Demand and supply in action - the demise of Hummer -
Thursday, February 25, 2010
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General Motors announced today that Hummer (see picture below) would be no more. There are several factors that have caused demand for Hummer to fall and therefore the demand curve to shift to the left.
The once very popular car, owned by many a celebrity like Arnold Schwarzenegger, has now been shunned by the public due to being less fashionable. This is in part because fewer celebrities are buying them but also due to more environmental awareness by consumers; the hummer is a gas guzler.
Also as the recession has hit consumers pockets quite hard, they can no longer afford the high cost of buying them along with the excessive running costs.
All of these points have caused the demand curve to shift to the left. This has left General Motors with little chose but to bring production to an end.
For more read this BBC article.
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