According to the latest data from AutoForecast Solutions (AFS), as of February 19, the global auto market has reduced production by about 385,000 vehicles this year due to chip shortages. In particular, the Chinese car market has seen a production cut of 25,000 vehicles, accounting for approximately 6.5% of the total reduction.
Last week alone, auto production was cut by another 35,000 vehicles across the world due to same reason. Among them, the reduction was 13,000 vehicles in North America, 4,400 vehicles in Europe and 8,853 vehicles in China.
Many in the market players expect the chip shortage to continue until late 2023 or early 2024. And AFS forecasts that global production cuts will climb to around 2.75 million vehicles by the end of this year due to the chip shortage.
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