Tuesday, January 31, 2023
News U.S. Auto Sales Jump in Second Quarter

U.S. Auto Sales Jump in Second Quarter

Volumes recover despite production stalling

  • SUVs continue to drive demand for vehicles

  • But EVs are beginning to show more impact

U.S. auto sales were up sharply for the quarter. SUVs continue to drive demand and that’s not expected to change as buyers look to move away from public transit and more electric vehicles get ready to hit the market.

It’s not just that buyers are taking home more SUVs and crossovers, it’s that they’re buying more expensive offerings, Reuters reports. Combine that with lower interest rates, government stimulus, and the desire for commuters to isolate in their vehicles from public transit, and profitability is also up for automakers despite semiconductor shortages plaguing production.

“We expect continued high demand in the second half of this year and into 2022,” Elaine Buckberg, GM’s chief economist, said. Bolt EV sales hit record levels while Buick’s premium SUVs saw sales up 86 percent.

Toyota said its electrified models made up 13 percent more of its product mix compared with last June, with total sales up 73 percent. Mazda reported strong sales with its total volume up 46.8 percent from the year before. June was the brand’s second-best June ever for the brand, with CX-30, CX-5, and CX-9 all posting their second-best-ever months.

The Ford Mustang Mach-E outsold the conventional Mustang for the first time, again helping drive both EV and crossover sales. More important EV launches, including the Bolt EV SUV, Hyundai Ioniq 5, and Kia EV6 are all expected in the second half of this year.

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