For past 35 years, I have been part of automobile industry, witnessed its unprecedented growth and impacts on the nation’s economy. These changes that take place because of automobile industry are significant and difficult to list out the specific effects of its production on economy. Compared to Japanese automobile growth, US capital expenditure on production, meeting government regulations regarding the emissions safety and control, was challenging.
The initial days for this industry was predicted to be contributing to large sector of economical up rise on domestic economy, employment and also a great force to drive the development of a country. Having more than 100 years of history, most of the countries like Germany, France have started its mass production realizing the monetary benefits, US got associated itself with this industrial revolution in the twentieth century. The number of cars manufactured, sold was suggested to be a reliable factor for the economic health in those situations. However, all is not well with automobile industry at during its inception days, there was a fall. Most of the countries were losing their money and poor performance which reflected on the market capitalization.
Reinvented and reinvested
The American economist and the industrialists believed that new roads should be laid that result in recovery from recession. The years 2008-2009, was the period where unemployment rate hit the nation. However by end of 2009 the economic picture has continued to improve adding more employment. The production loses in automobile industry continued; the other sectors slowly gained its momentum in improving the country’s economic grid. Aiming on US, The big automobile producer who became a tough competitor in the world market challenging Japan had been losing the market since three decades, yet never gave up. Early 2012 have drifted the American market with brisk recovery from the market crisis, becoming major car business country.
Through more affordable mass production techniques, the car manufactures have become popular and inexpensive. The automobile industry has geared up in manufacturing new cars resulting in boost of profits. The maintenance and repair has also become a major industry. Millions of American families became dependent on auto industry for their financial growth. From largest companies in the world to small owned business, America has become a back bone to this automobile industry. Having a part of this industry for a long time, the country growth after its downfalls still rising above the unexpected bar of success, America economy is very forward in creating its image in automobile industry.
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