Share your thoughts? Industry Profile The automotive industry remains one of the most important in the world,

Share your thoughts?

Transcribed Image Text:

Industry Profile The automotive industry remains one of the most important in the world, employing 8 million people directly. It also employs about 40 million others indirectly around the globe, who main work in auto parts firms (Carmo, Neto, & Donadone, 2019). In the U.S., it retains extensive operations. Despite the disruption of operations in this industry during the Covid-19 pandemic, trends indicate that it managed to bounce back and continue with its normal functions. The industry employs more than a million Americans both directly and indirectly, with employees receiving billions of dollars in compensation every year. Hence, the industry has a significant impact on the economy since it creates employment and contributes to money circulation. In terms of production, the U.S. ranks second in the number of units released into the market. Besides creating employment opportunities, the automotive industry is the biggest exporter in the American economy, with Canada being the largest importer. As a result, the industry generates a lot of revenue for the country. The industry is best known for the production of light vehicles. It is important to note that the American automotive industry comprises a range of firms, including Tesla, Volkswagen AG, Daimler AG, Toyota, Honda, Hyundai, Ford, Porsche, General Motors, Nissan, and Subaru. The multiplicity of companies makes the industry competitive and creates the availability of various products for the customers. Industry Profile The automotive industry remains one of the most important in the world, employing 8 million people directly. It also employs about 40 million others indirectly around the globe, who main work in auto parts firms (Carmo, Neto, & Donadone, 2019). In the U.S., it retains extensive operations. Despite the disruption of operations in this industry during the Covid-19 pandemic, trends indicate that it managed to bounce back and continue with its normal functions. The industry employs more than a million Americans both directly and indirectly, with employees receiving billions of dollars in compensation every year. Hence, the industry has a significant impact on the economy since it creates employment and contributes to money circulation. In terms of production, the U.S. ranks second in the number of units released into the market. Besides creating employment opportunities, the automotive industry is the biggest exporter in the American economy, with Canada being the largest importer. As a result, the industry generates a lot of revenue for the country. The industry is best known for the production of light vehicles. It is important to note that the American automotive industry comprises a range of firms, including Tesla, Volkswagen AG, Daimler AG, Toyota, Honda, Hyundai, Ford, Porsche, General Motors, Nissan, and Subaru. The multiplicity of companies makes the industry competitive and creates the availability of various products for the customers.

Answer rating: 100% (QA)

The automotive industry is a significant global economic force employing millions of people directly ... View the full answer