In excess of 87% of respondents to Ernst & Young’s survey (Automotive Confidence Barometer) believed the global economy is stable or improving and expect to maintain or increase their workforce over the next 12 months.
In the same period 23% expect to refinance loans or debt obligations, 22% to make an acquisition and 25% to make divestments.
Half of the respondents said growth was their company’s primary focus.
The current environment in which the major OEMs in the UK (such as Nissan, Jaguar Land Rover and General Motors) are investing heavily in their production facilities, R&D activities and supply chain provides a unique opportunity for the UK’s supply chain to expand to meet these significant opportunities for growth. The OEMs want to source more locally and can identify additional commodities that could now be produced in the UK, following the contraction after the 2008/9 crash. It has been estimated that up to 80% of the £7.4 billion automotive supply chain purchases in the UK could be sourced locally.