By David McNew/NBC NewsPosted September 05, 2018 06:23:50With the market in free fall and the auto industry facing a global downturn, some are asking whether auto companies can continue to expand and compete in the post-recession world.
A group of former auto executives, many of whom are now hedge funds, is asking if it is possible for the auto companies to expand beyond the U.S. and other parts of the world to the rest of the globe.
In an interview with CNBC on Wednesday, the group’s chief executive, Robert Iger, said the market is changing and the industry is changing too.
He said the auto business is growing in China, Japan and the U of T in Canada.
He said the industry needs to keep pace with the market and that auto companies need to invest in innovation, and he said he is concerned that the industry may be on the verge of a “disruptive” trend.
Iger said auto companies will need to be able to compete and survive in a world that is changing fast.
The auto industry’s business is “evolving,” he said.
The CEOs of several other companies have also made similar comments.
The companies that have seen the biggest gains in auto revenue, for instance, are also the ones that are currently suffering from the most layoffs and are the ones being targeted for a possible takeover.
The industry has seen a huge surge in revenue since the recession ended, and many companies are reporting record profits.
Auto revenue has risen 11 percent in the first quarter of 2018, according to data from the U:The U.K. company Ford Motor is among the auto sector’s most successful.
In the first nine months of 2018 it reported record earnings, and it has posted more than $1 billion in sales.
The company has said it expects to add 2,500 jobs this year.
The U of S, however, has seen its auto revenue fall 5 percent this year, and the unemployment rate rose to 10.1 percent in August.
In addition, the unemployment in the U., which has been hovering around 7 percent for the past few years, has climbed above 11 percent.
I said it’s going to take some time for the industry to catch up to the market, and that’s what we are looking at,” Iger told CNBC’s “Squawk Box.””
I would be concerned if auto sales were to continue at this pace for the rest.
That’s what I worry about.
“Iger said the decline in auto sales is likely to continue for the foreseeable future, and said the U is likely going to be hit harder than other parts.
I added that the U can recover with more investments, more jobs, and less uncertainty in the economy.”
We’re going to have to do everything we can to help the auto market, but if we don’t do that, the market will be more vulnerable to the next downturn,” Iber said.
Iger is not the only former CEO to make comments about the auto businesses.
In March, the head of the Chrysler Group, Brian France, said in a CNBC interview that the auto markets are changing, and people are going to start thinking about how to protect themselves against the next recession.
France is now an executive with Citigroup.