The automotive industry is certainly no stranger to navigating supply-chain risk and unforeseen disruption. Years of trusted partnerships and collaboration along the entire supply chain have led to principles such as just-in-time manufacturing, designed to reduce supply chain cost and improve productivity and response time.
Another joint initiative came in the wake of the COVID-19 outbreak. When production came to a complete standstill, manufacturers and suppliers worked together to define a code of business conduct.
But today’s challenges have put the industry in uncharted waters. The current factors affecting the industry are converging to impact the ecosystem, and consequently, how companies work together to create a supply chain that is more responsive to changing market dynamics and to better support alternatively powered vehicles, and other service-related business.