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Total Cost Minimization - Essay Example

This paper explores the difference between the past and the present automobile engineering world, giving examples of Toyota and Ford. Specifically, the paper discusses the past and present economic issues, the growth and development of the manufacturers, and the changes in production speed by the manufacturers. The Past and Current State of the Industry The automobile industry has been in existence for slightly more than one hundred years, having begun in France and Germany. However, the industry grew, developed, and came of age in the United States until the current times where automobile production is done in a rather mass scale (Toyota Motor Corporation, 1988). The main areas of noticeable growth in the automobile industry are vehicle efficiency, volume, safety, choices, and features (Papatheodorou, 2007). The automotive industry has thus not lagged behind in industrial and technological development and has stayed abreast with the 20th and the 21st century industrial and technological developments. ...
The miniature 1.6%, which the industry accounts for at European stock markets reflects this dismal performance despite the huge revenues and employment in the industry (Perryman, 2011). There is also an apparent contrast between the industry’s oversized social role, share of employment and political influence and its uninspiring financial success. The main factors that determine the performance of the industry in current times is its overcapacity and mature markets, especially in the

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developed countries of Europe, U.S., and Japan. In fact, currently, these three regions account for about 80% of world automobile sales. Unfortunately, the industry’s growth has stalled a lot in the recent past. Although the obvious response to this slowed growth and an increased productivity should have be a reduced capacity, it has been rather difficult to close down the existing large and expensive plants, which confer mass production and cost advantages. In the U.S., the big three automakers of General Motors, Toyota, and Ford have been losing their market share and money rather fast in the last three decades while new non-U.S.-based companies’ plants have increased their capacity and competition (Perryman, 2011). This scenario is a pointer to the big change that the industry faces. Changes in speed and nature of production are some of the reasons for which the new players in the market seem to be overtaking the bigger and more established ones like Ford and Toyota. For instance, while the big companies are large, less flexible, and designed for mass production, the new entrants cover wider production spectrum of car sizes and are designed for flexibility thus produce different models (Magee, 2007). The new entrants, referred to as
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Total Cost Minimization [Name of Student] [Name of Institution] Introduction That about 60 million automobiles are manufactured in a year points to the economic and industrial force that the automotive industry is. In fact, the automotive industry consumes almost half of all world’s oil and directly or/and indirectly employs more that four million people…
Total Cost Minimization
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