Another two years of losses are on the cards for the world’s auto sector, judging by a new survey from KPMG.

The study polled 100 bosses of carmakers around the globe. About 57% of those in North America and Europe do not expect to return to profit until 2005. Just 8% anticipate moving out of the red in 2003, down from 54% in the last survey.

The news comes despite positive end-of-year sales figures in the US [WAMN: 06-Jan-03] and a new report from the UK Society of Motor Manufacturers and Traders showing that Britons bought a record total of over 2.56 million new vehicles last year.

Data sourced from: Times Online (UK); additional content by WARC staff