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Mexico Auto Production Plunges To Lowest Annual Level Since 2014 Amid Chip Shortage

Courtesy of ZeroHedge View original post here.

Mexican automotive production plunged to the lowest levels annually since 2014 as ongoing semiconductor shortages put the brakes on the industry, according to Bloomberg

National statistics agency (INEGI) data shows auto production in December slumped 16.51% to 212,272 vehicles from a year earlier, while exports dropped by 17.31% to 227,465. 

Volkswagen Group's Audi was the worst-hit automaker which saw a staggering 74% drop in production. General Motors Co. and Daimler AG's Mercedes Benz both saw output halved. 

An unrelenting global semiconductor shortage continues to terrorize automakers in Mexico and all over North America, forcing many to implement rolling shutdowns, curtailing production.

Detroit-based General Motors Co's spokesperson said last month, "the stoppages are due to the shortage of semiconductors, and yes, production decreased due to the shortage." 

Entering the new year, there's more bad news: delivery times for chips jumped in December, signaling the semiconductor shortage is worsening.

If we go by the numbers, President Biden's progress on alleviating supply chains continues to falter even though the president hails a supply chain win. Guess it's all about the optics ahead of midterms later this year. 


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