Car and Automobile Industry (Essay Sample)

Car and Automobile Industry
Name
Institution
Car and Automobile Industry
The revenue for Automobile and car manufacturing industry has kept increasing substantially over the previous years due to the rising demand for new vehicles. The industry should embrace automation since it reduces firm’s reliability on manual labour (Tovey 2016). The utilization of advanced technology in the automobile industry increases the production of vehicles.
Moreover, the improved economic condition witnessed globally will boost car sales in the next 5 to 10 years. A stable economy is an external opportunity since it improves consumer confidence and it also widens financing options for consumers. Such economies enable multiple individuals to purchase automobiles thus increasing the market for the automobile companies. Automobile and car industry contributes to the overall economy (Tovey 2016). According to Porters, the stiff competition in the automobile industry has turned to be a central threat. For instance, Tesla Motors faces stiff market competition from Fiat Chrysler Automobiles. Competition has lowered the profit margins for multiple automobile firms's globally.
Tesla’s Strengths
The fact that Tesla Motors channel huge amounts of fun