Automotive Industry Overview
One of the most important industries in the world today is the automobile industry. This industry affects the economy and the civilizations of the world. It produces billions of dollars in global profits and it supplies jobs for millions of people. Automobiles have forever changed the lives of people. At one point, the US dominated the auto industry but that is no longer the case in today’s society. The decline of auto sales in the U.S. has impacted the economy a great deal. The American Auto industry is currently facing a financial crisis.
The automobile industry began in 1769 by a French Engineer Nicolas J. Cugnot (Economy Watch, 2008). Nicolas Cugnot invented the first automobile that was able to run on roads. It was a three-wheeled military tractor that was self powered by the use of a steam engine (Economy Watch, 2008). By the mid 1800’s, the popularity of steam vehicles began to decline because they were dangerous to operate and difficult to maintain (Microsoft Encarta, 2008). During this decline, the internal-combustion engine was born. Belgian –born French inventor Jean-Joseph-Etienne Lenoir built the first successful internal-combustion engine in 1859 (Microsoft Encarta, 2008). In 1885 and 1886, Germans Gottlieb Daimler and Karl Benz began to attach motors to tricycles and automobiles which are considered the first modern cars (Microsoft Encarta, 2008). In America, the automobile industry blossomed when Henry Ford made people realize that anyone could own a car. In 1914, the bulk production of cars began in Henry Ford’s factory (Economy Watch, 2008). The U.S. dominated the automobile industry around the world. After the end of the Second World War, other nations, such as Japan, started to grow in a short time. By the early 1980’s, the automobile industry was overflowing with foreign automobile companies. As the 21st century began, foreign carmakers continued to make inroads in the worldwide and North...