European tier 1 auto suppliers face transformation challenges in 2024

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European tier 1 auto suppliers face transformation challenges in 2024

_{//automotive-transportation.news-articles.net/co .. iers-face-transformation-challenges-in-2024.html}
^{Published in Automotive and Transportation on Tuesday, December 3rd 2024 at 22:31 GMT by Aaron Neefham}

Leading tier 1 European suppliers have laid off more than 50,000 workers in 2024, more than during the COVID-19 pandemic, mainly attributed to electrification transformation woes and weak demand.

The article from Digitimes discusses the automotive industry's response to the challenges posed by the ongoing global health crisis, focusing on how major players like Bosch and ZF are adapting. It highlights the shift towards electric vehicles (EVs) and the integration of advanced technologies like autonomous driving systems, connectivity, and digital services. Bosch, for instance, is investing heavily in EV components, software, and hydrogen technology, aiming to diversify its portfolio beyond traditional automotive parts. ZF, on the other hand, is focusing on next-generation mobility solutions, including electrification and automated driving technologies. The article also touches on the supply chain disruptions caused by the health crisis, leading to a reevaluation of manufacturing strategies, with an emphasis on localizing production and reducing dependency on single-source suppliers. Additionally, there's a mention of how these companies are navigating through the economic recovery, with insights into market trends, consumer behavior shifts towards sustainability, and the potential for new business models in the automotive sector.

Read the Full Digi Times Article at:
[ https://www.digitimes.com/news/a20241203PD228/2024-automakers-bosch-zf-pandemic.html ]

Publication Contributing Sources

Aaron Neefham

N@N

European tier 1 auto suppliers face transformation challenges in 2024