"Exploring the Potential of Cummins Diesel Industry"
Good morning, everyone, my name is Michael Rickman, and I am here today to present my findings on the Cummins Diesel Industry. The diesel industry is facing challenges with complying with stricter emission regulations and decreasing demand for diesel fuel. Diversifying the industry can help address these challenges by adapting new technologies such as electric and hybrid vehicles and reducing dependence on one market, product or technology. The presentation will include both quantitative data, such as sales and production data, as well as qualitative data, such as consumer surveys and interviews.
Current State of the US Automotive Industry
Rise in digital sales
Key players- Toyota, GM, Ford, VW, Nissan
Challenge- emission compliance, less vehicle sales
The goal is to provide an overview of the current state of the US automotive industry, including its growth, major players, and the current challenges it faces.
Increase in Diesel prices
This slide shows the rising cost in diesel fuel, as prices go up sales go down. Consumers do not want to pay the high fuel prices which in turn they trade in their current diesel vehicle.
Trends in US Diesel Engine Sales
The purpose of this slide is to show the decline in diesel sales in the US over time. This trend highlights the need for the diesel industry to diversify and adapt to changing market conditions and regulations.
Consumer Reviews in the Diesel Market
Diesel engines are Reliable
To much technology to fail
Diesel price are to high
The purpose of this slide is to highlight the importance of understanding consumer opinions and preferences in the diesel industry.
Fuel economy and diesel fuel prices
The purpose of this slide is to demonstrate the changes in fuel prices over time, the impact of fuel prices on diesel sales, and the trends in fuel economy in diesel vehicles.
Maintenance Cost Comparison
The purpose of this slide to show the differences with the cost of Maintenace between diesel and electric vehicles.
Electric Vehicle Market Trends
The purpose of this slide to demonstrate the popularity in EV and current market trends such as growth in sales, the increasing number of models available, the decrease in cost, the increasing range of vehicles, government incentives, and consumer demand for environmentally friendly vehicles.
Electric vs Diesel sales
This graph compares the sales of electric vehicles (EVs) to diesel vehicles over the past few years. It shows a clear trend of increasing EV sales and declining diesel sales.
Rising Demand for Electric Vehicles
The purpose of this slide is to show a comparison of EV sales and traditional fuel vehicle sales over time. It highlights the increasing trend in EV sales and the corresponding decline in traditional fuel vehicle sales.
Longevity of Electric Vehicles
the purpose of this slide is to compare the durability and expected lifespan of electric vehicles versus traditional gasoline vehicles and the cost benefit of buying electric.
Key Findings and Implications for Diversification
Here are some key points,
1. Increasing demand for electric vehicles: The data shows a high demand for environmentally friendly vehicles.
2. Decline in diesel sales: The data shows a decline in diesel sales, indicating that consumers are less interested in diesel-powered vehicles.
3. Expected growth: The data shows that the electric vehicle market is expected to continue to grow in the coming years.
The important points covered in these visuals communicate trends, changes over time, comparisons, and correlations. The visuals also compare fuel economy and Maintenace cost over time.These visual also address the problem the diesel market is having, currently the diesel market is having to keep up with new emission laws and equipment to keep their vehicles on the road. The new industry shows substantial Comsumer popularity it also shows sales trends over time, consumer demands, expected growth, and market competition. Electric vehicle don't have to worry about all the restrictions diesels do. Maintaining electric vehicles will be more cost effective over the years when compared to diesel. Diversifying would be a great opportunity to help solve the problems addressed in the diesel industry. The data shows trends and growth in the new industry, as well as consumer demand and potential for longevity. This information supports the argument for diversification as it indicates that there is potential for growth and success in EV.
Decision Making Model
This model is best suited for situations where there is a clear problem, clear criteria for evaluating solutions, and a well-defined set of alternatives. This type of decision-making model will outfit our current issue in the automotive industry.
Based on the information available, the company should adopt the Rational Decision Model when implementing its diversification plan. This model emphasizes a systematic and thorough analysis of options, which is important in making informed decisions regarding significant changes such as diversification. By weighing the pros and cons of different options and thoroughly considering potential risks and benefits, the company can increase the chances of making a successful and profitable diversification.
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