NEW YORK | BANGALORE, India – Feb. 01, 2023: The North American auto industry is undergoing a paradigm shift. The electric vehicle (EV) transition is ongoing, but far from complete. Software-defined vehicles are challenging original equipment manufacturers (OEMs) to think like tech companies, and customers expect both a smart digital-first retail experience and an instantly updatable vehicle that feels like a new car every day.
Seeking to understand automotive executives’ readiness for this shift, Wipro (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, surveyed 100+ North American automotive CXOs to measure the industry’s plans and predictions for EVs and internal combustion engine (ICE) vehicles.
The survey found that:
“The automotive industry and vehicles of the future are undergoing an unprecedented transformation. The industry is adopting to new ways of innovation and new business model creation, that is helping automakers steer towards development of software-defined vehicles for digital native customers . Between now and the end of this decade, we expect the automotive industry to converge into a technology-led ecosystem built on sustainable business models, enabled by cross-sector coopetition, and designed to deliver intelligent and customer-centric mobility solutions,” said Ashish Saxena, Senior Vice President & Sector Head, Manufacturing and Hi-Tech, Wipro Limited.
Changes that may lie ahead
About 45% of respondents predict that tech giants will take the lead in future auto retail. For traditional auto companies to succeed in this new environment, balancing ecosystem collaboration and competition between manufacturer, supplier, and technology companies will be imperative.
While EV stakeholders agree on the need for collaboration, they differ in their approaches, citing joint ventures, mergers and acquisitions, and joint R&D as their key strategies. Further, 53% cite regulatory issues as a prime challenge when it comes to developing future vehicles.
“Our study found multiple coopetition-driven opportunities in the EV ecosystem,” said Jaydip Mukhopadhyay, Vice President, Automotive North America, Wipro Limited. “Whether it’s gigafactories of the future, cloud-enabled battery management systems, vehicle-to-grid integrations, or wireless charging and commercial EV fleet solutions, a collaborative approach by OEMs and technology partners will ultimately deliver the greatest value to all parties.”
To learn more, please find the full report here.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 250,000 employees and business partners across 66 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.
Media Contact:
Sanuber Grohe
Wipro Limited
sanuber.grohe@wipro.com
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