A closely watched auto-industry forecaster lopped more than 5 million cars off its projections for global production this year and next, largely due to fallout expected from Russia’s invasion of Ukraine.
S&P Global Mobility, formerly known as IHS Markit, lowered its 2022 and 2023 estimates each by 2.6 million vehicles. The forecaster now expects auto companies to make 81.6 million cars worldwide this year and 88.5 million next year.
“The downside risk is enormous,” Mark Fulthorpe, S&P Global Mobility’s executive director for global production forecasting, said in a statement Wednesday. In the firm’s worst-case scenario, production would be as much as 4 million vehicles below its earlier projections for each year.