Top 10 carmakers sitting on $221 billion in cash

Friday, February 28, 2014, Vol. 38, No. 9

GENEVA (AP) — A new study shows that the top 10 global automakers amassed more than $221 billion (161 billion euros) in cash by the end of 2013 to invest in new products, strategic alliances and other growth strategies.

Global consultancy EY said Wednesday that effectively managing that cash was a key concern among 100 top industry executives it had surveyed.

EY analyst Anil Valsan said companies are stockpiling cash so they don't have to count on banks, which have been reluctant to offer loans. The cash pile has grown steadily despite the crisis and partly in reaction to it, the survey found. EY didn't have comparative figures from previous years.

Besides new car development, automakers are looking for strategic partners to enter new markets in northern Africa, the Middle East and southeast Asia.