Industry - Global Industry Forecasts - Motor Vehicles
Global motor vehicle and parts production is expected to see a swift recovery in Q2 2024, but recoveries at a regional level will differ. Much of the Q1 decline was due to scandal-induced production cuts in Japan which have largely unwound as of early-May, but the declines reported by key Western European countries will be followed by more gradual recoveries as consumers restrain themselves from making big-ticket purchases and competition from cheap Chinese EV imports intensifies. Furthermore, the lagged effect of high policy rates and less assistance from order backlogs will continue to weigh on automotive production and demand throughout this year and into 2025.
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