This is an excerpt from an article titled The Free Market will Mean the Auto Industry Will Become Much More Competitive article By Mark Murov1 and Michael Grunwald2Published March 22, 2019At the moment, American manufacturers like GM, Ford, Chrysler and General Motors dominate the world market for luxury vehicles, with Ford and Mercedes the two largest producers.
But they’re also in the midst of major price wars with each other and China, where automakers have struggled to keep up with rising costs.
As a result, the U.S. market for car and truck production is in free fall.
The number of new vehicles on the road is falling.
As cars age, consumers demand a lower price.
And when the cost of repairs rises, so does the cost for manufacturers.
The result: U.T.O. automakers are being forced to sell lower-quality vehicles to stay competitive.
As the price of the basic car rises to the point where consumers want to buy a car with a more expensive option, some automakers are looking to the auto market as a natural next step to make up for lost profits.
The auto industry, however, is already losing ground.
“This is not an auto industry that is going to be able to survive,” said Robert D. Shrum, a partner at the law firm BakerHostetler.
The American Automobile Association estimates that U.C.M.V., or the United States Motor Vehicle Manufacturers Association, is now worth about $200 billion.
That’s down from more than $1 trillion in 2008, when the industry was already reeling from the Great Recession and the decline in auto sales.
The industry is also facing a new set of challenges.
As a result of the recession, the number of vehicles on American roads has fallen by almost 2 million vehicles per month.
The average car, however is still worth about half that amount.
The auto industry also faces new competitors in emerging markets like India and China.
In the past few years, automakers have been looking for ways to attract Chinese automakers to make their cars in China.
But in recent years, the auto makers have found that the Chinese market is much more open to imports than the U