Here are some recent automotive industry news:
Electric vehicles are gaining popularity: With more and more governments setting targets for zero-emissions vehicles, automakers are investing heavily in electric vehicles (EVs). Several major automakers have announced plans to phase out gas-powered cars, and Tesla continues to dominate the market for EVs.
Semiconductor shortage: A global shortage of semiconductors has impacted the automotive industry, leading to production delays and shutdowns. This has affected both established automakers and startups, and the shortage is expected to continue for several months.
Autonomous driving technology: Automakers are investing heavily in self-driving technology, with Tesla, Waymo, and Cruise leading the way. The industry is also facing regulatory hurdles as governments work to establish standards for autonomous vehicles.
Supply chain disruptions: The COVID-19 pandemic has disrupted global supply chains, leading to shortages of raw materials and components. This has impacted the automotive industry, as automakers struggle to source the parts they need to build cars.
Shift to online sales: The pandemic has also accelerated the shift to online car sales. Many dealerships have moved their sales process online, allowing customers to purchase cars without leaving their homes.
Industry consolidation: The automotive industry is seeing a wave of consolidation, as automakers seek to streamline operations and cut costs. Recent mergers and acquisitions include the merger of PSA and Fiat Chrysler to create Stellantis, and Ford’s acquisition of electric vehicle startup Rivian.
How much money does the automotive industry make?
The automotive industry is a large and complex industry that includes a wide range of activities, from designing and manufacturing vehicles to selling and servicing them. As such, the revenue generated by the industry varies depending on a variety of factors, such as the number and type of vehicles produced, sales volumes, and global economic conditions.
According to Statista, the global revenue of the automotive industry in 2023 is estimated to be around $4.4 trillion. However, it’s important to note that this figure includes revenues generated by all segments of the industry, including sales of vehicles, parts, and related services.
It’s also worth noting that the automotive industry is highly competitive and constantly evolving, with new players entering the market and existing players developing new technologies and business models. As such, the revenue generated by the industry is subject to change over time and can be impacted by a wide range of factors, such as changes in consumer preferences, advancements in technology, and government regulations.
Number and type of vehicles produced yearly
The number and type of vehicles produced yearly varies depending on several factors such as global demand, economic conditions, and technological advancements. Additionally, the production levels of individual automakers can also be impacted by factors such as supply chain disruptions, labor disputes, and changes in government regulations.
According to the latest news International Organization of Motor Vehicle Manufacturers (OICA), the global production of motor vehicles in 2020 was approximately 78 million units, which was a decrease from the previous year due to the COVID-19 pandemic. The breakdown of this production by type of vehicle was:
Passenger cars: 54.7 million units
Commercial vehicles (trucks and buses): 21.3 million units
Other vehicles (such as motorcycles and three-wheelers): 2 million units
These figures represent global production and may vary significantly by region or country. Additionally, the types of vehicles produced can vary depending on factors such as consumer preferences, government regulations, and the availability of resources and technology.
