Automakers in North America could produce nearly 300,000 fewer vehicles than expected in 2022 because of ongoing semiconductor shortages.

Quoting AutoForecast Solutions, global energy and commodity market business intelligence provider Argus Media on Monday (March 28) said that at least 16,000 vehicles are expected to be lost, and the production of about 300,000 vehicles is listed as at risk or potentially impacted based on an original annual production estimate of 15.3 million vehicles.

It said the average North American vehicle consumes 1,980lbs of steel, of which approximately 1,480lbs are flat-rolled products, followed by 486lbs of aluminium, according to data from the American Iron and Steel Institute’s Automotive Program.

Argus said the 16,000 lost vehicles would account for only 12,000 short tons (st) of flat-rolled steel and nearly 4,000st of aluminium. The 300,000 vehicles would account for 220,000st of lost flat-rolled steel and 73,000st of aluminium demand.

Meanwhile, it said regional automakers would continue to suffer some temporary plant shutdowns from a lack of semiconductor chips and other raw materials.