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The number of vehicles canceled from automaker production schedules worldwide due to the shortage now exceeds 2 million, according to AutoForecast Solutions.
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Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
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The U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
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By sharply reducing fleet sales, Hyundai can deliver more inventory to dealers.
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Combined sales at the seven major automakers that release monthly results dropped 17% in October. Automakers cite the semiconductor chip shortage and supply chain bottlenecks as the reason.
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Cox Automotive and LMC report new-vehicle inventories shrank to just over 915,000 in September and predict further shrinkage as production issues and supply shortages linger.
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Though forecasts predict the global semiconductor shortage may not right itself until 2023, vehicle manufacturers express hope for improvement in Quarter 4.
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“We expect inventories to continue to normalize throughout the back half of 2021 and in the first part of 2022,” said Chris Holzshu, Lithia chief operating officer, in an earnings conference call.
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vAuto reports vehicle inventories dropped to 2.24 million vehicles in April, representing a 44-day supply.
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