The S&P report noted that the European vehicle market is expected to experience the most disruption Auto forecaster S&P Global Mobility has downgraded its 2022 and 2023 global light vehicle production forecast by 2.6 million units for both years, highlighting lingering supply chain issues compounded by the Russia Ukraine conflict. . Global automakers are now expected to manufacture around 81.6 million units this year and 88.5 million units for next year, the forecast report stated. According to the report, the ongoing tensions between Ukraine and Russia has caused logistical and supply chain problems as well as shortages of critical vehicle components. The S&P report noted that the European vehicle market is expected to experience the most disruption. In its latest forecast update, the firm cut 1.7 million units from its forecast for Europe. The forecast reduced North America"s light-duty vehicle production by 480,000 units for 2022 and by 549,000 units for 2023. Meanwhile, German carmaker BMW, on Wednesday, cut its car division’s 2022 profit margin forecast due to supply chain disruptions triggered by Russia"s invasion of Ukraine. Volkswagen CEO Herbert Diess also flagged supply chain disruptions exacerbated by the Ukraine-Russia conflict and said the war has put the company’s 2022 outlook into question.