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This document discusses the history and evolution of the automobile industry. It describes how cars started out as a luxury good for the wealthy in the early 20th century. Ford's assembly line techniques helped drive down costs and make cars affordable for the masses. This led to tremendous growth in car ownership and sales in the 1920s. The industry experienced major consolidation as larger companies acquired smaller ones. By the late 20th century, a handful of huge multinational corporations dominated the global auto industry.
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