Car manufacturers will suffer significantly more loss of turnover this year due to the global chip shortage than initially expected. It will get worse in the near future, research agency AlixPartners expects.
Now that manufacturers have run out of stock of semiconductors, according to experts, vehicle sales will suffer even more in the coming period. “The barrel is empty. There is nothing more to get out of it,” says director Dan Hearsch. Researchers at AlixPartners believe that the chip problems for the automotive sector will continue for some time to come. Due to the production problems, the delivery times for cars are increasing, especially for the cheaper models. Car manufacturers mainly choose to build the more expensive models, because there is more margin on this.
According to the most recent estimate, the loss of turnover for the car manufacturers will amount to USD 210 billion this year, or almost €180 billion. The forecast was still €94 million (converted) in May. Furthermore, according to the researchers, it seems that 7.7 million fewer cars can be produced worldwide. Four months ago, that estimate stood at just under 4 million.
Earlier this week, IHS Markit also released a gloomy outlook. The production of cars is also being hit even harder than it seemed to be, according to that research agency. It lowered the global car production forecast for 2021 by 6 percent from an already relatively low number. For 2022, it is even counting on more than 9 percent less production than previous estimates.
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