Stock Market News

Global light vehicle sales to fall further on China lockdown – data

2022.05.25 16:36

Global light vehicle sales to fall further on China lockdown - data
FILE PHOTO: Traffic is seen at West Street ahead of the July 4th holiday, in New York City, New York, U.S., July 2, 2021. REUTERS/Eduardo Munoz

(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.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,583.41 5.47%
ethereum
Ethereum (ETH) $ 3,493.23 4.50%
tether
Tether (USDT) $ 0.999627 0.03%
xrp
XRP (XRP) $ 2.33 6.82%
bnb
BNB (BNB) $ 695.20 1.43%
solana
Solana (SOL) $ 196.17 4.30%
dogecoin
Dogecoin (DOGE) $ 0.336079 6.83%
usd-coin
USDC (USDC) $ 1.00 0.11%
staked-ether
Lido Staked Ether (STETH) $ 3,484.16 4.40%
cardano
Cardano (ADA) $ 0.937045 5.34%
tron
TRON (TRX) $ 0.257592 2.80%
avalanche-2
Avalanche (AVAX) $ 41.35 11.35%
chainlink
Chainlink (LINK) $ 24.96 9.42%
the-open-network
Toncoin (TON) $ 5.77 4.40%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,145.28 4.72%
sui
Sui (SUI) $ 4.70 6.92%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 5.96%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,138.29 4.92%
hedera-hashgraph
Hedera (HBAR) $ 0.324732 19.49%
stellar
Stellar (XLM) $ 0.403084 12.87%
polkadot
Polkadot (DOT) $ 7.53 6.98%
hyperliquid
Hyperliquid (HYPE) $ 30.53 10.76%
weth
WETH (WETH) $ 3,491.73 4.58%
bitcoin-cash
Bitcoin Cash (BCH) $ 473.03 5.92%
uniswap
Uniswap (UNI) $ 14.60 6.34%
leo-token
LEO Token (LEO) $ 9.45 1.41%
litecoin
Litecoin (LTC) $ 108.95 5.78%
pepe
Pepe (PEPE) $ 0.000019 7.27%
bitget-token
Bitget Token (BGB) $ 4.93 21.92%
near
NEAR Protocol (NEAR) $ 5.55 8.00%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,686.90 4.53%
ethena-usde
Ethena USDe (USDE) $ 0.99944 0.11%
aave
Aave (AAVE) $ 377.33 5.78%
aptos
Aptos (APT) $ 9.76 4.19%
internet-computer
Internet Computer (ICP) $ 11.20 9.78%
usds
USDS (USDS) $ 1.00 0.09%
crypto-com-chain
Cronos (CRO) $ 0.167301 7.00%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.526448 9.61%
vechain
VeChain (VET) $ 0.05288 14.47%
ethereum-classic
Ethereum Classic (ETC) $ 28.13 6.31%
mantle
Mantle (MNT) $ 1.23 4.94%
render-token
Render (RENDER) $ 7.83 8.84%
bittensor
Bittensor (TAO) $ 498.38 8.42%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.38 7.76%
whitebit
WhiteBIT Coin (WBT) $ 24.92 2.39%
mantra-dao
MANTRA (OM) $ 3.77 0.31%
monero
Monero (XMR) $ 192.36 0.81%
arbitrum
Arbitrum (ARB) $ 0.820703 6.96%
dai
Dai (DAI) $ 1.00 0.26%
filecoin
Filecoin (FIL) $ 5.46 10.39%