AutoBeta(AutoBeta.net)02/09 Report--

According to the latest data from auto industry data forecasting company AutoForecast Solutions (hereinafter referred to as "AFS"), as of January 29, the global auto market has cut production by about 304600 vehicles because of a shortage of chips. AFS expects cumulative production cuts in the global car market to climb to 2.7989 million this year due to a shortage of chips. AFS believes that even if the supply of chips improves, it will be at least a few months before the shortage of semiconductors facing the automotive industry ends. Judging from the current situation, Japanese automakers are still plagued by chip shortages and disruptions in the supply of auto parts.

On Feb. 8, Subaru, the Japanese carmaker, announced that it would cut its production target for the current fiscal year (April 2022 to March 2023) from 970000 vehicles to 880000 vehicles, a reduction of nearly 10 per cent. Subaru said the cut in annual production forecasts was due to a shortage of semiconductor chips and the most serious shortage of parts delivered immediately on the spot market, which is not expected to recover until around June at the longest.

Subaru said it expects to produce 880000 vehicles in the fiscal year to March, down 9.3 per cent from a previous forecast of 970000, as semiconductor supply shortages persist. "Automotive Industry concern" learned from Subaru's official website that Subaru released the latest delivery schedule for new cars on its website on February 7. Subaru said that due to the global shortage of semiconductor parts and the blockade caused by the spread of novel coronavirus infection in Japan and overseas, there will be delays in vehicle production. Depending on the model, the new car may take some time to deliver to the customer.

According to the official website, depending on the model, the delivery time of the new car is at least 1 month, most of which is 2-3 months, and the longest is 6-7 months. In addition, due to the delay in the production of some spare parts, the order may be temporarily suspended or cannot be installed at the time of delivery, which may take some time.

Katsuyuki Mizuma, Subaru's chief financial officer, said: "through our efforts, the decline in production in the third quarter was limited to only 20, 000 vehicles less than previously planned." Production is expected to be 70, 000 fewer than previously planned in the fiscal fourth quarter ending March 31. However, Subaru has high production expectations for the new fiscal year, which it hopes to reach 1 million vehicles in the new fiscal year.

The reduction in capacity expectations has also put pressure on the sales side. Subaru expects global sales of 870000 vehicles in fiscal 2023, down 5.4 per cent from expectations but up 18.5 per cent from fiscal 2022. Subaru stressed that the decline in production and sales data did not affect its annual operating profit forecast, which remained at 300 billion yen (about $2.29 billion).

In addition, Nissan, another Japanese carmaker, said on February 9th that it expected global sales of 3.4 million vehicles this fiscal year, down 8.1 per cent from its original forecast of 3.7 million. According to Nissan's latest results for the third quarter of fiscal year 2022, Nissan's consolidated net revenue was 2.84 trillion yen, consolidated operating profit was 133.1 billion yen, and operating profit margin was 4.7%. In addition, the consolidated net income in the first three quarters of 2022 was 7.5 trillion yen, the consolidated operating profit was 289.7 billion yen, the operating profit margin was 3.9%, and the net profit was 115 billion yen.

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