Continuous financial headwinds mean no news might be great news
regarding auto need levelsWith volume for the month forecasted at 1.122 million systems,
November U.S. auto sales are estimated to equate to an estimated
sales rate of 14.1 million units (seasonally adjusted annual rate:
SAAR). This would represent a sustained improvement from the May
through September period however will reflect a decline from Octobers.
14.9 million-unit pace, according to S&P Global Mobility.
analysis.The daily selling rate metric in November (around 44-45K.
each day) would be in-line with levels given that September. Translation:.
From a non-seasonally adjusted volume standpoint, vehicle sales.
continue to plug along at a consistent speed.” Sales need to continue to improve, given the expected sustained,.
Moderate, advancement in general production and stock levels,”.
stated Chris Hopson, principal expert at S&P Global Mobility.
” However, we also continue to monitor for signals of.
faster-than-expected growth in inventory. Presently, there are no.
clear signs; stocks have actually advanced as expected. However any.
indicator of faster than predicted development in the total stock of.
new cars could mean that automobile customers are feeling the.
pressure of the present economic headwinds and pulling away from the.
market.” As a result, Octobers SAAR boost is likely to be an anomaly.
compared to the rest of the year, Hopson stated, including that.
there are expectations of volatility in the monthly results.
starting in early 2023. Market share of battery-electric vehicles is anticipated to reach.
5.9% in November. Nevertheless, beyond the big coastal 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 overall EV registrations so far in 2022 (through.
August). The greater Los Angeles and San Francisco urbane.
locations alone account for almost one-third of overall share of the US.
EV market. On the other hand the Heartland states market share of EV sales.
is hardly half of what they add to overall car.
registrations.” BEV market share control on the two coasts is credited to.
their higher mix of early adopters compared to buyers 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 conventional BEV purchaser.
than the middle-American profile.” But Libby sees potential for EV approval in top heartland.
markets: “More approval and much broader customer awareness is.
resulting in a natural development of adoption from the coasts to.
the Heartland.” (For more on this analysis of EVs in the Heartland,.
this special report.) Supporting the EV advancement, product reveals surrounding the.
Los Angeles Auto Show recently 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 people will be driving in coming years,.
the exposes throughout the Los Angeles Auto Show show the continuing.
push towards electric and electrified vehicles.” Of note, Fiat announced it will bring a version of the European.
500 EV to the U.S. beginning in early 2024, reviving the 500e.
nameplate. Toyotas reveal of the 2023 Prius hybrid consisted of a.
Prime cut that will double the hatchbacks EV-only variety, while.
the car manufacturer likewise showed a rendering of the bZ (” Beyond Zero”).
electric-vehicle concept, previewing an upcoming compact SUV.
On the other hand, Vietnamese entrant VinFast revealed U.S.-trim versions of.
two EV crossover additions to its lineup – bringing its potential.
US offerings to 4.
This short article was released by S&P Global Mobility and not by S&P Global Ratings, which is an independently managed department of S&P Global.