Top 10 carmakers sitting on $221 billion in cash

GENEVA (AP) — A new study shows that the top 10 global
automakers amassed more than $221 billion (161 billion euros) in cash by
the end of 2013 to invest in new products, strategic alliances and
other growth strategies.
Global consultancy EY said Wednesday that
effectively managing that cash was a key concern among 100 top industry
executives it had surveyed.
EY analyst Anil Valsan said companies
are stockpiling cash so they don’t have to count on banks, which have
been reluctant to offer loans. The cash pile has grown steadily despite
the crisis and partly in reaction to it, the survey found. EY didn’t
have comparative figures from previous years.
Besides new car
development, automakers are looking for strategic partners to enter new
markets in northern Africa, the Middle East and southeast Asia.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
GENEVA (AP) — A new study shows that the top 10 global
automakers amassed more than $221 billion (161 billion euros) in cash by
the end of 2013 to invest in new products, strategic alliances and
other growth strategies.
Global consultancy EY said Wednesday that
effectively managing that cash was a key concern among 100 top industry
executives it had surveyed.
EY analyst Anil Valsan said companies
are stockpiling cash so they don’t have to count on banks, which have
been reluctant to offer loans. The cash pile has grown steadily despite
the crisis and partly in reaction to it, the survey found. EY didn’t
have comparative figures from previous years.
Besides new car
development, automakers are looking for strategic partners to enter new
markets in northern Africa, the Middle East and southeast Asia.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.