Le Lézard
Classified in: Transportation
Subject: SVY

New Vehicle Sales Expected to Lift Slightly in Q2 but Remain Down Year Over Year, According to Edmunds


Analysts say inventory shortages driven by global supply chain issues continue to place pressure on the automotive industry, with no relief in sight

SANTA MONICA, Calif., June 28, 2022 /PRNewswire/ -- The car shopping experts from Edmunds forecast that 3,498,769 new cars and trucks will be sold in the U.S. in the second quarter of 2022, which will be a 20.8% decrease from the second quarter of 2021 but a 5.1% increase compared to the first quarter of 2022. According to Edmunds data, the second quarter historically is a stronger selling period compared to the first quarter for new vehicles: Q2 sales were approximately 10% higher on average compared to Q1 between 2017 to 2019. Edmunds analysts note that this year's softer quarter-over-quarter increase is an indicator of how the automotive market is being squeezed.

Elevated gas prices and rising interest rates only intensified the struggles faced by car shoppers in Q2

"Elevated gas prices and rising interest rates only intensified the struggles faced by car shoppers amid ongoing inventory shortages in the second quarter," said Jessica Caldwell, Edmunds' executive director of insights. "The majority of consumers who are purchasing vehicles in these conditions are either in a financial position where money is less of a consideration or are doing so out of absolute necessity."

Edmunds analysts expect supply challenges to stick around for the foreseeable future, and they advise car shoppers to temper their expectations for car shopping deals through the Fourth of July weekend and the rest of the year.

"Although most people are used to the end-of-summer and end-of-model-year sales events, automakers and dealers likely won't be rolling out the barbecue grills or wacky waving tube men to promote discounts this year because they won't have a surplus of inventory to clear. Consumers in this market should be determining when they actually need to buy a car instead of holding out for big sales events," said Caldwell. "Looking ahead, a recovery in vehicle production in 2022 seems highly unlikely at this point, but a bright spot for the industry is that profit margins are staying high and pent-up consumer demand will only continue to build as shortages continue."

SALES VOLUME FORECAST, BY MANUFACTURER               

SALES VOLUME

2022 Q2 Forecast

2021 Q2 Sales

2022 Q1 Sales

Change from 2022 Q2

Change from 2022 Q1

GM

571,068

688,638

519,924

-17.1 %

9.8 %

Toyota

539,693

688,813

516,373

-21.6 %

4.5 %

Ford

490,818

475,334

432,133

3.3 %

13.6 %

Stellantis

428,402

487,241

409,844

-12.1 %

4.5 %

Hyundai/Kia

373,085

470,594

323,220

-20.7 %

15.4 %

Honda

248,741

486,419

266,419

-48.9 %

-6.6 %

Nissan

188,301

298,148

201,081

-36.8 %

-6.4 %

VW/Audi

115,340

190,419

101,537

-39.4 %

13.6 %

Industry

3,498,769

4,419,803

3,328,817

-20.8 %

5.1 %

MARKET SHARE FORECAST, BY MANUFACTURER

Market Share

2022 Q2 Forecast

2021 Q2 Sales

2022 Q1 Sales

Change from 2022 Q2

Change from 2022 Q1

GM

16.3 %

15.6 %

15.6 %

4.8 %

4.5 %

Toyota

15.4 %

15.6 %

15.5 %

-1.0 %

-0.6 %

Ford

14.0 %

10.8 %

13.0 %

30.4 %

8.1 %

Stellantis

12.2 %

11.0 %

12.3 %

11.1 %

-0.5 %

Hyundai/Kia

10.7 %

10.6 %

9.7 %

0.1 %

9.8 %

Honda

7.1 %

11.0 %

8.0 %

-35.4 %

-11.2 %

Nissan

5.4 %

6.7 %

6.0 %

-20.2 %

-10.9 %

VW/Audi

3.3 %

4.3 %

3.1 %

-23.5 %

8.1 %

About Edmunds

Edmunds guides car shoppers online from research to purchase. With in-depth reviews of every new vehicle, shopping tips from an in-house team of experts, plus a wealth of consumer and automotive market insights, Edmunds helps millions of shoppers each month select, price and buy a car with confidence. Regarded as one of America's best workplaces by Fortune, Great Place to Work and Built In, Edmunds is based in Santa Monica, California. Follow us on Twitter, Facebook and Instagram.

CONTACT:
Talia James-Armand
Associate Director, PR & Communications
[email protected]
310-309-4900
http://edmunds.com/about/press

SOURCE Edmunds


These press releases may also interest you

at 18:29
Atlas ("Atlas" or the "Company") announced today that its board of directors (the "Board") has already formed a special committee of independent directors to evaluate the unsolicited non-binding proposal from Poseidon Acquisition Corp. ("Poseidon")...

at 18:21
The Minister of Transport, the Honourable Omar Alghabra, the Minister of Health, the Honourable Jean-Yves Duclos, the Minister of Public Safety, the Honourable Marco Mendicino, and the Minister of Tourism and Associate Minister of Finance, the...

at 18:00
Speaking jointly on a panel today at the Green Transportation Summit and Expo, representatives from Daimler Truck, Navistar, PACCAR and Volvo Group outlined a shared vision for an industry-wide transition to medium- and heavy-duty (MHD) zero-emission...

at 17:59
Cloud Inventory®, a leader in mobile-first inventory solutions, and Boomitm, an intelligent connectivity and automation leader, announced an expanded partnership to provide faster, easier integration for customers. The partnership empowers companies...

at 17:45
The Savannah Logistics Innovation Center (SLIC) and Plug and Play, a Silicon-Valley based venture capital firm and corporate innovation platform that recently opened an office in Savannah, announced today the first cohort of selected startup...

at 16:45
Aptiv PLC a global technology company focused on making mobility safer, greener and more connected, today announced that its Board of Directors declared a quarterly cash dividend of $1.375 per share on its 5.50% Series A Mandatory Convertible...



News published on 28 june 2022 at 09:03 and distributed by: