-
Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
-
Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
-
Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
-
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
-
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.

-
IFRS
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
-
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
-
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.

-
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
-
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
-
Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
-
Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
-
Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.

The next decade is likely to be a period of significant change for the automotive industry. Emerging technological innovations, government policy around sustainability and changing business models mean that Original Equipment Manufacturers (OEMs) and suppliers will all need to adapt. Our analysis shows that debt levels among OEMs have been rising over the last four financial years.
Where the automotive industry is heading?
We looked at the company financial and volume data of 24 major global OEMs to try and draw out some of the trends in revenue, profitability and debt across the sector. While total global revenue for financial year 2019 was over £1.68 trillion, we found an uneven picture. Over half of the companies we analysed had seen a decline in revenue in the last two years, while 70% have experienced a drop in operating profit in the same period.
And debts are rising across the sector too. As of the last financial year, total debts across the sector were around £1.07 trillion. The data shows that this has been growing over the last four years. Toyota, Daimler, Honda, BMW, Hyundai, Renault, Tata and Dongfeng are among those that saw a rise in debt from last financial year to the current one. And while Volkswagen, Ford and General Motors all saw a drop in the same period, they had also increased their debts over the preceding three financial years.
So, what could be driving OEMs to take on increasing debt burdens? Here are some potential factors to consider.
Download the brochure below or read on for our automotive insights.
Falling vehicle volumes
Over the last few years, the number of new cars being purchased in many markets has plateaued or fallen. General Motors, Honda, Ford, Mazda and Tata are among those that saw a drop in vehicle volumes in 2019.
But while new vehicle purchases look subdued, average revenue per vehicle has been growing steadily. This is likely due to a move away from smaller cars and sedans towards larger vehicles in the US and some European markets. Other factors are more value adds, such as parking assistance, and a rise in the cost of non-car items such as leasing and insurance.
Increased R&D spending
The data also showed a substantial increase in the amount of R&D spending among OEMs. Over 60% of the companies we looked at are investing more into their R&D efforts, with industry leaders committing just under £9 billion each in 2019. Since 2016, total R&D spend rose from around £51.7 billion to £61.9 billion in 2019.
R&D spending appears to be focused on a number of key areas. Electrification remains a priority for many, with BMW aiming to bring 25 electrified models to market by 2025. Mobility as a Service (MaaS) is another important area, with many OEMs looking to develop applications and architectures to allow customers to access a range of transport options.
Toyota recently announced its shift in focus from being primarily manufacturing-based to becoming a mobility company. Autonomous driving is a long-term focus for many OEMs too, with General Motors planning to roll out its Super Cruise hands-free highway driving feature to all its Cadillac models.
Are these increased levels of R&D spending being funded through a mixture of debt and reduced profitability? OEMs are rushing to position themselves in the right way to take advantage of the opportunities created by new technology and digitally-enabled business models. Those that can lead innovation could have a clear competitive advantage over the next decade.
Talk to one of our Grant Thornton automotive experts today to better understand how to position your business.