SEPTEMBER 23, 2003
A warning for the specialist automotive engineering industry
Ricardo is a big player in the world of automotive engineering consultancy but the company is bracing itself for another bad year as the current trends in the automobile industry continue and increasing competition adds to the problems. The company announced a profit similar to that of 2002 but chief executive Rodney Westhead says that the industry is in a worse state than it has been for 10 years. The predictions sent the company's share price tumbling, despite the fact that Ricardo, the training ground for a number of Formula 1 engineers, is developing new environmentally-friendly engines.
While Ricardo is not directly related to the sport (at least not publicly) it is significant that it expresses such views.
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