Special Report: Impact analysis of COVID-19 and the chip shortage crisis

Short-term car production outlook governed by contradictory forces

Compared to the previous light vehicle production forecast, almost 1.5 million fewer vehicles are forecast to be produced in 2021, which translates to a growth of 11.7% over 2020. Another 1 million more cars are now forecast to be produced in 2022 followed by a 700,000-unit increase in 2023. These vary regionally with North America seeing the biggest reduction in 2021 at about 1.1 million fewer cars produced, followed by Europe with a reduction of about 600,000 units. Greater China is forecast to increase its 2021 production by 110,000 units.