While the shift toward e-mobility poses major challenges for some traditional automotive manufacturers, it provides a perfect opportunity for companies from outside the sector to enter the industry. In the meantime, it’s no longer just engineering skills and workmanship that are required, but advanced battery technology and innovative digital features.
Technology companies are increasingly looking to enter the market, as they look to take advantage of high profit margins and rising e-car registration numbers.
Tesla’s success has led other technology companies to want to cash in on the industry.
The competition isn’t just coming from Silicon Valley, however; both the South Korean iPhone contract manufacturer Foxconn and the Chinese smartphone manufacturers Xiaomi and Huawei made their car plans public last year.
There’s also competition coming from Japan. Sony, the country’s third-largest electronics company, is also making a move into the automotive industry.
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