For what it's worth, my somewhat educated guess from someone who covers Autos slightly: 2019 was expected to be a "peak" year in the automotive cycle, so every

For what it's worth, my somewhat educated guess from someone who covers Autos slightly: 2019 was expected to be a "peak" year in the automotive cycle, so everyone in the supply chain adjusted accordingly by modeling in lower demand following that peak. I'd wager with COVID-19 the trough came significantly faster (and deeper) than anticipated, and as we gear up for an equally fast (expected) recovery, inventory levels aren't adequate. Just a hypothesis, but perhaps worth considering.