May total global production at 8 Japanese automakers declined y/y for a 3rd straight month

Slumping vehicle production played a large role in the stunning collapse in Japanese industrial output in May:

  • Total worldwide production at eight Japanese automakers declined on the year for a third straight month in May as lockdowns in Chinese cities continued to hold up shipments of key parts.
  • Output fell … more than 30% from May 2019
  • supply chains look unlikely to return to normal for some time to come.
  • Six of the eight companies logged declines for May. Only Nissan Motor and Suzuki Motor reported growth, reflecting particularly weak showings in 2021. Daihatsu Motor, Mazda Motor and Honda Motor all suffered double-digit drops.

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