![]() ![]() ![]() Edmunds expects inventory shortages to continue for the foreseeable future, frustrating auto buyers. Most automakers were reporting sales figures on Friday, but Tesla is likely to do so this weekend and Ford won’t report until Tuesday.Įdmunds predicted that nearly 3.5 million new vehicles were sold last quarter in the U.S., 20.8 percent fewer than the same period a year ago. Nissan sales dropped nearly 39 percent for the quarter, and Hyundai posted a 23 percent sales dip. Honda’s second-quarter sales fell by more than half, with the company blaming “severe” supply chain issues. Stellantis, formerly Fiat Chrysler, posted a 16 percent sales decline. That allowed GM to pass the Japanese company and retake the crown as the top-selling automaker in the U.S., a title GM lost last year. Toyota sales were down 19 percent for the first half of the year and they fell 18 percent in June. “Every microchip producer is producing at maximum speed because they have maximum demand,” Hollis said. Jack Hollis, head of Toyota sales in North America, said the chip shortage didn’t improve as much as the company expected in the first half of the year, and he doesn’t see it getting much better until next summer. The incomplete vehicles are expected to be finished and sold by the end of the year. WATCH: Senate debates bill to help build domestic technology supply chains amid shrinking economyĪt General Motors, which reported a 15 percent sales drop, shortages of chips and other parts forced the company to build 95,000 vehicles without one part or another. reported that 12.7 percent of consumers who financed a new vehicle in June had monthly payments of $1,000 or more. Power estimates that the average sales price of a new vehicle for the first six months of the year hit nearly $45,000, a record that is 17.5 percent higher than a year ago. The low supply has raised prices to record levels, knocking many consumers out of the new-vehicle market.Į said that automakers sold 3.49 million vehicles during the quarter, nearly 933,000 fewer than the same period last year. Yet demand still outstripped supply from April through June, even with $5 per gallon gasoline, high inflation and rising interest rates. ![]() new vehicle sales tumbled more than 21 percent in the second quarter compared with a year ago as the global semiconductor shortage continued to cause production problems for the industry. ![]()
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