The automotive industry has a long history, with a strong part in the economics of the country. We will discuss a brief history of the automotive industry and give a brief overview. We will also give a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis of the industry. We will also address the impact of the real Gross Domestic Product (GDP), the unemployment rate, and the inflation rate as measured by the Consumer Price Index (CPI). We will also include and discuss three economic indicators, auto sales, personal income, and Federal Reserve actions.
History of the Automotive Industry
The automotive industry is the area of commerce that plans, designs, manufacturer's, and markets automobile models. The automobile industry is concerned with profits and competition; with consumer demands for styling, safety, and efficiency; and with labor relations and manufacturing efficiency. The first successful self-propelled road vehicle was a steam automobile invented in 1770 by the French engineer Nicolas Joseph Cugnot (1725-1804).
The purpose of the self-propelled vehicle was to transport artillery, and the vehicle ran on three wheels. In Great Britain the inventors William Murdock (1754-1839) and James Watt constructed another form of automobile in 1781, and in 1784 Murdock and Watt produced a model of a wagon that used the power of a high-pressure, non-condensing steam engine. The British inventor Richard Trevithick built the first automobile built to carry passengers in 1801. In the U.S., the inventor Oliver Evans (1755-1819) obtained the first patent on a steam carriage in 1789. In 1803, he built a self-propelled steam dredge, regarded as the first self-propelled vehicle to operate over American roads. By, 1830 steam coaches were in regular daily use to transport passengers over English roads. Starting in 1831 restrictive legislation in England forced the steam coaches off the roads, and by...