The coming automotive revolution shifts focus onto services

in partnership with

Corporate Value Associates

Logo of Corporate Value Associates

Corporate Value Associates is a Global Strategy Boutique supporting market leaders in creating value through its...

View more
01/11/2023 Article

Services, not the sale of vehicles, will soon deliver the bulk of profits in the automotive industry. Companies working in the auto industry need to change their businesses fast – and that includes financial services. We brought together some of the key players to explore the implications of the impending second automotive revolution, at a recent online conference.

“Our principle is to make our work as profitable for the buyer as for the seller," declared Henry Ford, as he oversaw the birth of the first automotive revolution. 

Ford and other pioneers of the auto industry harnessed advances in technology, design and manufacturing to make motor vehicles they could sell at a healthy profit to legions of increasingly affluent consumers. And the mobility provided by those vehicles richly enhanced the lives of their new owners. 

Automotive manufacturers around the world have stuck to this business model for close to a century. They’ve sold around two billion cars using this playbook. 

Now auto suppliers must find a new way to do business. 

Why? Because a second automotive revolution is on the horizon.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

24/06/2024 News

Revolut launches Pan-European loyalty program: RevPoints

This program allows Revolut customers to earn points on their everyday spending, which can be redeemed for rewards such as...

Digital Reinvention
24/06/2024 News

Commonwealth Bank of Australia launches CommBank Smart Health for Pharmacies

Developed in collaboration with Scrypt Ventures, this innovative omni-channel solution aims to enhance how patients pay for their medications and...

Digital Reinvention
22/06/2024 News

OCBC Securities launches Singapore’s first AI stock-picker to triple young investors

A.I. Oscar predicts stock price movements and generates personalized stock ideas. Following a successful pilot from October 2023 to April...

SME Banking
20/06/2024 News

Societe Generale to sell subsidiary Shine to Ageras

This strategic move is part of Societe Generale's effort to streamline its operations and concentrate on its core retail banking...

20/06/2024 News

Superbank expands banking access to millions of Grab users and partners in Indonesia

This partnership allows millions of Grab users and partners to open accounts, save money, and use these accounts for payments...

19/06/2024 Study

The Qorus Innovation in Insurance Awards trends 2024

Whether harnessing the latest technological advancements like generative AI or the metaverse, or addressing customer or employee needs directly, the...

19/06/2024 News

HSBC unveils new wealth centre to enhance client experience

This centre is the first of three that HSBC plans to establish in Singapore by Q1 2025, as part of...

18/06/2024 News

RBC launches Global Credit Connect with Nova Credit to assist newcomers to Canada

This initiative helps eligible RBC newcomer clients leverage their international credit history in Canada.