IHS Markit lowers global vehicle output forecasts amid supply chain crisis

Major revision for global light vehicle forecast, production impacted well into 2022

"Data forecasting firm IHS Markit said global light-vehicle production could be cut by 6.2 percent — about 5 million vehicles in 2021.

That is the largest single adjustment to its outlook in the last nine months and it follows estimated losses that 1.44 million units of production in Q1 and a further 2.60 million units in Q2; currently Q3 losses are running at 3.1 million units and rising.

According to IHS Markit, the "outlook for the fourth quarter continues to worsen among executives and analysts. The pessimism stems from a heightened risk of challenges to the supply chain, such as the global semiconductor chip shortage" (Source: IHS Markit, Automotive Research & Analysis, September 2021)

See the full article here.