Five Million Fewer Vehicles Produced Worldwide in 2022 and 2023?
The consequences of the pandemic, the shortages of microchips and other components and now the war in Ukraine are being felt across the auto industry, with production dipping at several manufacturers.
According to Automotive News, a global production cutback could result in five million fewer vehicles being produced this year and next than planned, specifically due to the expected fallout from Russia's invasion of Ukraine. “The downside risk is enormous,” Mark Fulthorpe, executive director of global production forecasts for S&P Global Mobility, said this week via a statement. In the worst-case projection, production could be four million vehicles below normal projections for each year.The effect of the war in Russia on energy and raw material prices, the forecast of a worsening chip shortage and disruptions in the flow of wiring harnesses from Ukraine are given as major factors.
Like other sectors, the industry has had to deal with a cascade of obstacles since the beginning of the pandemic in early 2020, and just when some of those obstacles were starting to be removed, the war has greatly complicated matters.
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