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May 2022 production forecast sees variations from region to region
The global auto industry continues to navigate a challenging supply chain environment as well as lingering COVID-19 impacts. While ongoing COVID lockdowns in areas of mainland China are having a material impact on production within the country and some surrounding markets, S&P Global Mobility (formerly IHS Markit | Automotive) analysts are also seeing a measure of stability in other regions relative to some of the more meaningful downward revisions made in recent months.
To be sure, COVID conditions and the general state of the supply chain will remain dominant factors influencing production in the near-term, along with the macro implications of the ongoing Russia/Ukraine conflict, yet automakers and suppliers continue to adapt to the changing landscape.
The May 2022 light vehicle production forecast update from S&P Global Mobility reflects noteworthy reductions for Greater China and Japan/Korea due to the aforementioned COVID lockdowns in China impacting production both directly and through supply chain interruptions. Conversely, it is important to note upward revisions for South Asia and Europe on somewhat improved conditions in those markets relative to prior expectations.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.