Global car industry set for pick-up, says survey

The global car industry is due for a pickup in 2004, but carmakers will have to wait two years for profits to return to peak levels, according to a new survey.

Of the 100 bosses in the industry questioned by KPMG, 36 said 2003 would prove to have been the worst year for profits in recent times - and 13 said 2004 would be even worse.