U.S. EV Sales Surge Past 1 Million in Q3
The growth of electrified vehicle sales in the U.S. is a result of more product availability and wider consumer acceptance.
The growth of electrified vehicle sales in the U.S. is a result of more product availability and wider consumer acceptance.
Double whammy: New-vehicle inventory falls below 1 million units in September while the average new vehicle price tops $45,000 for the first time.
All major market segments saw seasonally adjusted wholesale price increases in September, while sales into fleets were down 21% year over year in September.
The lack of new-vehicle inventory is steering many dealers and consumers into the used-vehicle market, resulting in higher prices for both wholesale and retail used vehicles.
The collaboration promotes safe deployment of second-life use for Xos battery packs nearing end-of-life.
Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
But sales are declining as car shoppers face limited inventory, high prices and historically low incentives.
The profit index sets another record high, while the price pressure index increased modestly.
August figures show sales into rental increased 118% year over year in August and are up 7% compared to the same time period last year.
Second quarter numbers show emerging competition for buyer choices as more models enter the market.
The decrease in U.S. auto sales is due to historically low new-vehicle inventory levels, which are over 50% lower than they were a year ago.
Tight new-vehicle supply puts upward pressure on new-vehicle transaction prices. Affordability hits 10-year low in July.
As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
Large rental, commercial, and government purchases of new vehicles increased 6% compared to this time in 2020, but decreased by 40% from the same time in 2019.
The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
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