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Hi, I am looking for someone to write an article on the future of the us car industry Paper must be at least 2250 words. Please, no plagiarized work!
Hi, I am looking for someone to write an article on the future of the us car industry Paper must be at least 2250 words. Please, no plagiarized work! The world economic crisis has hit the car industry with real intensity forcing the major car companies to adopt strategies of short-time working, redundancies, or closures (www.fifthinternational.org).
The automotive sector is one of the largest and most multinational of all industries which is the key indicator of economic growth concerning the GDP of many countries. The car industry is important because of its employee strength, its contribution to countries development, assets and total sales which can be known from the fact that in the year 1999, four of the top ten companies in the world included General Motors, Ford, Toyota, and Chrysler (www.eurofound.europa.eu). Koontz, H, and Weihrich, H. (2006) stated that the car industry may be indicative of how many industries become globalized making it difficult to predict the future. It is further stated that countries such as China and India will be the drivers not only of economic growth in general and the car industry in particular. The Economic Intelligence Unit had predicted that 40% of the car sales will be in Asia by 2020.
Jian Suan (2006) stated that in the early 2000s, China was a dream market for many multinational auto companies with only 24 cars per 1000 residents as compared to 700 cars per 1000 residents in the United States and the worldwide average of 120 cars, the China market was widely regarded as the largest growth opportunity. China reported an increase of 6% in the global auto market from 4% in the year 2001 to 10% in ranked equally with Japan which reported a decrease of 1%. Carlos Gomes (2010) reported that global car sales continued to gain momentum with more than double sales taking place in China, the world’s largest auto market. The auto sales in the United States too reported .an increase in annual sales of 10.8 million units from 10.4 million units in 2009. Even North American recorded a double-digit growth where its automakers performed better lifting the shares of automakers from 41.2% in August 2009 to 45.6% in January 2010.