Auto Suppliers: It's Smart to Consider New Markets
Suppliers to the automotive industry are at a crossroads, with lucrative volumes on one hand and significant order uncertainty on the other.
Disruptions caused by tariff complexities, weak consumer adoption of electric vehicles (EVs) and ongoing supply chain volatility are affecting planning efforts.
One potential solution is to diversify the revenue stream beyond the automotive market into industries that use similar technologies and materials.
Opportunities exist to diversify into many industries that use technologies and materials similar to those used in automotive.
Author's summary: Diversify revenue streams to mitigate automotive industry risks.