Global light vehicle sales to fall further on China lockdown - data
Reuters
Published May 25, 2022 09:05AM ET
(Reuters) - Auto industry consultants J.D. Power and LMC Automotive on Wednesday further cut their global light vehicle sales forecast for 2022, as lockdowns in China and the ongoing war in Ukraine hurt production.
The consultants now expect 2022 light vehicle sales of 80 million units, down from their earlier forecast of 81.7 million units.
Strict COVID-19 lockdowns in China have exacerbated supply chain disruptions and hurt auto production in one of the world's biggest markets.
Auto part supplier Aptiv (NYSE:APTV) Plc warned earlier this month of a hit to its current-quarter earnings due to the lockdowns.
U.S. total new-vehicle sales for May, including retail and non-retail transactions, are projected to reach 1.2 million units, an 18% decrease from last year, the consultants said in a report.
Retail sales of new vehicles in the country are also expected to fall 20.9% but the average transaction price is anticipated to hit a May record at $44,832.
The seasonally adjusted annualized rate for total new-vehicle sales in the United States is expected to be 13.6 million units in May, down from 3.3 million units last year.
"As recovery is pushed out even further and consumers feel more of the effect of rising prices, lack of demand may become the issue once supply can catch up after 2023," said Jeff Schuster, president of Americas operations and global vehicle forecasts at LMC Automotive.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.