North America Auto Production Slowly Rebounds: S&P Global Mobility

North American auto production is rebounding somewhat in 2022 – S&P Global Mobility said this week it expects production of about 14.7 million cars and trucks this year in North America – that’s an increase of 12.5% vs. 2021.

However, that’s not enough of an increase to reverse the trend to record high prices due to the combination of high demand and low new-vehicle supplies, analysts said.

Production was a disappointment in 2021, coming off of 2020, when production fell due to COVID-19 related factory shutdowns. It then took longer than expected to ramp auto factories back up, employing social distancing and other COVID-19 precautions.

Still, North America is enjoying a bigger increase than the projected worldwide average. S&P Global Mobility expects worldwide production of about 80.4 million cars and trucks in 2022, up about 4.1% vs. 2021.