Filings buzz in the automotive industry: 81% increase in cloud computing mentions in Q1 of 2022
Mentions of cloud computing within the filings of companies in the automotive industry rose 81% between the final quarter of 2021 and the first quarter of 2022.
In total, the frequency of sentences related to cloud computing between April 2021 and March 2022 was 75% higher than in 2016 when GlobalData, from whom our data for this article is taken, first began to track the key issues referred to in company filings.
When companies in the automotive industry publish annual and quarterly reports, ESG reports and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. Cloud computing is one of these topics – companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.
To assess whether cloud computing is featuring more in the summaries and strategies of companies in the automotive industry, two measures were calculated. Firstly, we looked at the percentage of companies which have mentioned cloud computing at least once in filings during the past twelve months – this was 45% compared to 29% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to cloud computing.
Of the 10 biggest employers in the automotive industry, Lear was the company which referred to cloud computing the most between April 2021 and March 2022. GlobalData identified 12 cloud-related sentences in the United States-based company’s filings – 0.2% of all sentences. Denso mentioned cloud computing the second most – the issue was referred to in 0.13% of sentences in the company’s filings. Other top employers with high cloud mentions included Mercedes-Benz, Toyota and Magna.
Across all companies in the automotive industry the filing published in the first quarter of 2022 which exhibited the greatest focus on cloud computing came from Inchcape. Of the document’s 3,092 sentences, 15 (0.5%) referred to cloud computing.
This analysis provides an approximate indication of which companies are focusing on cloud computing and how important the issue is considered within the automotive industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning cloud computing more regularly is not necessarily proof that they are utilising new techniques or prioritising the issue, nor does it indicate whether the company’s ventures into cloud computing have been successes or failures.
In the last quarter, companies in the automotive industry based in Western Europe were most likely to mention cloud computing with 0.07% of sentences in company filings referring to the issue. In contrast, companies with their headquarters in Asia mentioned cloud computing in just 0.02% of sentences.