The corona-virus pandemic has had an impact on almost every part of the economy, not least the automotive sector. It has been a turbulent month – to say the least – for most industries the past 60 days. The last 2 months’ have driven many healthy businesses to the brink of extinction but equally also uncovered the many issues some of the larger companies are also facing. Many of these companies where potentially not aware of some of their potential failures. Many may argue, this is natural as “anticipating” or “predicting” a pandemic is not exactly a common skill. However, others may argue, that companies of the size of giants in the automotive industry, should be a lot more prepared considering their years of dominance, pre-existing emergence of new technologies and basic business preparation.
As March and April have just drifted by, it is interesting to note that no cars were sold during this unprecedented period. Whether due to closed factories and shut showrooms, or simply lack of cash flow on the buyers side, the auto-industry has truly..”frozen in its tracks”. the auto industry is hoping for the best while coming out of the worst. Whilst companies like Hyundai, appear determined to face the challenge ahead with confidence the majority of companies in the “game” are truly crumbling and quickly re-evaluating their future goals, abilities and human resources.
The industry losses has already created a domino effect on a number of other industries as well as furloughed employees. This will not unfortunately swiftly change as we slowly come out of the lock-down worldwide. Consumers will not only be aware to visit public showrooms but also hasty in making large “financial” commitments and purchases considering the overall market and employment instability. The companies that engage with their buyers, offer digital opportunities (for either experience or purchase) and adapt will survive. It might now seem bleak, but there will be opportunities, as Covid-19 re-frames how society behaves, making digital-only the new norm for financial services.
This acceleration will trigger a “Big CarBattle between conventional, slow Car makers and new, easily adaptable new companies to “grab the attention” of the new digital customer. As mentioned in our previous article, “Automotive Pains & Challenges” a few weeks ago, Y Mobility have been active and providing their services throughout this period. Whether it is through our CEO’s ATACT initiative or our Multiplicity of solutions, we are able to offer of solutions.
The automotive industry has throughout the decades been slow to adopt changes which has had an adverse effect on growth, research and development. As a result of the pandemic – alongside the airline industry – automotive is on the news “daily”as large automotive giants have started laying off staff and decreasing their workforce for the foreseeable future.
- 80/20 Virtual Testing: This offer is based on one of the potential bottle-necks that all the OEM’s were experimenting during the Covid19 lock-down.
- Automotive Digital Innovation: Our team in the Automotive Ecosystems Solution Team have been working for the last 2 months, to create Digital Innovation solutions for the automotive industry, which allow us to provide digital workshops, online thinking tanks sessions, innovation programs and tools to developing ideas from your place of work (anywhere in the world) and still being in contact with your team and efficient.
- Software & Architecture development Strategy: These solutions are primarily based around cost cutting, process improvement, manufacturing & product development ramp-up and efficiency as well as a total review of marketing & sales strategies due to (and not only) the pandemic.
Y Mobility, with it’s team of consultants, engineers, community and advisors in the industry, have the capacity to provide an amalgamate of unparalleled services to help change the current automotive architecture and drive software development efficiency.
The Corona-virus pandemic will undoubtedly accelerate the readiness and digitization transformation speed of most, if not all companies in the motor industry. This is something that as a company we have advocated for, for years now, and the pandemic has simply sped up this process. In order for companies to stay competitive and to continue to engage with their customers in the future, change is a Must and not a Maybe any longer.
As we all slowly and unavoidably awake to a brand new beginning in the post-CoVid era, where proactive social distancing, remote working and buying behaviours will be a norm, businesses wanting to be successful will be forced to swiftly adopt drastically new ways of operating. We are able to not only identify these pathways but also advise you on the best strategies to adopt to rise above your competitors.
Y Mobility has the experience and expertise to help your company in the surviving and growing in the new post-COVID-19 normal. We define and lead with you the right customer-centric digitalization and business agility strategies for your company to compete and thrive in the digital world.
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