There will be opportunities for those adept at navigating this challenging and fast-moving terrain. Speaking at the Autotech Event 2023, Louise Nehler, Head of Strategy at MEKO, shared the company’s visions for the future and touched upon prevailing industry trends.
The automotive industry is undergoing a rapid transformation. As of August, EVs accounted for more than 20 per cent of new car sales in the European Union, marking a two-fold surge in sales in the last twelve months, according to the European Automobile Manufacturers Association.
This global trend is particularly noticeable in the Nordics. In countries like Sweden and Norway, traditionally staunch admirers of strong and established regional brands, a completely electric model has emerged as the top-selling car in 2023.
Such shifts inevitably alter the industry's overarching dynamics, introducing both challenges and opportunities for companies like MEKO.
In October, Redeye hosted the Autotech Event 2023 in Gothenburg, Sweden, assembling investors and industry leaders to deliberate on the ongoing digital transformation of the automotive sector. Louise Nehler participated in these discussions, alongside representatives from Polestar, SmartEye, Acconeer, Zenseact, and Gapwaves.
After a brief introduction by the event organisers, Louise introduced the audience to MEKO's firm commitment to the circular economy and its steadfast belief in the constant demand for mobility, followed by her analysis of market trends.
As I see it, there are a number of notable industry trends. Electrification is one. Sustainability is another. With these come a host of interesting opportunities, said Louise Nehler.
“Regarding electrification, our strategy from the outset has been to be the market leader. We anticipate that the total aftermarket value will continue to expand but that the profit pools will shift. This explains our increased initiatives in sectors that will be favourably impacted by this change and our vigorous M&A strategy to establish geographical diversity," she added.
Louise also discussed the MEKO Academy, which to date, has trained over 6,000 technicians in EVs. It was set up to ensure high technological capabilities and meet emerging workshop requirements.
MEKO is growing and taking new steps to streamline and clarify its communication. Starting in 2025, the name MEKO will be used for all support functions within the company, while customer-facing brands will continue to strengthen their positions.
MEKO's major distribution and central warehouse project in Rørup, Denmark, is nearing completion and is expected to be operational in the second quarter of 2025.
MEKO has taken a significant step towards promoting gender equality and increasing the representation of female leaders within the company by launching its new mentorship program, Astrid. This 12-month program, starting in November 2024, is specifically designed for female employees at MEKO and aims to enhance their personal and professional development through mentorship, coaching, and network building.