Christopher Otts of The Wall Street Journal reports that U.S. car sales are stuck below pre-pandemic levels despite better vehicle availability and more deals. Otts writes:
High new-vehicle prices and borrowing costs are keeping some shoppers on the sidelines, pointing to what is expected to be another lackluster sales year for automakers.
Industrywide third-quarter U.S. vehicle sales fell 1.9% compared with a year earlier, according to an estimate from research firm Wards Intelligence. Most major automakers reported results for the July-to-September period on Tuesday. […]
Analysts say the industry’s U.S. sales tally was dented by disruption from Hurricane Helene, which hit the Southeast on the final weekend of September, typically a busy selling period.
Meanwhile, auto executives also were bracing for any impact from a dockworker strike that took effect early Tuesday, shutting down ports from Maine to Texas. […]
“I don’t think that people really want these teeny, tiny vehicles, but it’s what they can afford right now,” said Cox senior economist Charlie Chesbrough.
The stagnant U.S. market is among several challenges facing traditional automakers, including fierce competition in China. Several European automakers lowered sales or profit forecasts in recent weeks, including Volkswagen, Mercedes-Benz, BMW and Jeep maker Stellantis.
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