LMC Automotive and J.D. Power predict U.S. auto retail sales will rise in October as supply chains improve and make more vehicles available to dealerships.
Continuing chip shortage bedevils world’s biggest carmaker, which falls short of a new record.
Ongoing shortage forcing brands to trim production, especially in North America.
The automaker has dialed down its worldwide production schedule for July by 50,000 vehicles to 800,000.
European and North American automakers cut around 25,000 additional vehicles from their production schedules last week.
The number of vehicles canceled from automaker production schedules worldwide due to the shortage now exceeds 2 million, according to AutoForecast Solutions.
Port congestion in China, closures in Ukraine, and ongoing supply chain issues will not slow output, reported Milan Nedeljkovic, production chief for BMW AG.
Auto manufacturing facilities in North America and Europe continue to lose production time over the lingering global microchip shortage, now well into its second year.
The Ukraine War will lower global light-duty vehicle production through next year by millions of units, predicts the automotive research firm.
Total losses add up to $300 million, with a $155 million hit to automakers and $145 million in lost direct wages.
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