Auto forecaster S&P Global Mobility warned on Tuesday that, under a worst case scenario, Europe's energy crisis could cut its car production by close to 40%, or more than 1 million vehicles, per quarter through the end of 2023.
In a report titled 'Winter is Coming,' S&P Global Mobility said the auto industry's supply chain - already reeling from the COVID-19 pandemic and Russia's invasion of Ukraine - "may face extensive pressure" from soaring energy costs or even power cuts.
But "with potential utility restrictions" that could be cut to as little as 2.75 million to 3 million units per quarter. "Events like that will inevitably shift the scales towards the lower end of what we have predicted, especially in terms of how long it takes to repair things of this nature," Pope said.
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