The Epoch Times The Russia-Ukraine war could shave off up to 15 percent of European car production in the first half of this year, predicts a Wells Fargo analyst, leading to a contraction in availability of new vehicles.
Ukraine is a major supplier of wire harnesses, which are usually one of the first components to be installed in an automobile. A shortage of the material means that vehicle production essentially grinds to a halt.
There are 17 wire harness factories at present in Ukraine. Supply disruption of wire harnesses can affect 10 to 15 percent of European auto production, with an output reduction of up to 700,000 vehicles in the first and second quarters of 2022 being a possibility, according to a report by Wells Fargo auto analyst Colin Langan, reported Bloomberg. However, he also predicts auto output to be recouped within a year…
