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Automotive COVID-19 Recovery Series: Supplier Strategy Reset

01 October 2020

Suppliers of all types and revenue levels are heeding the alarms. The emergence of COVID-19 has thrown a wrench into even the best supplier strategic plans. It is time to reevaluate revised assumption sets and determine how well supplier organizations are prepared for the downstream impacts. COVID-19 is not your everyday extraneous event. Most in the industry have a clear view of the beginning and possibly the mid-point although few have visibility to when and how the end will alter the landscape. Amid working through the new reality of reduced efficiency, difficulties in labor staffing, slipping product programs and balance sheet issues — suppliers are using new skillsets this time around.

Stepping back, entering a post-COVID-19 phase may seem easy compared with the lack of visibility as the industry entered this period in early 2020. Collectively, the ecosystem of original equipment manufacturers (OEMs), suppliers, dealers, and even consumers adjusted well to an incredibly tumultuous period. As production restarted in the May/June period (mainland China first then European Union and North America), we turn to the road ahead. From a strategic perspective, understanding what has changed and what is constant versus earlier strategy settings is critical. There is no doubt that all players will have to reexamine the situation and adjust. Given the significant shifts in available capital, new forecasts for the vehicle sales trajectory, legislative, and regulatory initiatives, as well as expected market conditions — a thorough review is in order.

The second installment of IHS Markit's new Automotive COVID-19 Recovery Series is now available. In our whitepaper; Supplier Strategy Reset, we reexamine assumption sets, legislation, available capital, the fiscal environment, and the trajectory for industry volumes, and layout the key factors to revise a strategic plan.

This whitepaper is one of three whitepapers produced for our COVID-19 Recovery Series.




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