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The chip shortage is expected to cost the global automotive industry US$210 billion in revenue in 2021. [51] [52] [needs update] Despite lower sales, some manufacturers increased profits over 2020, as Toyota and General Motors, for example, saw record profits for 2021, due to resilient demand and decreased financial incentives offered to buyers.
The global industry faces even greater uncertainty around EV demand if U.S. President-elect Donald Trump carries out plans to unravel various incentives around EV production and sales.
In the third quarter of 2021, the AAI reported that electric vehicles comprised 6% of all light duty car sales, with the highest volume of EV sales ever recorded at 187,000 vehicles. This was an 11% increase in sales, as opposed to a 1.3% increase in gasoline and diesel cars.
Sales in India fell approximately 20 percent in 2021 due to the shortage of chips and the amount of light vehicles lost to shortages was half a million vehicles. [20] In February 2022, Peter S. Goodman, writing in The New York Times, argued that returning to the pre-COVID-19-pandemic global supply chain was seen as "unlikely" in 2022. [21]
Based on our 2030 projections, that would mean annual production of around 25 million EVs within a few years, with correspondingly fundamental shifts in a $3.5 trillion global automotive industry ...
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Automotive News is a weekly newspaper established in 1925, written for the automotive industry, predominantly for individuals corresponding with automobile manufacturers and automotive suppliers. [2] It is based in Detroit and owned by Crain Communications Inc. [ 3 ] Globally, there are more than 55 editors and reporters.
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