Last year's KPMG Global Auto Executive Survey reported on an industry falling into crisis. Sales were collapsing, growth expectations were swinging from positive to negative, investment schedules were being torn up, and for more than one large company, bankruptcy loomed. This year, we report on an industry that has confronted the crisis, and has just begun to emerge into a landscape of greater stability. In many ways the crisis was much worse than the gloomiest predictions. Bankruptcy became a reality for a number of large automakers, as demand fell further and faster than expected, and as the ability of indebted businesses to finance themselves simply evaporated. This is a brief extract of the comprehensive 44 page report. For further information about the KPMG Global Auto Executive Survey, visit www.kpmg.com.au.
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