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2024 is the year to invest in a long-term EV strategy

January 31, 2024 / 4 min read

In Automotive News, Mark Barrott discusses why suppliers and others must anticipate mounting EV traction despite economic uncertainties and an election year.

In 2024, we should think about the automotive industry in much the same way we think about personal investments. Our portfolios may swing up and down daily — even hourly. However, our ultimate success depends on the ability to weather short-term variability while keeping an eye on long-term trends and financial goals.

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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