According to foreign media reports, Cox Automotive and Edmunds.
com data show that new car sales in the United States in the third quarter of this year are expected to decline by about 2% compared with the same period last year, and by about 5% month-on-month to about 3.
9 million vehicles.
Both Cox and Edmunds expect U.S. light vehicle sales to reach about 15.
7 million this year.
Edmunds has maintained that forecast since the start of the year, while Cox has cut its initial forecast of 16 million vehicles.
Jessica Caldwell, head of Edmunds Insight, said that current car prices are too expensive for many consumers, limiting the number of consumers in the United States who can buy new cars.
On average, people need a loan of $40, 000 to buy a new car, says Jessica Caldwell.
For many consumers, the choice of new cars is quite limited.
” Charlie Chesbrough, senior economist at Cox Automotive, said: “the US new car market is volatile this year and is expected to maintain this trend in the fourth quarter.
Car prices are still a major obstacle to the further development of the auto market, but the situation is improving, so we remain optimistic about the sales prospects of the auto industry.
” Honda and Ford are expected to be one of the few large automakers in the U. S. auto market to achieve year-on-year growth in the third quarter of this year.
Car sales at Stellantis, Toyota and BMW may have fallen sharply.
Cox predicts that Stellantis’s sales will fall by as much as 21% in the third quarter of this year compared with the same period last year, and Stellantis’s US sales have continued to decline over the past year.
Carlos Tavares, chief executive of Stellantis, has prioritized car pricing and profits over market share, particularly the crucial Jeep and Ram brands.
Although total car sales in the United States are likely to decline in the third quarter of this year, sales of electric vehicles are growing, albeit at a slower pace than many had expected.
While sales of Tesla, the US electric car leader, are expected to fall 2.
4 per cent in the third quarter from a year earlier, total US electric vehicle sales will grow by about 8 per cent year-on-year, according to the Cox report.
Tesla has dominated the u.s. electric vehicle market for many years, but its market share is expected to fall below 50% for the second consecutive quarter, according to Cox.
Photo: Tesla, the growth of electric vehicle sales in the United States is largely driven by incentives.
Although the average trading price of new electric vehicles in the US is expected to be the same as last year, incentive funds for electric vehicles are expected to increase, accounting for 13.
3 per cent of the average trading price of cars.
This is the highest level so far this year and more than 80% higher than the incentive funds for traditional internal combustion engine vehicles.
In the United States, incentives for electric vehicles include a federal tax credit of up to $7500 for consumers to buy or rent electric vehicles.
However, not all buyers of new electric cars are eligible for the incentive.
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