A decade ago, the American auto industry emphasized large trucks and SUVs, driven by cheap gas and consumer trends. However, the landscape has changed economically and technologically, making these vehicles a potential liability. The cost of the average vehicle has surged by $12,000 in six years, complicating the profitability model. Electric trucks struggle to meet consumer demands for performance without environmentally detrimental battery use. The industry's previous strategies centered on size and sales volume are now questioned as market dynamics shift.
The American auto industry's trajectory became clear: go big, or go bust. Gas was cheap, and big trucks and SUVs became the key drivers of profits.
The average vehicle in America is now $12,000 more expensive than it was just six years ago, according to Cox Automotive.
Electric trucks face challenges in meeting buyers' demands for towing, hauling and off-roading without massive batteries that come with staggering price tags.
America's economic and technological landscape has shifted, making what was once profitable now feel like a huge liability for the auto industry.
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