Beyond the Chip Shortage: Automotive Industry Should Prepare As Scarcity of Minerals Looms for Electric Vehicle Batteries
The automotive industry is currently under regulatory pressure to reduce CO2 emissions per mile, sparking a massive manufacturing transition to electric vehicles (EVs). The EV passenger car market is expected to have robust growth globally in the coming decade. However, just as supply chains are morphing to accommodate this transition, a potential shortage of minerals used in EV batteries is also appearing on the horizon.
To help confront this newest sourcing challenge and avoid a repeat of the impacts from the current chip shortage, UF Innovate | The Hub resident Vertaeon is offering its innovative, cloud-based analytics tools to enable supply chain leaders to develop comprehensive risk assessments and mitigation processes—now. Vertaeon combines its proprietary and highly economical SaaS platform with deep experience in the automotive manufacturing industry to provide the business intelligence companies need to pivot through such tumultuous times.
“The imbalance created by the ongoing chip shortage is an excellent example of a perfect storm caused by the convergence of evolving market trends, overlayed with geopolitical tensions, and post-pandemic demand surges,” said Rekha Menon-Varma, co-founder and managing partner at Vertaeon. “The chip shortage highlights the need for the automotive industry to have better visibility into manufacturing suppliers and partners, to gain a clear understanding of the volatility and shortcomings within its supply chains. While there’s an enormous amount of data available, many organizations haven’t leveraged it toward meaningful contingency planning for the next shortage.”
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