Survivors of the automotive slump: Tesla and who else?
At first glance the car industry currently appears to offer few attractions for investors. Demand is falling and big names are flailing. However, on closer inspection some companies are well placed to succeed as the world increasingly moves to electric vehicles.
The UK’s current strugglesThe UK market paints a bleak picture having been hit by a double whammy: Brexit saw automotive investment fall by £257m in 2019. Now in 2020 coronavirus has had a dramatic impact, leading to the lowest production rates since World War Two. More than 6,000 jobs in the sector were cut in June, and in the same month manufacturing was down 63% and exports down 45%.Overseas looks no better Japan’s second largest car manufacturer (after Toyota) Nissan (TYO: 7201) has also been hit badly by the pandemic. Its global sales slumped 48% in the April-June period and it…