The average new car in America sold for $48,182 in July,
beating the record set last month, according to Kelley Blue
Book data. July prices rose 0.3% ($139) from June and
11.9% ($5,126) from July 2021.
CEO Lachlan Murdoch said today: “We’re currently seeing a return to growth in the auto category for the first time in a couple of years. This stability of the base market provides a strong foundation for the upcoming political cycle, where the outlook is remarkably strong.”
Plug-in hybrid sales are climbing in the U.S., in part because of the recent surge in gasoline prices. Automakers sold a record 176,000 such cars last year, according to Wards Intelligence, up from 69,000 in 2020.
Automakers spent an estimated 41% less on national TV in July 2022 compared to a year ago, and impressions for the month were also down 4.2%, per iSpot.tv.
The dog days of summer drag on for the auto industry, unable to find respite from a withering supply chain crisis that has left assembly lines limping and dealership lots bare, Automotive News reports.
California — no surprise — leads the U.S. in electric vehicle ownership, accounting for 39% of all EVs registered nationwide, according to Axios.
Volume skids 21% at Toyota and 47% at Honda; Korean automakers see U.S. light-vehicle sales drop 11% last month, mostly on weaker car volume; Mazda down 29%.
Huge new investments are being directed to boost semiconductor production worldwide. But that’s just the start of the effort to correct the auto industry’s microchip shortage.
A shortage of vehicles at dealers due to the supply-chain
snarls gripping automakers is expected to drive down U.S.
auto retail sales in July, according to industry watchers.
Supply chain challenges and other economic headwinds are weighing on the auto industry. GM appears to be bucking the trend.
Automakers including Ford Motor, General Motors, Stellantis and Toyota Motor will have a major presence at the auto show in Detroit this September.
Even if there is consumer pushback from rising prices in second-half 2022, and barring a broadbased recession – one with major cutbacks in spending accompanied by job losses – expect production to continue favoring higher-priced cars, CUVs and SUVs, as well as fullsize trucks, and for the combined mix of total inventory for those vehicles to remain above historical norms.
June marked the sixth consecutive month when auto industry levels were between 1 million and 1.1 million vehicles, according to Cox Automotive.
Kimberley Gardiner, one of Volkswagen of America’s top U.S. marketing executives, is leaving the company.
Auto plants in Europe and North America auto plants just cut another 104,000 vehicles out of their production plans because of chip shortages.Auto plants in Europe and North America auto plants just cut another 104,000 vehicles out of their production plans because of chip shortages.
GM outsold Toyota by more than 47,000 vehicles in the second quarter. The fluid, unpredictable nature of the global microchip shortage and other supply chain disruptions continue to put all automakers on edge.
June marked 12th consecutive month of year over year declines for an auto industry scrambling to secure microchips to rebuild inventories amid strong pent-up demand and a backlog of orders.
Hyundai is trimming its car lineup to focus on crossovers and its budding battery-electric Ioniq subbrand.
If the June forecast holds firm, volume will rise in Q2 from Q1, but the quarter will end at a 13.5-million-unit annualized rate, a drop from January-March’s 14.1 million, meaning second-half deliveries will have to run near a 16 million-unit SAAR for the entire year to match 2021’s sales of 14.9 million.
Pandemic related disruptions have driven initial vehicle quality to the lowest point J.D. Power has recorded in 36 years.