Microchip Shortage Continues with the Majority of Recent Production Cuts in North America

In recent weeks, auto manufacturers cut production estimates by 63,400 vehicles for 2023. Nearly 90% of the latest production schedule cuts were from North American auto manufacturers, with the remainder spread across Asia, South America, the Middle East, and Africa. While the microchip shortage has posed smaller headwinds for manufacturers in recent months, it is expected to remain an ongoing challenge into 2024.