Automotive Industry Crisis in Shanghai

China is yet again battling a new COVID-19 variant which has not only created a humanitarian crisis but also caused a ripple effect in the global supply chain. The government has applied the toughest measures to key manufacturing hubs, with Shanghai becoming the largest hotspot, facing an indefinite lockdown. The automotive industry is troubled by severe disruptions, with several leading companies and their suppliers being impacted by production halts, reduced workforce, and key raw material shortages. In addition, steel delivery and consumption are also halted, with finished steel piling up at plants due to stagnating demand and transportation disruptions.