“Our forecast has been trimmed since last month as registration statistics continue to languish in the face of supply bottlenecks, these exacerbated due to the war. We still anticipate selling rates to improve over the course of 2022 but now at a slower rate than forecast last month. The war will chip away at underlying demand as well, through higher-for-longer inflation and lower real incomes, though our view is that the initial impact on registrations will be felt through a worsening of supply constraints, as, at least for now, demand is still outstripping supply,” LMC said.