Production cuts caused by chip shortages have become a huge problem for the automotive market. We learned a few days ago that according to the latest report released by Auto Forecast Solutions, as of August 15, 2021, the chip shortage has caused a cumulative reduction of 5.96 million vehicles in the global automotive market. This number is still rising. According to Auto Forecast Solutions, the number of vehicle production reductions due to chip shortages will reach more than 7.1 million in the future.
Before last week, this number remained at 5.853 million vehicles. In the past week alone, this number has risen again by 107,000 vehicles. It can be seen that the shortage of chips has already caused a huge impact on the auto market. According to data, the North American market and the European market are most affected. The expected output reduction in the future may exceed 2.2 million vehicles, and the expected output reduction in the domestic market is also shocking.
Under the influence of the epidemic, many semiconductor chip suppliers were forced to close some production lines. This situation has had a knock-on effect on the auto market. Auto brands such as Volkswagen, Toyota, and General Motors have suspended production in some overseas factories.