Thursday, September 28, 2023

Automotive sector, fundamental to the US economy

Con almost 10 million jobs the sector automobile is a major player in the US economy that is at risk of suffering the effects hit was launched on Friday by employees of the three main manufacturers.

“The ecosystem automobile “Generates $1 trillion annually for the U.S. economy, or nearly 5% of gross domestic product,” the statement said Alliance for Automotive Innovation on its website, where it says the sector directly employed more than 9.67 million people at the end of 2022.

Allianz, citing a study by S&P Global Mobility, says they will be sold in the country in 2022 13.5 million new vehicles.

This year the sector exported $96.6 billion and imported a total of $282 billion. Contribute $126.2 billion into the federal treasury.

The country has one mobile park of 284 million registered vehicles including 100.61 million cars, 103.26 million minivans, 59 million pickup trucks and 15.73 million vans.

The engines of Combustion engines/hybrids are still the majority with 280.87 million ahead of 2.14 million electric vehicles (EV).

This industry benefits from the manufacturer’s growth Tesla, which produced 1.36 million electric vehicles worldwide in 2022 (+47%). Sales reached $81.5 billion (+51%), and net profit doubled to $12.6 billion.

According to Kelley Blue Book, a subsidiary of Cox Automotive, The average price of a new car was $48,334 in July 2023 (+2.7% since the beginning of the year). For electric vehicles, the price continued to fall until it reached $53,469 in July (US$61,000 in January).

Investments for the electric transition achieved $109.1 billion between 2018 and 2023, according to the Center for Automotive Research (CAR).

According to the US Bureau of Statistics, the average hourly salary in the manufacturing sector was in August 2023 $27.99 with an average weekly working time of 44.3 hours.

The Automotive Sector, A Pillar Of The Us Economy

– The “Big Three” –

This is explained by the AAPC association, which represents the three major historical manufacturers General Motors, Ford and Stellantis, nicknamed the “Big Three”. They alone contribute 3% to GDP. It presents the automobile industry as the largest manufacturing sector in the country.

These three groups with roots in Detroit, Michigan, 60% of the country’s assembly plants are operational. They have announced more than $34 billion in investments over the past six years.

Since this Friday, the three have been the subject of one hit historical, whose “biggest risk in the event of an extension is one”. Supply chain deterioration and the financial health of providers,” said CFRA analyst Garrett Nelson.

According to its website, General Motors employs: 92,000 people in the United States. $10.9 billion in taxable wages were paid.

The company has 120 locations, just over 4,000 dealers, and more than 5,700 suppliers that it spends with 39 billion dollars in 2022.

GM delivered 2.27 million vehicles In USA in 2022 from the Chevrolet, Buick, GMC and Cadillac brands.

In 2022, sales rose 23% to $157 billion its net profit fell 1% up to 9.9 billion.

Ford, founded 120 years ago, employs around 177,000 people 86,000 of them in USA and presents itself as the largest American automobile exporter.

The Ford brands – particularly the F-150 pickup, which has been the best-selling vehicle in the country for decades – and Lincoln are manufactured. Almost 80% of its vehicles are assembled USA.

His net profit has been reached $17.9 billion in 2022.

Stellantis, the French-Italian-American group, produces 14 brands including Ram Trucks, Jeep, Chrysler, Dodge, Peugeot, Alfa Romeo, Maserati, Opel, Peugeot and Fiat. It’s established in more than 30 countries and sells its production in more than 130 markets.

Result of the merger between Fiat-Chrysler and the French PSA in 2021 264,000 employees Worldwide.

In 2022, the company posted a second year of record profits, with net income of 16.8 billion euros.

The Automotive Sector, A Pillar Of The Us EconomySalaries in the US automotive industry

– Foreign manufacturers –

According to Autos Drive America, which represents foreign manufacturers, they produced 4.4 million vehicles In USA in 2022.

  • The production volume has increased more than 85% in the last 25 years According to a 2022 study by Ernst and Young, they have invested more than $100 billion over six decades.
  • Your participation in the production USA increase from 1% In 1979 al 45% In 2022.

Las marcas BMW, Kia, Honda, Lexus, Infinity, Mercedes, Mazda, Nissan, Toyota, Volvo, Volkswagen, Subaru, Hyundai, Acura They have factories in the United States.

  • Its 65 models manufactured on American soil are exported to more than 130 countries from all over the world (695,000 vehicles exported in 2022).
  • In 2022, they hired directly 156,000 personas.
Nation World News Desk
Nation World News Desk
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