Auto supplier Robert Bosch said on Thursday the ongoing Covid-19 crisis and a semiconductor chip shortage will weigh on global automotive production growth in 2021.
Around 85 million vehicles will roll off assembly lines around the world this year, more than the 78 million units produced in 2020 but still below the 92 million cars produced in 2019, the Stuttgart-based car parts supplier said.
Global automotive production hit a high of 98 million units in 2017.
"We are quite positive," Chief Executive Volkmar Denner said, although he added that "we still have a long way to go to catch up".
The supplier said it estimated the global economy would grow 4% in 2021 after contracting by around 4.5% in 2020.