From research labs to dealership lots, the auto sector supports nearly 8 million U.S. jobs.
Exports. The auto industry is America’s largest exporter. Over the past six years, automakers and suppliers have exported nearly $600 billion worth of vehicles and parts. They beat the next best performing sector (aerospace) by $74 billion. Last year alone, automakers and suppliers out-exported the aerospace industry by $20 billion.
Raw Materials and Parts. The U.S. auto industry is one of the largest consumers of domestic raw materials and parts. Last year, automakers sold nearly 13 million cars in the U.S., and each contained between 8,000 to 12,000 parts, using more than 3,000 pounds of iron, steel, rubber, glass and semiconductors. Approximately 686,000 Americans work at the plants, offices and research labs that produce those parts and materials.
American Research & Development. Designing those 8,000 to 12,000 auto parts and helping put them together makes autos among the most engineering-intensive industries in the world. In fact, eight out of the world’s top 25 corporate investors in research and development are automakers. GM and Ford each invest more each year on research and development than Boeing, Amgen and Google – and 80 cents of every dollar they invest in research and development is spent here in the U.S. Thanks largely to this investment, nearly one in 10 engineers and scientists in private sector R&D work for an automaker or supplier.
Chevrolet today announced initial pricing, performance data, and EPA fuel efficiency estimates for the 2014 Silverado 1500, raising the bar in the fiercely competitive light-duty pickup segment.
Chrysler Group LLC today reported U.S. sales of 171,606 units, a 5 percent increase compared with sales in March 2012 (163,381 units), and the group’s best monthly sales since December 2007.
General Motors Co. today is expected to announce a $55.7 million investment in its Toledo Transmission Plant to support an existing six-speed transmission and a yet-to-be-released eight-speed one that promises to be GM’s most technologically advanced transmission ever.