The automotive industry is one of the worst-hit amidst the on-going COVID-19 pandemic. Globally, the crisis has had a major impact on traditional supply chains, largely due to global shutdowns forcing auto and ancillary makers to suspend operations. Moreover, the ad-hoc manner in which these lockdowns are being implemented and lifted across geographies has caused significant disruptions and would require a concerted effort to be normalized.
While China is currently dealing with a severe drop in demand for new vehicles, it is crawling back to normalcy with the lockdown lifted in most parts and economic activity regaining momentum. The Chinese government also plans to offer a notable stimulus for boosting automotive demand and is expected to work in tow with automakers to revive the industry.
Overall, the COVID-19 has dismantled the once complex and sophisticated supply chain, disrupting sales, and giving rise to unexpected challenges.
Download this report to understand what trends and opportunities the post-pandemic world will present to the global automotive space.