Lear Corporation, an automotive supplier, is expecting rapid growth for hybrid and electric vehicles.
It has predicted that sales of components and systems for hybrid and electric vehicles will grow to around seven per cent of its electric systems business by 2012 – even though the number was at zero per cent in 2009.
To match its prediction, the company invested in a new power lab at its Global Centre for Excellence in Southfield back in 2008, but that hasn’t stopped president Raymond Scott stating that he is shocked at the speed at which the technology is being embraced, commenting that he has “never seen anything like this.”
The growth is good news for the company and the automotive supply chain in general – a study released by AlixPartners LLP of Southfield earlier this week revealed that the chain has bounced back quickly to profitability following last year’s crisis.
