to develop electric platforms for Cruise, GM's standalone autonomous ride-sharing startup, acquired for $1 billion in 2016 but worth $20 billion in 2020 after subsequent investment rounds.
Although most market observers expected operations to bounce back, and despite most carmakers having amassed huge war chests of cash after years of SUV and pickup-truck sales, an unprecedented new hurdle had emerged for an already challenged industry. But while the 20th century held the story of the auto industry's birth and triumphant rise to become the jewel of American business, the 21st has been shaping up to tell a different tale, with the old guard frantically trying to sustain its still-lucrative legacy while avoiding a distracted slide into irrelevance as younger and more nimble upstarts work to do what automobiles in the early 1900s did to the horse business of the 18th.
As Marchionne argued, a large part of that apparatus makes a redundant contribution. The industry, in 2015, would have to choose "between mediocrity or fundamentally changing the paradigm for the industry."The numbers were on his side. The aerospace industry, for example, takes almost 20 years to consume the capital that the car business does in four. The largest sector in the entire economy, consumer and retail, takes 36 years.
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