A recovering auto industry in 2022 will bolster revenue growth.
As the auto industry recovered from reduced demand following the COVID-19 (coronavirus) pandemic in 2020, the company is expected to experience significant revenue increases in 2022. These anticipated increases in revenue can be attributed to a 3.2% increase in new car sales, following an 11.2% increase in 2021 and a 4.3% increase in demand from car and automobile manufacturing in the United States. Industry-relevant revenue for the company is forecast to increase 24.5% to $906.6 million in 2022 alone.
StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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