Jan 2023
Microchip Shortage: No More Cuts
Automakers eliminated no additional vehicles from their 2023 worldwide production plans this week because of the ongoing global microchip shortage, according to AutoForecast Solutions, and the estimate for North America was revised downward slightly. The latest total estimate of losses was 219,100 vehicles, virtually unchanged from a week prior.
Automakers are now more concerned with how a downturn in economic conditions will impact their production schedules.
Nonetheless, the chip shortage is not over, and AutoForecast Solutions still expects that over 2.77 million vehicles will have to be cut from production plans for lack of chips in 2023, down from 4.38 million in 2022 and 10.56 million in 2021.
Projections for loss by region are as follows:
- North America YTD – 24,100 (2022 Projected – 909,000)
- Europe YTD – 11,700 (2022 Projected – 793,000)
- Rest of Asia YTD – 170,100 (2022 Projected – 718,600)
- South America YTD – 13,000 (2022 Projected – 138,400)
- China YTD – 200 (2022 Projected – 194,200)
- Middle East/Africa YTD – 0 (2022 Projected – 21,400)
- Total YTD – 219,100 (2022 Projected – 2,774,600)
