Continuous financial headwinds mean no news could be good news
regarding auto need levelsWith volume for the month projected at 1.122 million systems,
November U.S. automobile sales are approximated to equate to an estimated
sales pace of 14.1 million systems (seasonally adjusted annual rate:
SAAR). This would represent a continual improvement from the May
through September period but will reflect a decline from Octobers.
14.9 million-unit pace, according to S&P Global Mobility.
analysis.The day-to-day selling rate metric in November (roughly 44-45K.
daily) would be in-line with levels considering that September. Translation:.
From a non-seasonally adjusted volume standpoint, automobile sales.
continue to plug along at a steady pace.” Sales must continue to enhance, offered the anticipated continual,.
Mild, development in general production and inventory levels,”.
said Chris Hopson, primary analyst 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; inventories have advanced as expected. Any.
indication of faster than projected growth in the overall stock of.
new lorries could suggest that auto consumers are feeling the.
pressure of the existing financial headwinds and retreating from the.
market.” As a result, Octobers SAAR increase is most likely to be an abnormality.
compared to the remainder of the year, Hopson said, adding that.
there are expectations of volatility in the monthly results.
beginning in early 2023. Market share of battery-electric lorries is expected to reach.
5.9% in November. Outside of 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 United States are all in seaside states and.
represent 50.5% of total EV registrations so far in 2022 (through.
August). The higher Los Angeles and San Francisco city.
locations alone account for nearly one-third of total share of the US.
EV market. Meanwhile the Heartland states market share of EV sales.
is barely half of what they contribute to total automobile.
registrations.” BEV market share control on the 2 coasts is credited to.
their greater mix of early adopters compared to purchasers in middle.
America,” said Tom Libby, associate director of Loyalty Solutions.
and Industry Analysis at S&P Global Mobility. “Their.
market profile is more in sync with the traditional BEV purchaser.
than the middle-American profile.” But Libby sees prospective for EV acceptance in top heartland.
markets: “More acceptance and much broader customer awareness is.
resulting in a natural progression of adoption from the coasts to.
the Heartland.” (For more on this analysis of EVs in the Heartland,.
this special report.) Supporting the EV improvement, item exposes 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 automobile shows at.
their best highlight what individuals will be driving in coming years,.
the exposes throughout the Los Angeles Auto Show show the continuing.
push towards electrical and amazed lorries.” 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 reveal of the 2023 Prius hybrid consisted of a.
Prime trim that will double the hatchbacks EV-only variety, while.
the automaker likewise revealed a rendering of the bZ (” Beyond Zero”).
electric-vehicle concept, previewing a forthcoming compact SUV.
On the other hand, Vietnamese entrant VinFast showed U.S.-trim variations of.
2 EV crossover additions to its lineup – bringing its potential.
United States offerings to four.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.