The automotive industry faces major overhaul as insolvencies and mergers will
change the face of players in the market over the next few years.
A survey of the global automotive industry by
found that 87% of respondents expect
in the industry to increase or remain the same over the next five years. In
turn the majority of respondents also expect an increase in global alliances,
mergers and acquisitions during the same period.
‘With global overcapacity still a major concern, a reduction in car
production capacity and developing competitive cost structures are the key
priorities for the industry,’ said KPMG head of automotive Mike Steventon.
‘It is also indicative of the industry’s determination to tackle the
fundamental problems which have resulted in the industry collectively, and the
US manufacturers and suppliers in particular, not generating an adequate
financial return. This is likely to be a painful journey in the short term but
absolutely necessary to build a long term, sustainable industry.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children