USA HISTORY

Detailed explanation-1: -Auto manufacturing drives $1.1 trillion into the economy each year through the sales and servicing of autos and flows through the economy, from revenue to parts suppliers to paychecks for assembly plant workers, from income for auto-related small business to revenue for government.

Detailed explanation-2: -Economic Factors. Economic factors are perhaps the most crucial factor affecting car sales. They include interest rates, unemployment rates, Gross Domestic Product (GDP), disposable income, and exchange rates.

Detailed explanation-3: -Currently, the automobile industry contributes 7.1% of India’s GDP and 49% of its manufacturing GDP. The EV market is expected to grow at CAGR of 49% between 2022-2030 and is expected to hit 10 mn-unit annual sales by 2030. The EV industry will create 50 mn direct and indirect jobs by 2030.

Detailed explanation-4: -The automotive industry is a major industrial and economic force worldwide. It makes 60 million cars and trucks a year, and they are responsible for almost half the world’s consumption of oil. The industry employs 4 million people directly, and many more indirectly.