[mousquet]

^ My country's automakers drew the same kind of conclusion.

They've been producing average vehicles meant for the average/middle class or for people who simply don't care so much about their cars for decades, because most people here think luxury cars are ostentatious, overly showy of one's wealth, which is basically arrogant and unfair.

However, figures tend to prove that upscale personal vehicles are indeed much more profitable.
E.g., Peugeot has to sell like 5 of their small cheaper cars to make the same kind of profit as a single big Merco.
It is a plain fact of the automotive industry. The reason why France's auto manufacturers are starting to invest in higher-end projects, so they can rival Germany's more easily.

However, I would seriously argue about the fact that this type of industry remains a main engine of the overall manufacturing sector. This is no longer any 1960s/70s.

Moreover, driving fast a sport vehicle is surely fun, few would deny. But it is illegal on regular roads for obvious safety reasons.
So driving a $3 million Bugatti on a random highway is nothing but pointless.