averaged a 40 per cent compound annual growth rate , compared to just 10 per cent for North American stock indexes.
“Even without improving the efficiency of the individual manufacturing operations themselves, there’s a balance sheet efficiency that comes from the supply constraints that is not intuitive, but is, in fact, the case,” he says. “You might be running your production line at 90 per cent of capacity one week and then the next week it could drop to zero,” he says. “The problem with that is you’re not able to flex your costs that quickly, and labour is an issue as well because if you start taking people off the line, those people might not come back.”
Mr. Johnson says supply shortfalls, particularly for electric vehicles , are also helping to offset the impact of rising interest rates on the automakers themselves.
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