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BCG Names Most Innovative Automotive Companies

By Alejandro Enríquez | Wed, 08/18/2021 - 06:00

Tesla, Siemens, Toyota, Bosch, Hyundai and Mitsubishi are the only automotive-related companies in Boston Consulting Group’s Most Innovative Companies of 2021 review. The consulting firm’s innovation-to-impact (i2i) approach measures the readiness gap for innovation across different companies.

The firm highlights five essential factors for innovation. The first a clear reason to innovate and where does innovation lay on the company's goal. Second, are well-defined innovation domains. The third and fourth are performance and project management, respectively, and the fifth is talent and a culture where leaders grant prestige to innovation roles, value openness and thoughtful challenges to the status quo. In fact, according to the report, in 90 percent of the companies that outperform in innovation, C-level executives showed clear ownership of the innovation agenda.

Tesla, Toyota, Hyundai and Mitsubishi are the only automakers present in the ranking, in which automakers from the EU were absent. Bosch is the only Tier 1 company in the list, while Siemens and General Electric are the only two industrial-related companies. "Bosch and Abbot Labs were early movers in developing testing kits and equipment for COVID-19," states BCG.

BGC states that Siemens ranked high for its advancement of data and AI applications. "Siemens Mobility division is connecting critical railway infrastructure and train data in its cloud software solution to allow customers to better manage operations for safety, efficiency and flexibility," states the report.

MBN has talked with the CEOs of Mexico and Latin America of almost all companies present in the ranking. Here we present some highlights that confirm BCG's findings:

Siemens (11th place)

"At our plant in Germany, we are implementing traceability systems based on blockchain, in which every company involved in every link of the chain registers its carbon footprint, allowing us to trace a product’s entire carbon footprint. This innovation will allow us to assess carbon neutrality goals. It will play an important role in implementing more sustainable operations," said Alejandro Preinfalk, CEO Siemens Mexico and Central America. Read his full interview here.

Toyota (21th place)

"At Toyota, we introduced our environmental challenge in 2015 and we have been innovating technologies for over 40 years. The Toyota Global Challenge aims to reduce CO2 emissions by 90 percent by 2050 throughout the vehicle’s entire life cycle, from its manufacturing to its disposal. Our life-assessment cycle measures the entire carbon footprint of the vehicle. By 2025, we will have an electric twin of every one of our models in the world," said Luis Lozano, President of Toyota Motor de México. Read his full interview here.

Bosch (30th place)

"Robert Bosch lives off innovation. We are one of the greatest players in the automotive industry in this regard. We register the most patents in the industry, at one every half an hour. That is our strength. We have been preparing for many years and we continue to do so to face the shift in mobility paradigms to serve the end consumer, private or corporate, with sustainability and safety," said René Schlegel, President, Robert Bosch México. Read his full interview here.

Hyundai(39th place)

"Hyundai has always been characterized by its innovation and mobility-related projects. We recently launched our sub-brand IONIQ that will be 100 percent electric. This is part of our global effort to strengthen our presence in different segments and Mexico plays a really important role. We work constantly to adapt ourselves to the country’s needs and the trends that are emerging," said Claudia Márquez, CEO of Hyundai Motor de México. Read his full interview here.

Mitsubishi (45th place)

"We are expanding our legacy in terms of technological innovation. We listen to our customers. We have product clinics where the customer provides feedback to improve our products and processes. We perform market research and stay on the look-out for other market intelligence tools relevant to our segment," said Jorge Vallejo, Director General, Mitsubishi Motors de México. Read his full interview here.

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Alejandro Enríquez Alejandro Enríquez Journalist and Industry Analyst