Zhitong Finance App learned that automotive industry research company Cox Automotive said that, driven by the continued recovery in consumer demand, new car sales in the US are expected to reach nearly 1.3 million units in September, an increase of more than 13% over the same period last year. Cox Automotive reports that despite rising interest rates on new car loans and a strike by the United Auto Workers (UAW) against major US automakers, inventory levels across the industry have increased by more than 63%.
However, the UAW has gone on strike at some General Motors (GM.US), Ford Motor Company (F.US), and Stellantis (STLA.US) factories, which has threatened the supply of new models.
Charlie Chesbrough, senior economist at Cox Automotive, said, “Suppressed consumer demand has been driving the US auto consumer market this year. As the pace of inventory removal has improved, consumers, and even large commercial fleets, have become buyers.”
Cox Automotive also raised its annual new vehicle sales forecast from 15 million to 15.3 million to 15.4 million units.