Category: Automotive

November New-Vehicle Retail Sales Decline 4.8% as Effects of EV Pull-Ahead Persist

2025-11-19

jillian.breska

The Total Sales Forecast

Total new-vehicle sales for November 2025, including retail and non-retail transactions, are projected to reach 1,255,900, a 5.2% decrease year over year, according to a joint forecast from JD Power and GlobalData. November 2025 has 25 selling days, one fewer than November 2024. 

The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 15.4 million units, down 1.2 million units from November 2024. 

The Retail Sales Forecast

New-vehicle retail sales for November 2025 are projected to reach 1,058,500, a 4.8% decrease from November 2024.

The Takeaways

Thomas King, president of OEM solutions at JD Power:
“November’s results reflect another notable—yet anticipated—decline in the new-vehicle sales pace, driven largely by the pull-ahead of electric vehicle (EV) purchases prior to the expiration of federal EV tax credits on Sept. 30. That expiration prompted many shoppers to accelerate buying decisions, resulting in a surge in EV sales that temporarily inflated the overall industry sales pace. Now, two months after the credit expired, the industry continues to feel the effect of those accelerated purchases. In November, EVs are expected to account for just 6.0% of new-vehicle retail sales, consistent with October but well below the 12.9% recorded in September.

“Automakers are recalibrating pricing strategies following the expiration of EV tax credits, tariff dynamics and evolving fuel economy requirements, along with the transition to the new model year. These factors create some distortions in typical seasonal discount patterns. Discounts on EVs are expected to average $11,869 in November, up $260 from November 2024 but down $928 from October 2025. Discounts on non-EVs are projected at $2,960, an increase of $161 from a year ago.

“The average manufacturer’s incentive spend per vehicle is on track to reach $3,211, which is $375 higher than October but $125 lower than a year ago. The year-over-year decline in incentive spending is mostly due to sales shifting away from heavily discounted EVs and moving towards non-EVs with much lower discounts. The declining percentage of vehicles leased compared to a year ago is adding secondary pressure to lower incentive spending. Leasing is expected to decline 2.7 percentage points from November 2024, reaching 20.5% of sales. EV manufacturers have heavily relied on leasing to allow consumers to benefit from the EV tax credit, but EV leasing has declined 12.0 percentage points from November 2024, trending at 54%. A lower percentage of EV leases combined with a lower percentage of EV sales is driving incentive spending down from a year ago. 

“Affordability pressures remain, with monthly finance payments reaching a record for the month of November at $760. In response, more consumers are turning to extended 84-month loan terms, which are expected to account for 11.1% of financed sales this month—nearing the highest level on record for the month of November set in 2022. The average new-vehicle retail transaction price in November is expected to reach $46,029, up $722 or 1.6% from November 2024.

“Easing interest rates and strong used-vehicle values—reflected in higher trade-in equity—are providing meaningful relief to buyers facing elevated monthly payments.”

The average interest rate for new-vehicle loans in November is 6.05%, a decrease of 27 basis points from a year ago.

“The average used-vehicle price is trending toward $29,696, up $725 from a year ago. This reflects the combination of reduced supply of recent model-year used vehicles due to lower new-vehicle production during the pandemic, fewer lease maturities and manufacturers moderating discounts. The rise in used-vehicle prices is good news for new-vehicle buyers with a trade-in, although average trade-in equity in November is down a modest $111 year over year to $7,822. The number of new-vehicle buyers with negative equity on their trade-in is expected to reach 26.9%—an increase of 3.3 percentage points from November 2024. Although negative equity is rising, it remains below the peak November level of 32.9% recorded in 2019.

“Elevated transaction prices in November are not enough to offset the lower sales pace, with consumers on track to spend nearly $46.8 billion on new vehicles this month—6.4% lower than a year ago. Total retailer profit per unit—which includes vehicle gross plus finance and insurance income—is expected to be $2,161, up $6 from November 2024 and down $54 from October 2025.  The improvement in retailer profit per unit is primarily a function of lower EV sales, which typically generate lower retailer profits than non-EVs. Total aggregate retailer profit from new-vehicle sales for this month is projected to be $2.2 billion, down 7.7% from last year.

“Subprime mix had been on a steady upward trajectory this year, topping out at 9.8% in October, the highest of any month since March 2020. Subprime mix fell slightly from October to 8.9% in November, still 2.8 percentage points higher than November 2024.

“The industry enters the holiday sales season facing a mix of affordability challenges, evolving incentive strategies and lingering effects from the EV pull-ahead earlier this year. While interest rates have eased and used-vehicle values remain strong—providing some support for trade-in equity—the number of leases set to expire in December is projected to be more than 15% lower than the same period a year ago and 50% lower than in 2023, thus limiting the typical year-end boost. Automakers are expected to maintain disciplined pricing and restrained incentives, particularly in non-EV segments, as they balance profitability with the need to stimulate demand. How aggressively manufacturers choose to adjust discounting and promotional activity during December will be critical in shaping the close of 2025.”

