ANN ARBOR – A survey conducted in August by Dykema, MICHAuto and the Right Place (Grand Rapids) shows virtually all auto respondents expect revenue declines next year, have a negative outlook for 2021 and foresee decreases in supply chain orders.
The survey canvassed automotive executives, professionals and service providers to gauge their perspectives on the U.S. economy and auto industry amid the COVID-19 pandemic.
The survey unveiled several interesting findings on the economy and automotive market outlook for the remainder of 2020 and into 2021.
Those findings include:
- 84% of auto respondents suspended or shutdown operations amid the pandemic, yet only 20% reported suspending or curtailing U.S. operations after reopening.
- Virtually all auto respondents expect revenue declines in the next year, with a majority expecting those declines to exceed 20%.
- 46% of all respondents have a negative outlook of the US economy over the next year, dropping to just 13% over the next 24 months.
- 45% of automotive respondents foresee decreases in supply chain orders over the next six months. They are more optimistic about the rate of orders for 2021 and beyond.
Full survey findings available, here.