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November’s seasonally adjusted annual rate of sales is forecast to finish near 13.4 million, down 16% from last year when the sales pace was 15.9 million.
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The 2021 Cox Automotive Path to EV Adoption Study provides a look at the major consumer barriers that continue to slow EV adoption.
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Dealers can boost electric vehicle sales when they take an educational stance with consumers.
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Fed Chair Jerome Powell has said the committee plans to complete tapering before raising rates, and markets are targeting June as the possible date for the next rate hike.
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Combined sales at the seven major automakers that release monthly results dropped 17% in October. Automakers cite the semiconductor chip shortage and supply chain bottlenecks as the reason.
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While sales of new vehicles declined 13.4% year over year in Q3 due primarily to low inventory and high prices, sales of electrified vehicles jumped by nearly 60%, according to an analysis by Kelley Blue Book.
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Cox Automotive and LMC report new-vehicle inventories shrank to just over 915,000 in September and predict further shrinkage as production issues and supply shortages linger.
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Automobile sales in September are forecast to slow for the fifth straight month, as tight inventory, high prices take a toll on the industry.
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Current inventory levels rest at a 31-day supply for U.S. dealers, reports Cox Automotive subsidiary vAuto.
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The slowing auto market will lead Cox Automotive to revise downward its full-year new-vehicle sales forecast.
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