Searching for updates on the automobile industry? You have found the right place! The automobile industry has grown to become one of the biggest industries in the world. The jobs at most other industries depend considerably on the efficiency of the automobile industry as has been discussed in the UKCollectedReviews, and you can find more insights through car companies reviews.
There are a number of key players- global manufacturing companies in the automobile sector. Some of these large automobile companies include:
· Tata Motors
· Mahindra & Mahindra Ltd
· Maruti Suzuki
· Hero Motocorp. Ltd
· Bajaj Auto Limited
· Toyota Motor Corporation
· Chevrolet
· Mitsubishi Motors Corporation
· Honda Motor Co LTD Company
· Ford Motor Company
It is no gain saying that the Pandemic year (2020) rubbed off undesirable effects on diverse business spheres. The automobile industry was not exempted. During the long lock down triggered by Covid-19, it was widely speculated that the automobile industry experienced great loss, especially during periods of total lock down and closure of deals.
Reviews from automobile industry news shows that the automobile industry promises to be recuperating rapidly as possible moves are being made to see the industry get back on normal growth track.
In a recent interview with the Director-General of The Society of Indian Automobile Manufacturers (SIAM)- Rajesh Menon, he was recorded to have asserted: “While the festive season brought back some fervor in specific segments, the overall economic scenario would determine the industry’s performance going forward.”
In a similar vein, Mahindra & Mahindra (M&M) Automotive Division CEO – Veejay Nkra, acknowledged that inasmuch as they were challenges as a result of the Pandemic’s adverse effects and its implications on supply chain primarily, with available finance, strong rural demand and fast-recovering economy, the automobile industry would be back on its feet in no time.
Also, S.S Kim, MD and CEO of HMIL opined, “Looking ahead, the company is cautiously optimistic about the future and could clearly spot some green shoots of recovery in 2021.
In terms of challenges facing the industry, the most pronounced currently are said to be; lack of excellent online sales mechanisms, crippling and punishing pollution directives, remote working, shortage of steel and micro-processors (semiconductors), new concepts of ownership, revival of normal business operations and boosting finance for the industry.
There are also a number of news and updates coming from the sector which a lot of industry practitioners and enthusiasts should know. They include:
· McKinsey & Company has disclosed how charging in buildings can power up the electric vehicle industry.
· UK Automotive looks to green recovery strategy after- 29.4{7e488363c11ee5ef50445c8c4fa770b6e6e4f99e57faea264a05ac52abb3ffe0} fall in new car registrations in 2020.
· FCA brings back Fiat cars.
· It has been reported that Ford’s Ted Cannis will discuss commercial vehicles, electrification and other topics at Morgan Stanley Auto 2.0 Conference which is scheduled to hold on 11th January 2021.
· Axis Bank ties up with Honda Motor India for Auto retailing financing.
· Nissan Group reports fourth quarter 2020 & 2020 Calendar year U.S Sales.
More news and updates can be accessed from industry magazines, publications and social media.
Bottom-Line
With the continuous ravaging effects of the Covid-19 pandemic – business lock down, social distancing, restricted movement and nose-diving economy; dire and deliberate efforts need to be made in order to revamp the automobile industry sector in its entirety. A setback in the automobile industry would directly or indirectly result in a fall in some other sectors. Thus, narrowed attention should be paid to the automobile industry in order to sustain the global economy.
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