From CNBC.
Cars once promised independence and transportation for all Americans. Now, they are a luxury product that cost about $50,000, nearly 30% higher than just a few years ago. Affordable vehicles, especially those below the price of $20,000, have nearly disappeared. And while Automakers pulled in record profits in 2023, slim margins combined with deep investments into EV batteries, software and other technology is making it hard to produce cars much cheaper. Chinese automakers can, but they’re impeded by tariffs and rules. Insiders say that is just a bandage – automakers need to compete.
Chapters:
00:56 Title card – Why American automakers can’t make cheap cars
1:05 Chapter 1 – Affordability
3:02 Chapter 2 – How cars got so expensive
6:07 Chapter 3 – Making a cheaper car
9:08 Chapter 4 – Competing with China
Producer: Robert Ferris
Editor: Evan Lee Miller
Animation: Jason Reginato, Christina Locopo
Additional Camera: Natalie Rice
Senior Managing Producer: Tala Hadavi
Additional footage: Cadillac, Chevrolet, Ford, Getty Images, GMC, Hyundai, Rivian Stellantis, Tesla, Toyota
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Why American Cars Are So Expensive
