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The automotive industry is changing quickly, adapting to the new normal won’t be easy. Automakers face numerous challenges in transforming themselves into electric vehicle companies. Powertrain suppliers are navigating the same transformation and face similar challenges. In the current business environment, battery electric vehicles are gaining market share faster than other electric vehicle types. Electrification has opened the automotive industry to entrants outside of the automotive space that are well funded and move quickly. How can traditional powertrain companies make the transition to electric? It’s all about finding efficiencies that allow a profitable but shrinking ICE business to fund a small but growing EV business. The foundations of Industry 4.0—which includes connectivity, advanced analytics, automation and advanced-manufacturing techniques—as well as labor recruitment and training strategies offer potential solutions. |
