Even before the COVID-19 pandemic hit, companies in the automotive and vehicle supply chains were facing a world of change.
It will be a while before vehicles drive themselves or run entirely on batteries, but suppliers have had to adapt to new products and materials their customers require.
For the third quarter of 2020, the pandemic was the “biggest threat to the industry,” according to the most recent OESA Automotive Supplier Barometer Index from the Original Equipment Suppliers Association in Michigan.
Respondents’ 12-month outlook improved overall, but suppliers were mixed, with about 36% of respondents becoming more pessimistic over the previous three months, and 47% becoming more optimistic. That was a drastic improvement over the second quarter of the year, however, when the outlook hit its lowest level ever.
Looking back to the first quarter of the year, before the pandemic took hold in the U.S., the index included a