How Russia’s war is cutting global auto production – By Robert Ferris (CNBC) / April 16, 2022
Russia’s invasion of Ukraine has led auto industry watchers to cut production and sales forecasts for the next two years. The crisis has shuttered factories in Eastern Europe, and caused spikes in the prices of already precious raw materials.
Some factories in Ukraine have tried to keep going amid the invasion. Workers have reportedly had to break from work to flee rocket fire.
In March, S&P Global Mobility, formerly IHS Markit, cut its global auto production forecast by 2.6 million vehicles in both 2022 and 2023 because of the conflict. The worst-case scenario totaled as much as 4 million lost vehicles.
European auto output is expected to fall about 9% — roughly 1 million cars.
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