Last year was challenging for major automakers, as supply chain issues made it difficult to produce enough vehicles to meet demand. Also, rising commodity costs required to build vehicles were passed on to consumers, making them extremely expensive. For 2022, the United States reported the lowest new vehicle sales in almost a decade.
Along with supply chain disruptions and recessionary worries, global automotive executives are less bullish about EV adoption than they were a year ago. 76% of the more than 900 automotive executives who took part in KPMG's annual global auto survey expressed concern about how inflation and rising interest rates would adversely affect their business this year.
