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Auto Execs Expect Higher Revenue In 2024 But 84% Are Worried About Production Timelines And Waning Consumer Demand For Electric Vehicles, According To Xometry's “Driving Progress: The 2024 Automotive Manufacturing Industry Survey”

NORTH BETHESDA, Md., Dec. 14, 2023 (GLOBE NEWSWIRE) -- The majority (68%) of automotive manufacturers remain optimistic and believe they will generate more sales in 2024 than they did this year, but they are worried about meeting federal mandates governing the transition to electric vehicle (EV) production, according to Xometry’s annual “ Driving Progress: The 2024 Automotive Manufacturing Industry Survey.

The survey, fielded by Xometry (NASDAQ: XMTR), the global AI-powered tech marketplace connecting enterprise buyers with suppliers of manufacturing services, polled executives at major automakers and suppliers throughout the United States. Among the survey’s key findings:

“Our study of automotive executives reveals optimism for the future but caution around electric vehicle timelines and a pause on fully autonomous vehicle production,” said co-authors Kathy Mayerhofer, Chief Sales Officer, and Wes Norris, Senior Vice President of Enterprise Sales for Xometry. “Our survey also finds that auto execs are reshoring many of their operations to further strengthen their supply chains and are looking to deploy AI throughout the enterprise to create better and safer driver experiences and assist with predictive maintenance. As products become more sophisticated, the processes to manufacture tomorrow’s goods increasingly require skilled employees, which executives also say are in short supply.”

Xometry’s “Driving Progress: The 2024 Automotive Manufacturing Industry Survey” is available here.

Xometry’s two-sided marketplace plays a vital role in the rapid digital transformation of the manufacturing industry. Xometry’s proprietary technology shortens development cycles, drives efficiencies within corporate environments and helps companies create resilient supply chains. Xometry’s product portfolio includes: its industry-leading digital marketplace; popular Thomasnet.com® industrial sourcing platform, and cloud-based tools, including Xometry Teamspace, centralized project management software for large, mission-critical projects.

About Xometry
Xometry’s (NASDAQ:XMTR) AI-powered marketplace, popular Thomasnet industrial sourcing platform and suite of cloud-based services are rapidly digitizing the $2.4 trillion manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their business and makes it easy for buyers to create locally resilient supply chains. The Xometry Instant Quoting Engine® leverages millions of pieces of data to analyze complex parts in real-time, matches buyers with the right suppliers globally, and provides accurate pricing and lead times. Learn more at www.xometry.com or follow @xometry.

Media Contacts:
IllumePR for Xometry
xometry@illumepr.com

Matthew Hutchison
VP, Global Corporate Communications
Matthew.Hutchison@Xometry.com

Investor Relations Contact:
Shawn Milne
VP, Investor Relations
240-335-8132
Shawn.Milne@Xometry.com


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