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European Automotive Vendors React to the Recession
Tougher Times Ahead for 2009 Impacting Business Strategies
Boston, MA - July 8, 2009 – The Strategy Analytics analysis of leading automotive electronics vendors in its recent report, “European Automotive Vendor Profiles,” shows the first effects of the credit crunch on business activity and strategies in the European auto industry. While financial results have been resilient for most of 2008, difficulties are now manifest in the fall in revenues for Q1 2009.
Allied with the difficulty in obtaining credit, companies have had to slash costs in order to retain cash flow and remain in business. European vendors have also had to divest many businesses that have been deemed non-core or unsustainable in order to generate cash flow.
Investment in research and development remained strong over 2008. However, against a backdrop of global demand for automotive electronic systems expecting to fall by 15 percent to $118 billion for 2009, tough mandates on emissions (e.g. less than 95 g/km CO2 by 2020), fuel economy and safety (e.g. obligatory stability control system fitment by 2014), are adding to severe financial pressure on OEMs and their suppliers. As a result, numerous collaborations have been formed to coordinate R&D activity.
“Focus on emerging markets is clearly part of the survival strategy of European automotive electronics vendors,” according to the report author, Kevin Mak, Industry Analyst of the Strategy Analytics Automotive Electronics Service. “Significant business growth will be required to enable vendors to offset the losses incurred in the mature markets.”
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