|
Automakers ramped up their output to keep up with a surge in
consumers interest in new vehicles for personal mobility after
the pandemic, but demand is set to ease due to a number of
factors.
Industry consultant Cox Automotive called 2023 "a surprisingly
strong sales year" but added "high vehicle prices and high
interest rates remain the industry's Grinch right now, and that
trend will continue into next year."
Car dealers had to offer generous incentives and discounts in
December to clear older inventory.
Full-year sales in 2023 are expected to be up 12% at about 15.5
million units, according to Cox. Consultants J.D. Power and
GlobalData have forecast a 13.2% increase for the period.
"This is the third consecutive year in which U.S. consumers
spent more than half a trillion dollars buying new vehicles,"
J.D. Power said in a report last month.
Major automakers are expected to report a rise in 2023 sales
starting Wednesday, with General Motors expected to retain its
crown as the top-selling automaker in the United States, ahead
of Japanese rival Toyota Motor, according to Cox.
Jeep-owner Stellantis, however, could report a 1.4% drop in
sales last year, Cox said.
Electric-vehicle sales are expected to have risen as well. EV
leader Tesla reported an about 38% rise in 2023 deliveries,
according to figures published by the automaker on Tuesday.
"Sales of EVs continue to rise...just not at the astronomical
rate the industry saw in years past," AutoForecast Solutions
said.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shinjini
Ganguli)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
