Driving a car has always been fraught with risk. The romance of the wheel is that it contains the seeds of both liberation and mortality.
From a business standpoint, car manufacturing is also a pretty risky endeavor. Just ask the folks at Hudson, Studebaker and Packard. Iconic brands that once ruled the road, now likely to be virtually unknown to the majority of today’s younger population.
But in our digitally accelerated world, uncertainty is on the rise.
With the advent of new technology, changing expectations for the motor travel experience and massive shifts in the regulatory and trade environment, the automotive industry is poised to see more ups and downs than a Steve McQueen car chase through the streets of San Francisco.
Both consumers and manufacturers are facing future roads that will be populated by denizens who until a short time ago were relegated to the pages of pulp science fiction. Self-driving cars. Internet devices on wheels. Electric vehicles. Free of steering wheels, pedals … and drivers. These advances will certainly impact both those buying cars and those making them.
It’s not only the technology that is being disrupted. Regulatory issues (such as looming trade wars between countries in the global car manufacturing supply chain and stricter environmental regulations), as well as demographic shifts (such as the ascendancy of ride- sharing services and a further burgeoning of an urban population not as reliant on automobiles to get from here to there), will also play a huge role.
Whether you are a driver, passenger or manufacturer, you will find the pages of Thomson Reuters report, “Uncertainty and Risk in the Global Automotive Industry,” to be a fascinating exploration of the streets of tomorrow. Informed by expert opinions and analysis, this report is a worthy successor to the kinds of top-tier thought leadership that The Answer Company is known for.
Where does the road take us? Are we looking at detours into massive unemployment in the automotive industry? Will there be a resultant on-ramp into work-from-home occupations? And what of the impact when consumers no longer buy cars in huge numbers? Good for the environment? Bad for the economy? And are self-driving, artificially intelligent cars safe? Are there information security risks involved? Can you hack a car? These questions and more are raised in the report, and one thing is for certain – the road ahead is a multilane highway of big challenges and big opportunities.
When it comes to disruption, car manufacturers seeking to avoid the fate of the Edsel need to ask themselves, “Drive or be driven?” This report is designed to help them get a hand on the wheel.
Thomson Reuters automotive solutions are here to guide you through uncertain times in managing risk and reducing cost in the supply chain.