U.S. auto sales dropped sharply in the second quarter, according to estimates, as automakers continue to deal with supply chain problems, declining consumer sentiment and rising interest rates.
The auto industry remains a significant engine of the U.S. economy — and a decline in sales may portend a broader pullback in consumer spending.All but one of the major automakers posted double-digit sales declines in the second quarter, according to estimates by car-research site Edmunds. Automakers will release official second-quarter figures beginning Friday.
Automakers are enjoying strong profits on a per-vehicle basis, Autotrader analyst Michelle Krebs tells Axios.The global semiconductor chip shortage continues to restrict production capacity, limiting supplies of new cars, trucks and SUVs. Automakers have prioritized higher-profit models, Krebs says.Sky-high prices — now averaging more than $47,000, according to Kelley Blue Book — are also hurting sales, driving more buyers into the used market.
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