Hiking gas prices also play a role.
The US sales of automobiles is closely tied with that number. As it goes up, SUV and truck sales dwindle, which is where the major US automakers make their money. Just look at Ford, stopping production of nearly all cars to focus on their profit makers. But in a downturn, or spiking gas prices, Ford is not going to sell nearly the vehicles they do to the public sector. Such sale declines nearly already led to bankruptcy by all the major manufacturers (during recession) already (save for Ford) and they were saved by the bailout. It is not unfathomable for such an event to repeat itself with increasing gas costs and competition from ever more competent Tesla or third party yet to be determined manufactures (likely from China).
The US sales of automobiles is closely tied with that number. As it goes up, SUV and truck sales dwindle, which is where the major US automakers make their money. Just look at Ford, stopping production of nearly all cars to focus on their profit makers. But in a downturn, or spiking gas prices, Ford is not going to sell nearly the vehicles they do to the public sector. Such sale declines nearly already led to bankruptcy by all the major manufacturers (during recession) already (save for Ford) and they were saved by the bailout. It is not unfathomable for such an event to repeat itself with increasing gas costs and competition from ever more competent Tesla or third party yet to be determined manufactures (likely from China).