Inventory deterioration slows down during the month.
U.S. Light Vehicle sales in July performed mostly in line with the June results, according to LMC Automotive, the automotive forecasting and market intelligence firm, now a GlobalData company. Sales are still curbed by lean inventories. July volumes totaled 1.13 million units, slightly weaker than expectations going into the month. Compared to July 2021, sales fell by 11.6% – only January’s decline of 10.2% was better so far in 2022, though last July was also hampered by the chip shortage.
The July volume translates into an annualized rate of 13.3 million units, about