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Thursday, 19 August 2021 20:34

Get Used to High Car Prices: Auto Production Isn't Returning to Normal

Written by Chris Isadore, CNN

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This quarter was supposed to be when computer chip supply and auto production were returning to normal.

Instead, the surge in COVID cases, especially in Southeast Asia, is causing a new round of parts shortages and auto plant shutdowns around the globe. That could keep already astronomical car prices high.

 

On Aug. 19, it was Toyota, the world's largest automaker measured by vehicle sales, announcing shutdowns at 14 Japanese plants in September because of COVID's impact on suppliers. That will cut production there by about 40%.

 

Toyota is also closing plants elsewhere around the globe, with North American production likely to be reduced 40% to 60%.

 

To read more, see CNN.

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