2024 is the year to invest in a long-term EV strategy
The long-term trend in the automotive industry is the transition to electric vehicles. Doubt may have crept into some minds over the course of 2023 as interest rates rose, EV sales lagged and the UAW walked out. But those events can be likened to short-term fluctuations in an investment portfolio. Even with dealer pushback because of excess EV inventory, an undeniable transition to EVs is occurring. The pace of adoption may be up for debate, but the long-term trend remains.
Whether or not suppliers are hesitant to jump wholeheartedly onto the EV bandwagon now, they must at least have a long-term strategic plan to succeed in the shifting landscape.
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