Auto Execs Expect Higher Revenue In 2024 But 84% Are Worried About Production Timelines And Waning Consumer Demand For Electric Vehicles, According To Xometry's “Driving Progress: The 2024 Automotive Manufacturing Industry Survey”
14 Diciembre 2023 - 7:06AM
The majority (68%) of automotive manufacturers remain optimistic
and believe they will generate more sales in 2024 than they did
this year, but they are worried about meeting federal mandates
governing the transition to electric vehicle (EV) production,
according to Xometry’s annual “Driving Progress: The 2024
Automotive Manufacturing Industry Survey.”
The survey, fielded by Xometry (NASDAQ: XMTR), the
global AI-powered tech marketplace connecting enterprise buyers
with suppliers of manufacturing services, polled executives at
major automakers and suppliers throughout the United States. Among
the survey’s key findings:
- Supply chains: The poll finds that supply
chains, although vastly improved, continue to present challenges
for automakers. Nearly 80% of auto execs are continuing to reshore
production or source raw materials from domestic suppliers.
Already, 40% said they source more than two-thirds of parts or raw
materials domestically, a figure that will increase as domestic
sourcing increases. The finding is consistent with Xometry’s
quarterly benchmark survey of broader manufacturing CEOs who have
been successfully reshoring some or all of their operations for the
better part of two years now.
- Artificial Intelligence: Auto executives are
also increasingly focused on modernizing their operations through
technology. Nearly half (48%) have yet to embrace AI within their
operations but recognize AI is vital to spurring innovation,
lowering costs, improving driver experiences and safety, increasing
predictive maintenance, and identifying additional domestic
suppliers.
- Electric vehicles: While executives are
optimistic, the survey finds concern building around EVs.
Eighty-four percent of respondents said current production
timelines and waning consumer demand may make it difficult for the
industry to meet the Administration’s 2032 automotive industry
goals. Among auto executives’ chief concerns: battery innovation,
charger compatibility and slowing consumer adoption, according to
the survey.
- Autonomous vehicles: Automakers may be
pivoting from fully autonomous self-driving cars to vehicles that
focus on “conditional driving automation,” allowing for vehicles to
drive autonomously only in limited, specific conditions while
requiring human interaction and intervention in most
operations.
- Talent: As manufacturing embraces more
high-tech methods and productions, manufacturers say they are
finding it difficult to retain and attract highly skilled
employees. Nearly 70% of auto executives reported that their
company will increase wages within the next 12 months.
“Our study of automotive executives reveals
optimism for the future but caution around electric vehicle
timelines and a pause on fully autonomous vehicle production,” said
co-authors Kathy Mayerhofer, Chief Sales Officer, and Wes Norris,
Senior Vice President of Enterprise Sales for Xometry. “Our survey
also finds that auto execs are reshoring many of their operations
to further strengthen their supply chains and are looking to deploy
AI throughout the enterprise to create better and safer driver
experiences and assist with predictive maintenance. As products
become more sophisticated, the processes to manufacture tomorrow’s
goods increasingly require skilled employees, which executives also
say are in short supply.”
Xometry’s “Driving Progress: The 2024 Automotive
Manufacturing Industry Survey” is available here.
Xometry’s two-sided marketplace plays a vital role
in the rapid digital transformation of the manufacturing industry.
Xometry’s proprietary technology shortens development cycles,
drives efficiencies within corporate environments and helps
companies create resilient supply chains. Xometry’s product
portfolio includes: its industry-leading digital marketplace;
popular Thomasnet.com® industrial sourcing platform, and
cloud-based tools, including Xometry Teamspace, centralized project
management software for large, mission-critical projects.
About XometryXometry’s
(NASDAQ:XMTR) AI-powered marketplace, popular Thomasnet industrial
sourcing platform and suite of cloud-based services are rapidly
digitizing the $2.4 trillion manufacturing industry. Xometry
provides manufacturers the critical resources they need to grow
their business and makes it easy for buyers to create locally
resilient supply chains. The Xometry Instant Quoting Engine®
leverages millions of pieces of data to analyze complex parts in
real-time, matches buyers with the right suppliers globally, and
provides accurate pricing and lead times. Learn more at
www.xometry.com or follow @xometry.
Media Contacts:IllumePR for
Xometryxometry@illumepr.com
Matthew HutchisonVP, Global Corporate
CommunicationsMatthew.Hutchison@Xometry.com
Investor Relations Contact:Shawn
MilneVP, Investor Relations240-335-8132Shawn.Milne@Xometry.com
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