Summary
⋆An updated version of this forecast report will be released every quarter
-According to a report by LMC Automotive as of Q2 2022, global light vehicle production in 2022 is projected to increase 6.0% YoY to 81.69 million units. The forecast has been revised downward by slightly less than 900,000 units from the previous forecast (as of Q1 2022) in light of the impact on the supply chain of the lockdown introduced in China since March, in addition to the prolonged supply shortage of materials, especially semiconductors.
-The forecast for global production in 2023 and 2024 is projected to steadily recover to 85.69 million units and 91.73 million units, respectively, although both forecasts have been revised downward by approximately 4.4 million units from the previous forecast.
-In the top group, European OEMs geographically and economically closer to Russia and Ukraine, such as VW, Stellantis, and Renault-Nissan-Mitsubishi, are expected to see their forecasts revised lower than that of No. 1 Toyota, widening the gap.
-In the mid-tier group, No. 5 Hyundai's global production is projected to reach 7.58 million units in 2024, exceeding the pre-COVID-19 (2019) level. On the other hand, No. 6 General Motors is projected to produce just over 5 million units in 2024, well below the actual 2019 level of just under 6 million units.
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Commentary by LMC Automotive
The source outline identifies this section as part of “Global Top 10 OEMs Production Forecast (Q2 2022)”. Based on the available local metadata, this section should be read through the lens of Production Forecast, GlobalData, Market Forecast, Vehicles & OEMs, Automotive, Suppliers and the visible introduction, figures, captions, and tables.
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