A cyber breach at a widely used dealer management system heavily affected the automotive industry, slowing sales and reporting in the second half of June.
Overall, new EV prices peaked in the summer of 2022, during the last gas price surge, and have since generally declined.
The total U.S. supply of available unsold new vehicles opened May at 51% above a year ago, but volume is still down 26% from 2019 levels.
The share of new-vehicle sales from luxury brands drove up average transaction prices, when combined with fewer discounts and incentives, caused new vehicle affordability to fall.
Domestic brands continue to have the highest inventory while Asian imports rank lowest.
With new-vehicle inventory rising in the U.S., downward price pressure and higher incentives appear to be key drivers of the market’s momentum.
Inventory levels reach the highest point since June 2020 while the number of buyers who can afford a new vehicle is the best since June 2021.
Tesla price cuts that shook up the market and challenged the profitability picture for all automakers.
Sales incentives were up 136% year over year in November, indicating the new-vehicle market is shifting to a buyer’s market, not a seller’s market.
Analysis: Slowing EV adoption, an expensive UAW labor contract, and higher consumer interest rates will diminish the profits and gains of recent years.
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