The automobile industry is an important pillar of the national economy, and involves a wide range of fields, a long industrial chain, and a huge market size, which is of great significance for promoting economic development. Based on panel data of the automotive industry in Liaoning Province from 2012 to 2022, factor analysis was used to extract three common factors: scale effect, synergy effect, and innovation effect. These factors were empirically analyzed with indicators to measure regional economic growth. It is found that economies of scale and synergies play a positive role in promoting economic growth, while innovation effects also have a positive impact to a certain extent, but their effects are relatively small.