Reference no: EM133411940
Assignment:
The auto industry is one of the economy's largest and most influential markets.
There are some interesting trends in the industry that are worth discussing.
1. The shift to electric (EVs) and connected cars is prominent with manufacturing and sales predicted to increase yearly. A new type of vehicle, called Fuel Cell Electric Vehicles (FCEV) has emerged and is anticipated to gain popularity as more hydrogen refueling stations open. These are the vehicles that don't rely on batteries and instead get power from a fuel-cell stack that is fed hydrogen and oxygen to create electricity through a chemical reaction. And then, there are autonomous vehicles.
2. Most people still prefer to travel by car.
3. Prices are rising. Between 2021 and 2022 car prices rose by about 20%.
4. Purchases shift online.
5. Luxury car brands, like Lamborghini and Tesla, see growth.
Please discuss the supply and demand changes in the market for cars. In your evaluation, think of the EVs, FCEVs, autonomous and connected cars, their production, sales, and the future. What are the factors that contribute to high vehicle prices this year? Would you prefer to purchase the car online?
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