The automotive manufacturing industry is disrupted by the four megatrends, connected, autonomous, electric and shared driving, causing an unprecedented technology and business model transformation. The COVID -19 pandemic has put additional stress on the industry, making us believe that smart manufacturing would rebound aggressively, even after a downturn this year.
One of the main issues companies are facing now is a lack of liquidity, especially for small medium enterprises (SMEs). There is a need to ensure that the offered measures reach SMEs in the sectors that are vital for recovery of the overall industry at large. As the effects of COVID-19 start to wane and the sector begins to recover, original equipment manufacturers are set to explore various options to attract consumers and offset the drop in sales.
Overall, the automotive manufacturing business landscape has become highly volatile and unpredictable. Innovation in business model is the key component to competitiveness and to an overall new economy of sustainability. Thus, businesses need to prioritise new risks and implication to supply chain components, including services and the entire ecosystem with a comprehensive risk management plan. It should have an in depth business impact analysis under automotive manufacturing business continuity management for sustainable growth.
Grant Thornton Bharat LLP in association with Confederation of Indian Industry is pleased to launch a Thought Leadership on rebooting automotive manufacturing that presents best practices and recommendations to the industry on how to innovate and prosper in future.
We hope you find this publication useful.