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In its place, we have - in Campaign Mode - the concept of engineering familiarity, which gives you increasingly large discounts on the design of a car, based on what you have done before. It's not exactly the same as having full platform engineering, for sure, but the end result is fairly close. Moreover, with how body variants work, and with how large some of the body variant families are getting, you can build a pretty wide model range on just one family of bodies, using a single engine family too no less.
A real life example would be the previous gen Ford Taurus and Explorer. Particularly the police interceptors.
If you play a generalist company then eventually you want seperate models / factories for various car types anyway.
One problem there is the wheelbase:
Some demographics have also extremely high standards that can only be properly fullfilled with options that impose a penalty to production efficiency, which you absolutely want to avoid on your mass producing factories; so you will need a smaller factory for those categories.
In general the demographics different market sizes themselves already suggest making factories that are more tailored to the number of cars you will produce for them.
Because having 2 trims on a model... where one is a mass produced sedan and sells like 10000 cars and the other is a sports coupe that barely sells 500 cars... I don't think that is a good strategy.
Because the more trims on the same model... the more production efficiency decreases because of split attention.
So I usually only make 3-4 trims on each model that share similar characteistics and demographic sizes.
Another thing to consider is engines... you likely won't be able to make efficient engines for all demographics with just one engine block in one factory. If you make a huge one for sports cars, the consumer demographics which like more eco stuff won't be too happy about that unless you heavily underbore the engine variant but that leaves you with lots of dead-weight and high material costs because the engine blocks are still big. And big engines might also not fit into the engine bays for a sedan/hatchback or the likes in the first place.
Lastly one of the most important aspects is actually that you will be severely limited in how & when you make models/engines and facelifts if you only have 1 model with several variants that need to fit everything. If you make a new car then or a new facelift you will have downtime where you will sell less cars and your factory may not be able to produce enough excess to cover its downtime. And then you will tremble if you will survive the engineering & retooling time or if you go bancrupt.
You are more flexible if you have several different models in different factories that have their facelifts not at the same time. So you will have steady income from active model(s), while another can be in retooling downtime for facelift/new model.