Latest Gear Shifts Of The Automotive Realm
Market Expertz | February 12, 2019
The automotive industry is one of the prime pillars of global economics. The automobile world is also continually interweaving itself with software technology by each passing year with novice concepts such as ‘pay as you drive’ and the ‘internet of things.’ Let us have a look at the recent happenings in the automotive terrain.
China is going through a steep decline in its sales of automobiles since last year, and the tax structure of the nation might have a hand in this turn of events. Mercedes’ parent Daimler has also seen its fair share of downfall on the market with almost 30% decline in its numbers last year. The Indian online transport pioneer Ola kick-started this year on a high note as it invited a sizeable investment from the South Korean Mirae-Naver Asia Growth Fund, climbing up the market ladder. The e-taxi company DiDi is spreading its roots across the global automobile sphere rapidly. Until now, it has invested 100 million USD in its US counterpart Lyft, partnered with and spent 10 million USD on Taxify based in Europe and Africa and endowed 30 million USD to the Indian e-taxi company Ola among its other ventures; thereby accounting for more than 90% of the entire Chinese automotive industry.
In Europe and United Kingdom, uncertainty looms over the automotive market due to the impending finalization of Brexit. The United States-Mexico-Canada Agreement (USMCA) promises a significant impact on North American market for starters by enforcing the purchase of 70% of the car parts from the previous requirement of around 62% car parts originating from North America. With new-age technology and artificial intelligence affiliating with the automobile industry, the industry has attracted a massive audience with the technological advancements and a new level of vehicle security that have become a must-have in this age and time. The global automotive industry would surely grow under the hands of such novel and innovative software technology.