Companies in various industries, including car manufacturing, are looking to adopt principles of the circular economy. Khaled Soufani, Senior Faculty in Management Practice at Cambridge Judge, said: “The automotive industry depends on different raw materials to produce vehicles. Much of the supply of materials goes to car manufacturing. An increase in demand will lead to increases in prices, which can potentially increase the costs to car manufacturers. The circular economy concept emphasises the need for firms in the automotive value chain, and other value chains, to come up with disruptive technology and business models that are based on longevity, renewability, reuse, repair, upgrade, refurbishment, servitisation and capacity sharing.”
Read the full article [automotiveworld.com]
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