Examining The Global Chip Shortage

As the impact of the more than yearlong coronavirus pandemic began to subside, companies operating in the automotive industry had a lot to look forward to in 2021. The vaccine rollout in the U.S. combined with growing consumer optimism and forecasted pent-up demand resulted in an optimistic outlook that the industry was back in a big way. Early-year sales proved it was. U.S. new-vehicle sales in March were the strongest for the month in more than 20 years. And, despite the lower-than-expected April U.S. jobs report released May 7, 2021, analysts forecast further accelerated growth in the second and third quarters driven by a surge in consumer spending as the economy fully reopens. Click here to download the report.