New light vehicle sales in the U.S. are projected to hit 1.40 million units in June 2024, a 1% increase year-over-year, according to S&P Global Mobility.
According to S&P Global Mobility, this would result in a seasonally adjusted annual rate (SAAR) of 16.2 million units, the highest monthly figure since May 2021.
Despite recent challenges such as a cyberattack on dealer management software and a halt on sales of certain Toyota and Lexus vehicles, June is expected to maintain the upward momentum seen in May. Chris Hopson, principal analyst at S&P Global Mobility, notes that strong incentives and growing inventories have bolstered sales, making Q2’s average SAAR the highest since Q2 2021.
Inventory, particularly for electric vehicles (EVs), continues to rise, reaching 2.79 million vehicles at the end of May. The EV market share is forecasted at 7.5% for June, with further growth anticipated with upcoming models like the Chevrolet Equinox EV and Honda Prologue.
More at: www.spglobal.com/mobility.
