Automotive research firm S&P Global Mobility said on Monday that it expects U.S. light vehicle sales in October to realize year-over-year growth of 11%.
What Happened: “As we begin the final quarter of the calendar year, there’s potential that automakers will look to provide some additional support for consumers,” said Chris Hopson, principal analyst at S&P Global Mobility.
“This would be warmly received by new vehicle shoppers who continue to be pressured by high interest rates and slow-to-recede vehicle prices, which are translating to high monthly payments.”
October has two additional selling days compared to the same month last year. The firm also noted that inventory levels are high.
EV Sales: S&P expects EV share of auto sales to exceed 9% in October.
New BEVs are expected to be rolled out in the last quarter such as the Polestar 3, Jeep Wagoneer S, and Volkswagen ID. Buzz. Several new EVs were also rolled out recently such as the Chevrolet Equinox EV and all cumulatively will push EV sales ahead of the remaining year, S&P said.
EV giant Tesla Inc. TSLA is also hoping for heightened sales in the last quarter to boost its annual vehicle delivery volume over last year’s.
For the full-year 2023, Tesla delivered 1,808,581 vehicles. To mark a growth over last year, the company has to deliver at least 514,926 vehicles in the three months through the end of December. However, the company’s quarterly deliveries have not exceeded 500,000 anytime to date.
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