⋆An updated version of this forecast report will be released every quarter

-In a report by LMC Automotive as of Q1 2023, global light vehicle production in 2023 was estimated to increase by 4.2% year-on-year to 86.05 million units. This is only a slight upward revision compared to the previous forecast (as of Q4 2022) against the backdrop of Russia's invasion of Ukraine and supply chain disruptions, which have not been fully resolved.

-Global production is forecast at 90.11 million and 93.89 million units in 2024 and 2025. By manufacturer, many OEMs will recover to pre-COVID-19 production levels by 2024, while BYD will overtake Mercedes-Benz in 2024 to become the world's tenth largest automaker.