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

-According to a report by GlobalData as of Q3 2023, global light vehicle production in 2023 is estimated to increase by 7.8% y/y to 89 million units. In particular, the better-than-expected performance in China has led to an upward revision of approximately 1.6 million units from the previous forecast.

-The UAW strike is hampering production in North America, but overall, the impact has been fully offset by growth in China and India due to higher demand.

-Despite downside risks, recovery is beginning to approach more than 90 million units. BYD will overtake Suzuki Group in 2024 to become the world's ninth largest automaker.