Deutsche Bank påpeger, at den globale bilproduktion blev hårdt ramt af mangelen på chips og forsyningsproblemer generelt i 2021. Men fabrikkerne formåede at have en stærk indtjening trods lavere salg. Kan indtjeningen så holde, når der sker en normalisering? Ja, fabrikkerne kan fortsat sikre en god margin, når produktionen kan vokse, mener banken.
Automotive Outlook 2022 – stronger pricing for longer?
Entering 2021 consensus expectations were for volume recovery post COVID and only hints of a semiconductor shortage.
However, 2021 was ultimately shaped by the latter and the automaker’s realization of the power of pricing – as such some carmakers had very strong margins.
In 2022 we highlight that supply conditions should be improving but still capping growth. Raw material price inflation could be a major headwind this year. We do, however, believe that carmakers will keep a firm grip on pricing even once they can produce more cars again.
