If you think the current shortage of new cars and the next wait is on the way, you may need to think again.
The latest industry figures show that 96,300 vehicles were cut from global production last week alone due to a lack of microchips or other parts.
Based on Automated forecasting solutionAs an industry tool to understand the global automotive industry supply chain, approximately 1.25 million vehicles have been removed from factory schedules worldwide. from the beginning of 2022.
The recent situation in Eastern Europe doesn’t help either, with more than 80% of vehicles that didn’t reach production last week due to factories in Europe. The rest comes from factories in North America and Asia.
As expected, manufacturers have prioritized their highest profits and best-selling vehicles while eliminating features that reduce reliance on microchips. However, despite these changes, even some of the world’s best-selling vehicles are facing production delays and production shutdowns due to partial supply issues.
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Shortages are affecting manufacturers nationwide (though Chinese manufacturers appear to be less stymied) so far. Even the likes of Toyota are facing this problem, with the Japanese giant falling April global production from 900,000 to 750,000 vehicles despite strong demand.
A production shortfall of 1.25 million units so far is expected to be the main cause of the challenge, as projections suggest the total shortfall for 2022 will be around 2 million units, indicating production capacity. Output in the remaining months will be improved.
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However, with a huge order backlog that needs to be filled, even a small improvement in supply is unlikely to have a major impact on global wait times for new cars.
So far in 2022 for global vehicle production, 618,000 vehicles have been cut from car plants in Europe, 308,700 from North America, 70,900 from China, 206,300 from the rest of Asia and about 50,000 from South America and the Middle East/Africa.
Of the more than one million cars imported into Australia in 2021, 309,601 are from Japan, 123,725 from South Korea and 213,456 from Thailand. About 120,000 cars came from Europe and 18,165 cars came from the UK. The rest is a mixture of countries like the US (35k), South Africa (11k), Argentina (7.6k), India (4.5k) and other smaller markets.
