Automakers were on track to sell a record 18 million new cars and trucks in 2021 until a global computer chip shortage gummed up assembly lines.
U.S. auto sales are expected to nose-dive in September, driving purchases of new vehicles down in the third quarter.
The cost of the intractable semiconductor shortage has ballooned by more than 90%, pushing the total hit to $210 billion.
Automakers are reporting strong vehicle sales buoyed by consumer demand in the first quarter as fleet sales struggled.
This will dampen consumer sentiment in an already weak demand environment.
APAC automakers may recover from 2H20 at a slow pace as 2Q20 retail sales were than the the forecast of Fitch Ratings says.