Risk Management of Car Business

Abstract

In the midst of current situation, there is a fast-moving and dynamic towards the Thai automotive industry. Especially in terms of government policies that focus on developing electric vehicle technology, establishing Thailand’s vision as an essential production base for electric vehicles in the region and changing the competitive format in the automotive industry are uncontrollable factors caused by various external factors. For example, the recession on global economic growth and the expansion of COVID-19. The mentioned factors have caused a tremendous impact on the automotive sector and influence business goals and strategies. Therefore, this article presents 2 primary objectives: 1) to review the fundamentals of concepts, theories, and components of risk management in automotive business and 2) to propose a conceptual framework for integrated risk management towards automotive business. The study revealed that risk management is a vital activity in terms of a fluctuate and uncertain business perspective. Thus, the organizations need to draw the missions to survive and carry the business with stability and sustainability. Importantly, acknowledge a deep understanding of how risk management plays an essential role in managing a business in the current situation. In particular, the application of an integrated risk management concept. For this reason, this study helps mitigate the effects of risks arising from internal and external factors, leading to further risk management of the automotive business.