BrandVoice: Digital Transformation Is The Auto Industry’s Road To Recovery [Forbes]
International Business Machines Corporation (IBM)
Last international business machines corporation earnings: 4/20 04:08 pm
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Source: Forbes
GETTYEven before COVID-19, the automotive industry had its share of challenges. Sales were down in many markets. Huge investments in electrification, autonomous driving and digital were hurting revenue and profitability.The coronavirus pandemic turned those challenges into a crisis. Global vehicle sales have stalled, production facilities have been shuttered and many supply chains have ground to a halt. China saw total vehicle sales decline by 84 percent from January to February. Factory shutdowns in Europe created production losses of more than 1.2 million vehicles through March, affecting 1.1 million jobs. And global supply chains are being hampered by supplier shutdowns, border closings and curtailed operations by logistics service providers.On a more positive note, we are already seeing signs of recovery as the COVID-19 risk is declining in China. Vehicle sales for March in China increased by 22 percent over February. Chinese original equipment manufacturers (OEMs) and suppliers a
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