What has taken place is a shift of business from one manufacturer to another, and the announcements in the press as well as the general publicity of those manufacturers who have succeeded in increasing their business give, I think, the impression that this is true of the whole industry. If we could assume, for the sake of argument, that we will reach the point at which twenty-five million cars and trucks will be registered in the United States an assumption that from what we have accomplished so far is certainly perfectly reasonable then I think we could safely say that the replacement demand, plus the export demand which will increase for many years yet, plus the normal growth, would amount to something like four to four and one half million vehicles a year and would require the manufacture of a number of cars equal to or greater than has yet been produced in any year in the history of the industry...
I am sure that I do not need to elaborate what the automotive industry consists of, its influence on the prosperity of the United States, the influence that it has had in many other industries which contribute to its production necessities. General Motors is an important part of this great industry of ours and as my contribution to your visit with us I would like to tell you in a brief way something about General Motors; how we are thinking, what we are doing, and our ambitions for the future.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "What has taken place is a shift of business from one manufacturer to another, and the announcements in the press as well as the general publicity of those manufacturers who have succeeded in increasing their business give, I think, the impression that this is true of the whole industry. If we could assume, for the sake of argument, that we will reach the point at which twenty-five million cars and trucks will be registered in the United States an assumption that from what we have accomplished so far is certainly perfectly reasonable then I think we could safely say that the replacement demand, plus the export demand which will increase for many years yet, plus the normal growth, would amount to something like four to four and one half million vehicles a year and would require the manufacture of a number of cars equal to or greater than has yet been produced in any year in the history of the industry...
I am sure that I do not need to elaborate what the automotive industry consists of, its influence on the prosperity of the United States, the influence that it has had in many other industries which contribute to its production necessities. General Motors is an important part of this great industry of ours and as my contribution to your visit with us I would like to tell you in a brief way something about General Motors; how we are thinking, what we are doing, and our ambitions for the future." in the context of "p. 332-3: Speech by President Alfred P. Sloan, Jr., 1927 (II)" to mean that wisdom is timeless.