Sales & SAAR Comparison

U.S. New Vehicle	November 20251, 2	October 2025	November 2024
Retail Sales	1,058,514 units  (4.8% lower than November 2024)2	1,070,870 units	1,156,088 units
Total Sales	1,255,872 units (5.2% lower than October 2024)2	1,276,856 units	1,378,000 units
Retail SAAR	12.5 million units	12.9 million units	13.4 million units
Total SAAR	15.4 million units	15.4 million units	16.6 million units

¹ Figures cited for November 2025 are forecasted based on the first 13 selling days of the month.
² November 2025 has 25 selling days, one fewer than November 2024. 

The Details

• Fleet sales are expected to total 197,358 units in November, down 7.5% from November 2024. Fleet volume is expected to account for 15.7% of total light-vehicle sales, down 0.4 percentage points from a year ago.
• Internal combustion engine (ICE) vehicles are projected to account for 77.5% of new-vehicle retail sales, an increase of 2.3 percentage points from a year ago. Plug-in hybrid vehicles (PHEV) are on pace to make up 1.1% of sales, down 1.4 percentage points from November 2024, while electric vehicles (EV) are expected to account for 6.0% of sales, down 3.6 percentage points, and hybrid electric vehicles (HEV) are expected to account for 14.5% of new-vehicle retail sales, up 1.7 percentage points.
• U.S. final assembly vehicles are expected to make up 55.7% of sales in November, up 4.1 percentage points from a year ago.
• Trucks/SUVs are on pace to account for 82.6% of new-vehicle retail sales, up 1.0 percentage point from November 2024.
• Retail inventory levels are currently at 2.29 million units, an 11.7% increase from November 2024.
• The industry’s inventory days of supply is 64 days in November, up 5 days from a year ago.
• The average new-vehicle retail transaction price in November is expected to reach $46,029,up $722 from November 2024. Transaction price as a percentage of MSRP rose to 89.4%, up 0.2 percentage points from a year ago.
• Retail buyers are on pace to spend $46.8 billion on new vehicles, down $3.2 billion from November 2024.
• Average incentive spending per unit in November is expected to reach $3,211, down $125 from November 2024. Incentive spending as a percentage of the average MSRP is expected to decrease to 6.2%, down 0.3 percentage points from November 2024.
• Average incentive spending per unit on trucks/SUVs in November is expected to be $3,388, down $79 from a year ago, while the average spending on cars is expected to be $2,362, down $365 from a year ago.
• Leasing is expected to account for 20.5% of sales this month, down 2.7 percentage points from a year ago.
• The average time a new vehicle remains in the dealer’s possession before sale is expected to be 52 days in November, which is flat from a year ago.
• 25.8% of vehicles sold in less than 10 days in November, down 4.4 percentage points from a year ago.
• Average monthly finance payments are on pace to be $760, up $19 from November 2024. The average interest rate for new-vehicle loans is expected to be 6.05%, down 0.27 percentage points from a year ago.
• So far in November, average used-vehicle retail prices are $29,696, up $725 from a year ago. Trade-in equity is trending towards $7,822, which is down $111 from a year ago.
• 26.9% of trade-ins are expected to carry negative equity this month—an increase of 3.3 percentage points from November 2024.
• Finance loans with terms greater than or equal to 84 months are expected to reach 11.1% of finance sales this month, up 2.1 percentage points from November 2024.

Electrification Outlook

Tyson Jominy, senior vice president of OEM customer success at JD Power:
“The electric vehicle (EV) market is entering a new phase following the end of federal incentives, with November data signaling a shift in consumer behavior and industry dynamics. EV retail share has stabilized at 6.0%, flat from October but notably lower than last year’s 9.6%. Plug-in hybrids (PHEVs) have seen an even steeper decline, dropping to 1.1% from 2.5% a year ago, underscoring the challenges facing electrified powertrains in a post-incentive environment.

“Pricing trends further highlight the evolving landscape. EV transaction prices have surged by $6,500 year over year to $52,400, making them the second most expensive powertrain after PHEVs, which now average $64,300, a jump of $8,400. In contrast, internal combustion engine (ICE) vehicles average $46,000, while traditional hybrids remain the most affordable option at $42,200. Despite these price increases, automakers continue to rely heavily on incentives to drive EV sales, with average support of $6,220 per vehicle, the highest among all powertrains.

