Until 2023? Parts Shortage Will Keep Auto Prices Sky-High

Until 2023? Parts Shortage Will Keep Auto Prices Sky-High
A pair of unsold 2021 Highlander sports utility vehicles and a Camry sedan are parked on the empty storage lot outside a Toyota dealership in Englewood, Colo., on Aug. 29, 2021. David Zalubowski/AP Photo, File
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TOLEDO, Ohio—Back in the spring, a shortage of computer chips that had sent auto prices soaring appeared, finally, to be easing. Some relief for consumers seemed to be in sight.

That hope has now dimmed. A surge in COVID-19 cases from the Delta variant in several Asian countries that are the main producers of auto-grade chips is worsening the supply shortage. It is further delaying a return to normal auto production and keeping the supply of vehicles artificially low.