Why is there a new truck shortage?

As manufacturers prioritize production of high profit margin consumer trucks and SUVs, commercial trucks struggle to keep up with demand due to continued microchip and component shortages.

When will the truck shortage stop?

A world-wide shortage of microchips has forced automakers to slow or stop production of many cars. That has pushed car prices to record highs in both the new and used markets. Analysts have consistently predicted that the problem would ease in 2022. But now, a major chip maker is warning that it could last into 2023.

When will the 2021 vehicles come out?

Vehicles for the next model year can debut as early as the spring of the current year. And some cars don’t debut until the spring or summer of their model year. In other words, you’ll see some 2022 vehicles for sale as early as the spring of 2021.

What is the average price of a new car in 2021?

We’re well into 2021, and last month new car prices hit their sixth record price in a row. In September, the average new car cost $45,031 — the first time this figure crossed over the $45,000 in history, according to the latest data from Kelley Blue Book and Cox Automotive on Tuesday.

Is Ford making cars in 2021?

As the automotive industry moves away from sedans and toward electric vehicles, Ford will mainly sell trucks, SUVs and commercial vehicles. Starting in 2021, Ford will only be making one car: the Ford Mustang. That means there won’t be any new Ford Fiesta, Fusion, Focus or Taurus models released in upcoming years.

Why is Ford cutting production in July?

Key Points Ford is significantly cutting its North American vehicle production in July due to an ongoing shortage of semiconductor chips impacting the global automotive industry. The automaker plans to idle or reduce production at eight plants, including six in the U.S., for varying periods of time into early August due to the problem.

Is Ford going out of business in August?

The automaker plans to idle or reduce production at eight plants, including six in the U.S., for varying periods of time into early August due to the problem. Production of the Ford Ranger pickup and new Ford Bronco SUV also will be down for two weeks next month due to “an unrelated part shortage.”

Why did Ford stop making cars in July?

Ford is significantly cutting its North American vehicle production in July due to an ongoing shortage of semiconductor chips impacting the global automotive industry. The automaker plans to idle or reduce production at eight plants, including six in the U.S., for varying periods of time into early August due to the problem.

Will the semiconductor shortage affect Ford’s earnings in 2021?

Ford previously said it expected the shortage could lower its earnings by $1 billion to $2.5 billion in 2021. Without releasing any new guidance, the company said it “will provide an update on the financial impact of the semiconductor shortage” when it reports its first quarter earnings on April 28.