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Auto industry inventory levels sat between 1 million and 1.1 million vehicles for the sixth consecutive month in June, according to Cox Automotive.
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Analysts forecast production of about 14.7 million cars and trucks this year in North America, an increase of 12.5% vs. 2021.
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The number of vehicles canceled from automaker production schedules worldwide due to the shortage now exceeds 2 million, according to AutoForecast Solutions.
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Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
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The U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
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By sharply reducing fleet sales, Hyundai can deliver more inventory to dealers.
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Ford CEO Jim Farley wants to maintain the company’s build-to-order strategy after the chip shortage ends. Will consumers adapt?
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Combined sales at the seven major automakers that release monthly results dropped 17% in October. Automakers cite the semiconductor chip shortage and supply chain bottlenecks as the reason.
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Cox Automotive and LMC report new-vehicle inventories shrank to just over 915,000 in September and predict further shrinkage as production issues and supply shortages linger.
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Though forecasts predict the global semiconductor shortage may not right itself until 2023, vehicle manufacturers express hope for improvement in Quarter 4.
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