Why there is much more to sustainability than building EVs

Although the adoption of electric vehicles (EVs) is gaining popularity and considered as one of the crucial steps toward decarbonization, professionals believe that for transforming to a more sustainable future, automotive companies need to address wider topics. These include minimizing resource extraction and depletion, reducing waste and water usage, and promoting circular business models.

To make a meaningful transformation, automotive companies need to integrate sustainability into their operating model, rather than treating it as a separate project. Making environmental, social and governance (ESG) initiatives a part of day-to-day operations will help simplify sustainability and make significant progress.

In this episode of the Advanced Manufacturing and Mobility Business Minute podcast, Andrea Weinberger, Partner, Strategy and Transactions, Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, describes why the automotive industry should leverage a wider sustainability strategy.

Key takeaways:

• It is important for automotive companies to understand that more sustainability initiatives do not mean less profitability.
• Although electrification of vehicles and decarbonization are important, they are not sufficient to transform into a sustainable future.
  
• Creating a positive social impact in the communities where a company is operating would be a valuable step in the transformation.
  
• Authenticity is one of the crucial factors that distinguishes a credible sustainability strategy.
  

For your convenience, full text transcript of this podcast is also available. Read the transcript.

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