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When the availability of these loans suddenly dried up in 2008 due to the subprime mortgage crisis, vehicle sales declined dramatically, from 17 million in 2006 to 10.6 million in 2009. [11] In 2006, Consumer Reports reported that all 10 of the cars that it considered to be the 10 best were built by Japanese companies. [12]
Statistics of new car sales in Russia from 1999 to 2023, showing a sharp decrease in 2009 with a recovery by 2012. Russia's automotive industry was hit hard by the Late 2000s recession, which started from United States. Production of passenger cars dropped from 1,470,000 units in 2008 to just 597,000 units in 2009.
Natural monopoly: This type of monopoly occurs when a firm can efficiently supply the entire market due to economies of scale, where larger production leads to lower costs. For example, in some cases, utilities (such as those providing electricity or water) may operate as natural monopolies due to high infrastructure and distribution costs.
In economics, a government-granted monopoly (also called a "de jure monopoly" or "regulated monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.
Meanwhile, if new car prices rise, more U.S. consumers would likely turn to the used car market, which would drive up prices of second-hand vehicles, he added. "Bonanza" for foreign competitors
S&P Global Mobility finds the average age of cars and trucks on the road hit 12.2 years in 2022, an all-time high. S&P says this is the fifth straight year the average vehicle age has risen.
Contrary to this are efficiency arguments that antitrust legislation should be changed to primarily benefit consumers, and have no other purpose. Free market economist Milton Friedman states that he initially agreed with the underlying principles of antitrust laws (breaking up monopolies and oligopolies and promoting more competition), but that ...
Currently, Canada produces around 10% of cars sold in the US (approximately 225,000 units), with Mexico supplying close to 20%. Interestingly, the US actually produces more cars for Canadian ...