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A gloomy outlook for the future of the motor industry has been predicted by 200 senior executives from the sector in a survey by KPMG.
They are expecting more companies to go out of business in the coming years as revenues and profits continue to fall.
Most of those polled highlighted the risk of company insolvencies or bankruptcies, with almost nine out of 10 predicting an increased number of business failures.
Mike Steventon, automotive partner at KPMG, said: “The current economic climate is having an unprecedented impact on the automotive industry. The combination of evaporating consumer confidence combined with significant restrictions on available finance, uncertainties over residual values and inherited overcapacity have created the automotive industry’s perfect storm.
“Although there are turbulent times ahead and the level of restructuring globally will be unprecedented, I believe we will look back on 2009 as the year the automotive industry addressed its legacy issues of overcapacity, productivity and inherent duplication."
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