“Leasing remains a critical lever for EV adoption, with 54% of EV transactions occurring through leases, far outpacing ICE vehicles at 20% and hybrids at 15%. While EV incentive spending has moderated compared to a year ago, the reliance on leasing and discounts underscores the challenges automakers face. As the market adjusts to life without federal tax credits, manufacturers will need to rethink go-to-market strategies to balance affordability, profitability, and consumer demand in this new paradigm.”

Global Sales Outlook

David Oakley, manager, Americas vehicle sales forecasts at GlobalData:
“October global light-vehicle sales are estimated to have increased 3.1% year over year to 8.2 million units, despite some mixed results across major regions. The selling rate for October was estimated at 95.9 million units, up from a downwardly revised 92.3 million units in September.

“China, India and Europe contributed the most to year over year sales gains in October. Although government subsidies and tax incentives in China are being wound down, there was still sufficient demand to deliver year over year growth in October, with new energy vehicles accounting for more than half of all sales. Tax reductions and holiday sales events spurred strong sales in India. In Europe, sales in Turkey increased sharply as consumers sought to invest in vehicles to guard against inflation.

“November sales are expected to decrease 3.9% from November 2024. In part, this is a reflection of a relatively strong month in November 2024. However, tariff effects and economic uncertainty are expected to play a part in subduing demand in Europe and North America, while China could see a slight slowdown as subsidies ease. The global selling rate is expected to reach 92.7 million units in November, down from a rate of 95.8 million units in November 2024.

“Overall, global trade appears to have stabilized slightly over the past month, with some progress made on resolving the Nexperia chip crisis. Despite some uncertainty remaining over the health of the global economy, we see total 2025 sales at 91.4 million units, up by around 200,000 from our forecast a month ago and representing growth of 3.0% year over year.”

Media Relations Contact
Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]

About JD Power 
JD Power is a global leader in automotive data and analytics, and provides industry intelligence, consumer insights and advisory solutions to the automotive industry and selected non-automotive industries. JD Power leverages its extensive proprietary datasets and software capabilities combined with advanced analytics and artificial intelligence tools to help its clients optimize business performance.

JD Power was founded in 1968 and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit jdpower.com/business. The JD Power auto-shopping tool can be found at jdpower.com. 

About GlobalData https://www.globaldata.com/

 

Overall APEAL Satisfaction in Japan Remains Unchanged from 2024, JD Power Finds

2025-10-22

TOKYO: 22 Oct. 2025 — Of the 10 categories included in the JD Power 2025 Japan Automotive Performance, Execution and Layout (APEAL) Study,^SM released today, vehicle infotainment remains the least appealing to vehicle owners for the fifth straight year with a satisfaction score of 624 (on a 1,000-point scale). Additionally, the overall APEAL Index score this year, combined for mass market and luxury brands, averages 668 points, unchanged from 2024. 

“Infotainment is not only the least appealing category—it’s also the most problematic in the JD Power 2025 Japan Initial Quality Study,” said Taku Kimoto, CEO of JD Power Japan. “Given the strong link between vehicle quality and appeal, manufacturers must improve both aspects. Low-scoring features like voice recognition received particularly negative feedback and should be prioritized.

“This year’s study also finds that plug-in hybrid electric vehicles (PHEVs) outperform other electrified vehicles in product appeal and recommendation intent. Despite cost concerns, growing customer loyalty to PHEVs could support stronger sales amid the recent slowdown in electrified powertrain adoption.”

Followings are key findings of the 2025 study:

• Overall APEAL satisfaction varies by brand: Among mass market brands, Subaru ranks highest with a score of 687. In the model-level awards, Toyota ranks highest in four segments, while Lexus and Suzuki each lead in two segments, and Honda and Mitsubishi each rank highest in one segment. Among vehicle models, Toyota Harrier and Lexus RX, which rank highest in the midsize SUV and large SUV segments, respectively, also ranked highest in the JD Power 2025 Japan Initial Quality StudySM (IQS) ^１, indicating that these models perform well in both quality and appeal.
• Owner satisfaction with exterior decreased: Among the 10 categories in which owners evaluate their new vehicle, the category with the highest satisfaction goes to the exterior category, with a score of 741. However, the APEAL satisfaction has declined by seven points since 2024—the largest decrease among the 10 categories. For reference, the second highest-scoring category is the driving feel index with an overall satisfaction score of 669, 72 points lower than vehicle exterior.
• PHEVs more appealing: In this year’s study, ownership of electrified vehicles—including HEVs, PHEVs, EVs, and FCEVs—has risen to 54%. Satisfaction among PHEV owners increased by 23 points year over year, reaching 753, which is more than 100 points higher than the average for ICE vehicles (651). PHEVs outperform ICEs by over 100 points in key areas such as fuel economy, powertrain performance, driving feel, safety, and comfort. Additionally, 22% of PHEV owners say they would definitely recommend their vehicle—10 percentage points higher than ICE owners.

