For many years after the introduction of automobiles

For many years after the introduction of automobiles, three kinds of power sources were in common use: steam engines, gasoline engines, and electric motors. In 1920 over 2300 automobiles were registered in New York City, Boston, Massachusetts, and Chicago, Illinois. Of these, 1170 were steam cars, 800 were electric cars, and only 400 were gasoline cars. Gasoline-powered engines eventually became the nearly universal choice for automobiles because they allowed longer trips and faster speeds than engines powered by steam or electricity. By 1920 more than 8 million Americans owned cars. Major reasons for the surge in automobile ownership were Ford's Model T, the assembly-line method of building it, and the affordability of cars for the ordinary wage earner. Many new companies were formed. Nissan Motor Co., Ltd. completed its first car in Japan. FIAT produced automobiles in Italy, and Daimler and Benz merged together in 1926 to begin production of the Mercedes-Benz line of automobiles. In 1928 the German manufacturer Bayerische Motoren Werke AG (BMW), also known as Bavarian Motor Works, began building automobiles. As the end of the decade neared, Ford and Chevrolet were very competitive with their price and products, which had continued through the Thirties. Other automakers, such as Cadillac, Packard, and Chrysler, began to have an impact on the market. Towards the end of the 20's the stock market crashed. The crash forced many smaller, automakers to close their doors and declare bankruptcy. Some companies held on into the Thirties and Forties, but eventually faded from the scene. Few companies have survived to modern times, but those that have are some of the world's leaders in production and sales today.