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Automotive Industry
New US light vehicle sales volumes are set to rise again in July 2023 as easing supply-chain snags help automakers ramp up production to meet pent-up demand, automotive research firm S&P Global Mobility said on Monday 25 July 2023.
S&P projects new light vehicle sales to reach 1.33m units in July 2023, up 18% year-over-year. It also upgraded the 2023 US light vehicle sales forecast to 15.4m units, from 15.1m estimated earlier.
Top global automakers have reported a rise in second-quarter new vehicle sales on improving supply and strong demand, signaling that rising interest rates are yet to have a meaningful impact on purchases.
"New light vehicle sales will continue to progress in July (2023), reflecting the current trend of sustained demand levels to the fleet sector while retail sales continue to climb," said Chris Hopson, principal analyst at S&P Global Mobility.
In the second half of 2023, however, high inflation could lead to affordability issues while production advances build up inventory quicker than anticipated, S&P said.