Consumer spending on new vehicles will set a February record. Total new-vehicle sales for February 2023, including retail and non-retail transactions, are projected to reach 1,117,100 units, a 7.2% increase from February 2022 according to a joint forecast from J.D. Power and LMC Automotive. February 2023 has the same number of selling days as February […]
November Auto Sales Projected Above Last Year
Electric vehicle sales are projected to be 5.9% of sales, but are primarily in coastal cities. U.S. new vehicles sales are projected to be up overall in November compared to last year as supply issues continue to improve. With volume for the month projected at 1.122 million units, November U.S. auto sales are estimated to […]
Rising Input Costs Squeezing Out Entry-Level Battery Electric Vehicles
BEVs projected to have 51.5% market share in U.S. in 2031. The biggest challenge for OEMs rolling out new battery electric vehicles (BEVs) is rising input costs, which are affecting cost parity with traditionally powered vehicles. With prices of key raw materials used in BEVs having risen dramatically since 2019, S&P Global Mobility sees the […]
Average Age of Vehicles in the US Increases to 12.2 years.
Average age of light vehicles at an all-time high in 2022 as the vehicle fleet climbed to 283M passenger cars and light trucks. The average age of light vehicles in operation (VIO) in the US rose to 12.2 years this year, increasing by nearly two months over the prior year, according to new research from […]