Microchip Shortage Pressure Eases

As the end of 2023 approaches, final estimates for production schedules indicate that global automakers will have cut nearly 2.5 million throughout 2023 from their forecasts. However, this represents a 43% reduction in vehicles cut from production schedules compared to the 4.3 million cut in 2022. Estimates for the remainder of the year call for a reduction of 8,100 vehicles in production lines, with 35% of those from North American facilities.