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Demand for new vehicles in the United States remains strong despite rising interest and loan rates, reported CEO Tomomi Nakamura.
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Soaring material and parts costs offset benefits gained from a plunging Japanese yen and production rebound.
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LMC Automotive and J.D. Power predict U.S. auto retail sales will rise in October as supply chains improve and make more vehicles available to dealerships.
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Continuing chip shortage bedevils world’s biggest carmaker, which falls short of a new record.
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Ongoing shortage forcing brands to trim production, especially in North America.
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The automaker has dialed down its worldwide production schedule for July by 50,000 vehicles to 800,000.
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European and North American automakers cut around 25,000 additional vehicles from their production schedules last week.
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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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Port congestion in China, closures in Ukraine, and ongoing supply chain issues will not slow output, reported Milan Nedeljkovic, production chief for BMW AG.
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Auto manufacturing facilities in North America and Europe continue to lose production time over the lingering global microchip shortage, now well into its second year.
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