Ongoing economic headwinds imply no news might be excellent news
relating to auto demand levelsWith volume for the month predicted at 1.122 million systems,
November U.S. automobile sales are approximated to translate to an approximated
sales pace of 14.1 million units (seasonally changed yearly rate:
SAAR). This would represent a continual improvement from the May
through September duration but will reflect a decrease from Octobers.
14.9 million-unit pace, according to S&P Global Mobility.
analysis.The everyday selling rate metric in November (roughly 44-45K.
each day) would be in-line with levels because September. Translation:.
From a non-seasonally adjusted volume perspective, automobile sales.
continue to plug along at a stable pace.” Sales need to continue to improve, provided the anticipated sustained,.
however mild, improvement in overall production and inventory levels,”.
stated Chris Hopson, principal analyst at S&P Global Mobility.
” However, we also continue to keep track of for signals of.
faster-than-expected development in inventory. Currently, there are no.
clear indications; stocks have advanced as expected. But any.
sign of faster than predicted growth in the general stock of.
new cars could mean that automobile consumers are feeling the.
pressure of the existing economic headwinds and pulling away from the.
market.” As a result, Octobers SAAR boost is most likely to be an anomaly.
compared to the rest of the year, Hopson said, including that.
there are expectations of volatility in the month-to-month results.
starting in early 2023. Market share of battery-electric cars is anticipated to reach.
5.9% in November. Nevertheless, beyond the large seaside cities,.
retail registrations of EVs have yet to take hold, according to.
analysis from S&P Global Mobility.The top-eight EV markets in the US are all in coastal states and.
represent 50.5% of total EV registrations so far in 2022 (through.
August). The greater Los Angeles and San Francisco urban.
locations alone account for almost one-third of total share of the US.
EV market. On the other hand the Heartland states market share of EV sales.
is hardly half of what they contribute to general vehicle.
registrations.” BEV market share control on the 2 coasts is associated to.
their higher mix of early adopters compared to purchasers in middle.
America,” stated Tom Libby, associate director of Loyalty Solutions.
and Industry Analysis at S&P Global Mobility. “Their.
market profile is more in sync with the standard BEV buyer.
than the middle-American profile.” But Libby sees potential for EV acceptance in top heartland.
markets: “More approval and much broader consumer awareness is.
leading to a natural development of adoption from the coasts to.
the Heartland.” (For more on this analysis of EVs in the Heartland,.
this unique report.) Supporting the EV development, product exposes surrounding the.
Los Angeles Auto Show recently continue to reflect the OEM.
focus.According to Stephanie Brinley, associate director of.
AutoIntelligence at S&P Global Mobility, “As car shows at.
their best emphasize what individuals will be driving in coming years,.
the exposes throughout the Los Angeles Auto Show reflect the continuing.
push toward electric and electrified cars.” Of note, Fiat announced it will bring a variation of the European.
500 EV to the U.S. starting in early 2024, reviving the 500e.
nameplate. Toyotas reveal of the 2023 Prius hybrid included a.
Prime trim that will double the hatchbacks EV-only range, while.
the car manufacturer likewise revealed a making of the bZ (” Beyond Zero”).
electric-vehicle principle, previewing a forthcoming compact SUV.
On the other hand, Vietnamese entrant VinFast revealed U.S.-trim variations of.
two EV crossover additions to its lineup – bringing its capacity.
US offerings to four.
This short article was published by S&P Global Mobility and not by S&P Global Ratings, which is an independently handled department of S&P Global.