The auto industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles.
Why is the automobile industry?
Automobiles can increase the quality of life through increased mobility, comfort, and safety. The industry also contributes to job creation and skill development. Its numerous forward and backward links bring both direct and indirect employment.
What type of market is the automobile industry?
The US automobile industry is a good example of an oligopoly. It consists mainly of three major firms, General Motors (GM), Ford, and Chrysler. The influence of this oligopoly can be seen in the prices and the development and introduction of new car models into the American car market.
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