Vehicles Sales: 2022 Could End Up Worse than 2020 Pandemic Year
In 2020, year one of the current pandemic, economies around the world essentially shut down, and auto sales dropped dramatically. 2021 saw a partial rebound, but the increase was not as high as some had hoped.
More-optimistic observers were predicting a return to at least near-normalcy in 2022, but the supply-chain problems are more acute than ever. Manufacturers are being affected on several levels and the automotive market has never been crazier. As a result, automotive inventories are at an all-time low.This has led the Cox Automotive Group industry analysis and prediction firm to once again lower its forecast for full-year 2022 U.S. vehicle sales. The same is true for Canada.
It’s not hard to see why Cox keeps lowering its forecast: announcements about production cuts at different automakers are commonplace these days across the industry. A favourite pastime of current would-be buyers is to share war stories about the long wait times they're being given for new vehicles by dealerships.
Since June 2021, monthly sales have averaged 1.1 million units per month. Against this backdrop, “It is simply impossible given the latest production forecast to get to 15 million by the end of the year,” said Jonathan Smoke, chief economist at Cox Automotive.
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