Energy crisis could cut car production by 40% per quarter
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Automotive industry insights provider S&P Global Mobility warned that Europe's energy crisis could reduce car production by up to 40% or 1 million vehicles per quarter through the end of 2023, under a worst-case scenario, Reuters reported. S&P Global Mobility said that the auto industry is already facing challenges from the COVID-19 pandemic and Russia-Ukraine war, and the worsening energy shortage, consequent power cuts and energy rate hikes could affect European auto industry significantly.
