According to the Automotive News Research & Data Center, North American vehicle production rose 15% year-over-year in October, marking the ninth straight month of year-on-year growth.
According to the data center, 1.32 million mini vehicles were produced this month, bringing the year-to-date total to 12.4 million, up 13% from the same period last year.
October production was the lowest since July, but continued increases compared to 2021 reflect progress after nearly three years of disruption caused by the COVID-19 pandemic. increase. Production nearly came to a halt in April 2020 as lockdowns disrupted global value chains. In the second half of 2020, production returned to pre-pandemic levels until semiconductor shortages stalled production. The shortage of supply has led to low inventories and skyrocketing prices for new and used vehicles.
There is some hope in meeting demand and replenishing dealer inventories as production woes begin to improve in 2022.
The seasonally adjusted annualized sales rate rose to 15.3 million in October, the highest since January, according to Motor Intelligence. At the same time, according to Cox Automotive, new car inventory jumped from 1.32 million at the end of September to 1.56 million at the end of the month.
Historically, production declines at the end of the year as factories close for the Christmas holidays. With two months to go, his full-year tally is almost certain to be the highest since his 16.4 million in 2019.
North American mini vehicle production over the past two years failed to exceed 13.3 million units, affected by the pandemic and subsequent chip shortages.