Commercial Insights Economy and Markets

Four key takeaways from CIBC’s automotive update and economic outlook
May. 26, 2022 5-minute read
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1. The U.S. economy is strong, but growth will slow into 2023

2. Supply chain challenges continue due to the war in Ukraine

3. Affordability and availability: Ongoing concerns

4. Industry forecasts downgraded as challenges linger

 Graph showing a sharp decrease of 16 % in global light vehicle production in 2020.

 

Global Light Vehicle Production

Production year

2019

2020

2021

2022

2023

2024

2025

Units produced (millions)

89

74.6

77.2

81.6

88.5

93.3

95.4

Change from prior year (percent)

-6%

-16%

3%

6%

8%

6%

2%

 

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