AutoForecast cuts NorthAm production outlook further

Expectations for North America automotive production volumes in 2022 continue to decline, according to AutoForecast Solutions.

North America automakers will build 14.43mn vehicles in 2022, down by 20,000 vehicles from the previous estimate, the forecaster said.

Since its initial 2022 forecast of 15.27mn vehicles, AutoForecast has cut its production expectations for the US, Canada and Mexico by 840,000 vehicles, or 5.5pc.

So far this year AutoForecast has said regional automakers have lost the production of 573,000 vehicles, with the production of another 450,000 vehicles listed as at risk.

The average North American vehicle consumes 1,980lbs of steel, of which approximately 1,480lbs are flat-rolled products, as well as 486lbs of aluminum, according to data from the American Iron and Steel Institute's (AISI) Automotive Program.

Estimated lost production this year would equal to 621,600 short tons (st) of flat steel consumption and 204,100st of aluminum.

By Rye Druzin