Continuous economic headwinds suggest no news might be excellent news
relating to auto need levelsWith volume for the month forecasted at 1.122 million units,
November U.S. auto sales are estimated to translate to an approximated
sales rate of 14.1 million units (seasonally adjusted annual rate:
SAAR). This would represent a sustained improvement from the May
through September period but will show a decrease from Octobers.
14.9 million-unit speed, according to S&P Global Mobility.
analysis.The daily selling rate metric in November (approximately 44-45K.
each day) would be in-line with levels since September. Translation:.
From a non-seasonally adjusted volume viewpoint, auto sales.
continue to plug along at a constant pace.” Sales need to continue to improve, given the expected sustained,.
Mild, advancement in general production and stock levels,”.
stated Chris Hopson, principal expert at S&P Global Mobility.
” However, we also continue to keep an eye on for signals of.
faster-than-expected growth in inventory. Currently, there are no.
clear signs; stocks have actually advanced as prepared for. Any.
indication of faster than forecasted development in the total stock of.
brand-new vehicles might suggest that vehicle consumers are feeling the.
pressure of the present financial headwinds and pulling away from the.
market.” As a result, Octobers SAAR increase is likely to be an anomaly.
compared to the rest of the year, Hopson stated, adding that.
there are expectations of volatility in the monthly results.
starting in early 2023. Market share of battery-electric automobiles is anticipated to reach.
5.9% in November. Outside of the big 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 seaside states and.
represent 50.5% of overall EV registrations up until now in 2022 (through.
August). The greater Los Angeles and San Francisco cosmopolitan.
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 barely half of what they add to general lorry.
registrations.” BEV market share control on the two coasts is credited 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.
demographic profile is more in sync with the standard BEV buyer.
than the middle-American profile.” But Libby sees prospective for EV approval in top heartland.
markets: “More approval and much wider customer awareness is.
leading to a natural progression of adoption from the coasts to.
the Heartland.” (For more on this analysis of EVs in the Heartland,.
this unique report.) Supporting the EV advancement, product reveals surrounding the.
Los Angeles Auto Show last week continue to show the OEM.
focus.According to Stephanie Brinley, associate director of.
AutoIntelligence at S&P Global Mobility, “As vehicle shows at.
their finest highlight what individuals will be driving in coming years,.
the exposes during the Los Angeles Auto Show show the continuing.
push towards electric and amazed automobiles.” Of note, Fiat announced it will bring a version of the European.
500 EV to the U.S. beginning in early 2024, restoring the 500e.
nameplate. Toyotas expose of the 2023 Prius hybrid included a.
Prime trim that will double the hatchbacks EV-only range, while.
the car manufacturer likewise showed a rendering of the bZ (” Beyond Zero”).
electric-vehicle concept, previewing an upcoming compact SUV.
Vietnamese entrant VinFast showed U.S.-trim variations of.
2 EV crossover additions to its lineup – bringing its potential.
US offerings to four.
This post was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.