destination.,Sputnik: Despite unprecedented sanctions by the West, most Asian countries, including India, have carved out a space for themselves in this crisis and are maximizing their geopolitical leverage without limiting economic opportunities. Given this backdrop, do you think Asian countries will outpace their global peers in the M&A sector?,Ambuj: India has strong business relationships with Russia, especially in the defense, oil and gas, and automotive sectors.,Because of the sanctions imposed by the West, Russia has been isolated from global financial systems and trading. Therefore, strong support and implementation of such sanctions may not be viewed as a beneficial step.,So far as opportunities are concerned, India can be seen as an alternative supplier of manufactured exports to the West. However, the preference would be given to countries belonging to the Association of Southeast Asian Nations (ASEAN), ie Taiwan, Korea and Japan. This may result in major investments in Asian countries, which may exceed the western market's M&A activities in deal volume and size.,From a cross-border M&A point of view, India remains a preferred destination with an FDI of approximately $83.57Bln and 2,064 M&A deals in the 2021-22 financial year, which puts it in top spot globally. Mauritius and Singapore remain the top investors for India, and we can see India being comfortably placed as an attractive business nation.,Sputnik: Recently, a large number of western firms have announced their intention to leave the Russian market. Has this created space for Indian firms to buy assets or to invest in Russia?,Ambuj: Yes. Judging from the silence of the Indian government on the subject of sanctions, Indian firms are keen to capitalize on the geopolitical conflict as an opportunity to invest and gain a share of the Russian market. Opportunities are available mainly in industries serving the pharmaceutical, oil and gas, and manufacturing sectors.,Furthermore, since big global companies such as Apple, fast retail and Ikea have shut or kept their operations in Russia on hold, mid-size Indian companies in the retail and fast-moving Consumer Goods (FMCG) sectors are also interested in doing business in India.,Additionally, since supply chains between Russia and -European countries are blocked, Indian suppliers are looking to initiate strong trade relations by offering undisrupted supply to Russia.,Sputnik: Reports claim that Russian businesses and other big players have been looking for ways to invest their money in Asia. What kind of investment opportunities does the Indian market offer them?,Ambuj: Unlike the UK, India does not offer any scheme like a 'Golden Visa' for Russian businessmen who can trade for their residential status in lieu of multi-million investments in the country. However, investment opportunities in India remain plentiful and attractive. As India's Prime Minister said at the World Economic Forum in Davos this year: "This is the best time to invest in India.!,Over the years, the Indo-Russian bilateral relationship has developed into a comprehensive partnership that includes cooperation in several high-technology sectors.,India and Russia have projected that bilateral trade will be worth $30Bln by 2025. This will boost the India-Russia business relationship, and many opportunities await Russian investors in India.,The key areas for Russian investments to focus on in India are telecommunications, automobiles, industrial services, oil and gas, and medical/surgical appliances.,Want to know more? Check out our Koo & Telegram accounts!,Koo: https://www.kooapp.com/profile/sputniknews,Sputnik India: https://t.me/sputniknewsindia。其中，插混版车型配备18.831千瓦时的锂离子电池，CLTC纯电续航里程为90公里，匹配最大功率228千瓦的2.0T发动机和8AT变速箱之后综合续航里程可达1360公里。
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B | 同时，新车还在外观以及中控台样式和车机娱乐系统方面有所升级，顶配车型还带有4C自适应空气悬架底盘。
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新款XC60普通版
新款XC60极夜黑版
D | 与此同时，新款XC60车机UI升级全新样式，信息层次分明，操作逻辑高效。智能语音助手“小沃”，支持主驾全时免唤醒、可见即可说和方言识别等，并融入AI大模型。应用覆盖全面，包括QQ音乐、喜马拉雅、腾讯视频等，并可以OTA升级。
方向盘上的沃尔沃LOGO采用了更简易化的标识，中控台装饰板换为全新漂流木内饰条。
E | 增加了Bowers&Wilkins全新金属扬声器的造型。
F | 无线充电槽位、中央扶手也进行了相应调整。
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奥迪Q5L
奥迪Q5L
奥迪Q5L
当下在售的奥迪Q5L已经处于产品末期，因此优惠力度也会非常大，是抄底的好时机。与沃尔沃XC60 B5动力能够相抗衡的，必须是Q5L的2.0T高功率车型45 TFSI，两款车型的动力和加速都基本相当。奥迪Q5L采用纵置发动机，综合操控体验更好。
H | 沃尔沃基于48V轻混技术，WLTC综合油耗更低。同时，前面提到，沃尔沃升级最新的车机系统，两款产品的体验已经不在一个水平线上，沃尔沃体验更好。
I | 奥迪Q5L更显运动张扬，而沃尔沃XC60更显内敛和低调，两车呈现出完全不同的性格。
凯迪拉克XT5凯迪拉克XT5
凯迪拉克XT5
凯迪拉克XT5
凯迪拉克XT5是三款车型中尺寸最大的，目前官方一口价26.59万元起，尽管也是2.0T涡轮增压发动机+48V轻混，但动力表现上稍微逊色，0-100km/h加速也稍慢，并且WLTC工况综合油耗也相对更高。不过，凯迪拉克XT5重点体现出美系车应有的豪华，AKG的15扬声器音响，主动降噪功能让车里更安静，并且33英寸9K弧形屏也更具科技感。凯迪拉克XT5配备“蜂鸟底盘MAX”版本，有蜂鸟矢量四驱系统，蜂鸟电子实时阻尼可调悬架和Brembo高性能六活塞制动卡钳三大功能。三款车型中，奥迪Q5L驾控更为出色，配置表现一般，但空间有优势，而全新Q5L推出后，将弥补目前车型的很多不足。
J | 沃尔沃XC60是目前唯一提供插混车型的产品，而另外两款产品目前只提供了燃油车型。前面我们提到，沃尔沃XC60的插混兼顾性能与续航，它的动力表现也明显优于燃油车型，是一款非常适合长途旅行的车型。
● 编辑点评：新款沃尔沃XC60推出后，重点对之前用户吐槽最多的问题进行优化，一是大家吐槽较多的车内噪音大的问题，这次通过3项NVH升级优化；二是车机系统拉垮的问题，新车车机、语音控制都进行了全面提升；当然，还有和凯迪拉克一样，XC60这次将有可能带来更直观的一口价。相比于竞品来说，沃尔沃仍然有自己非常明显的优势，比如均衡的机械素质，有插混车型带来更丰富的选择，在安全层面更具优势，综上来看，沃尔沃更适合新生儿的三口之家，对家庭更有责任感的人士。（文/ 罗奥雨）
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