 

Highest-Ranking Brand

Subaru ranks highest among mass market brands, with a score of 687. Toyota (681) ranks second and Mazda (679) ranks third.

This year, the luxury brand ranking is not eligible as it did not meet JD Power’s criteria.

Model-Level APEAL Awards

By segment, the highest-ranking models are:

• Mini-car–Sedan segment: Suzuki Lapin
• Mini-car–Height Wagon segment: Suzuki Hustler
• Mini-car–Super Height Wagon segment: Mitsubishi Delica Mini
• Compact Car segment: Toyota AQUA
• Compact SUV segment: Lexus LBX
• Midsize Car segment: Toyota Prius
• Midsize SUV segment: Toyota Harrier
• Large SUV segment: Lexus RX
• Compact Minivan segment: Honda Freed
• Minivan segment: Toyota Vellfire
• The large segment is not eligible for the award because the ranking criteria were not met. 

 

The Japan Automotive Performance, Execution and Layout (APEAL) Study is now in its 15^th year. The 2025 study is based on responses from 20,101 owners of new vehicles in the first two to 13 months of ownership. The study, which complements the annual Japan Initial Quality Study (IQS) and the Japan Tech Experience Index (TXI) Study, is used extensively by manufacturers worldwide to help them design and develop more appealing vehicles and is used by consumers to help them in their purchase decisions. The study was fielded from May-June 2025. 

 

About JD Power

JD Power is a global leader in automotive data and analytics, and provides industry intelligence, consumer insights and advisory solutions to the automotive industry and selected non-automotive industries. JD Power leverages its extensive proprietary datasets and software capabilities combined with advanced analytics and artificial intelligence tools to help its clients optimize business performance.

JD Power was founded in 1968 and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit https://japan.jdpower.com/.

 

Media Relations Contacts

Kumi Kitami; JD Power, Japan; 81-3-6809-2996; [email protected]

Joe LaMuraglia; JD Power, USA; 714-621-6224; [email protected]

 

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

 

_{^１JD Power 2025 Japan Initial Quality Study^SM (IQS):
https://japan.jdpower.com/en/business/press-releases/2025_Japan_Initial_Quality_Study}

 

 

Manufacturers with Large Electric Vehicle Portfolio Have Higher Website Satisfaction, JD Power Finds

2024-01-03

jillian.breska

 

TROY, Mich.: 9 Jan. 2024 — Although overall satisfaction with car manufacturer websites remains flat, satisfaction among electric vehicle (EV) shoppers has increased since the last volume in Summer 2023, according to the JD Power 2024 U.S. Manufacturer Website Evaluation Study^SM —Winter, released today. Specifically, of the six brands that experienced significant increases, five have a larger EV portfolio.

“Previously, car manufacturers had difficulties showcasing the technological specifications for their EVs in an easily digestible way for shoppers,” said Eric McCready, director of digital solutions at JD Power. “Now, the tide has turned as the EV shopping experience has been elevated. Looking ahead, manufacturers that evenly distribute the focus and updates across all vehicle types will see higher satisfaction with vehicle shoppers.”

The JD Power U.S. Manufacturer Website Evaluation Study is a semiannual study that measures customer satisfaction of automotive manufacturer websites during the process of shopping for a new vehicle by examining four key measures (in order of importance): information/content; visual appeal; navigation; and speed.

Study Rankings

Mercedes-Benz ranks highest among premium manufacturer websites with a score of 751. Tesla (749) ranks second and Cadillac (737) ranks third.

Hyundai ranks highest among mass market manufacturer websites with a score of 728. GMC (727) and Kia (727) each rank second in a tie.

The U.S. Manufacturer Website Evaluation Study, initially released in 1999, is based on responses from 12,481 new-vehicle shoppers who indicate they will be in the market for a new vehicle within the next 24 months. The study was fielded from October through December 2023.

For more information about the U.S. Manufacturer Website Evaluation Study, visit https://www.jdpower.com/business/resource/us-manufacturer-website-evaluation-study

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info

 

 

New-Vehicle Sales Rise in November as Inventory Improves; Key Financial Metrics Remain Strong but Show Signs of Moderation

2022-11-23

The Retail Sales Forecast

New-vehicle retail sales for November 2022 are expected to be relatively flat when compared with November 2021, according to a joint forecast from JD Power and LMC Automotive. Retail sales of new vehicles this month are expected to reach 933,400 units, a 0.3% decrease from November 2021. November 2022 has one additional selling day than November 2021. Comparing the same sales volume without adjusting for the number of selling days translates to an increase of 3.8% from 2021.

The Total Sales Forecast

Total new-vehicle sales for November 2022, including retail and non-retail transactions, are projected to reach 1,102,300 units, a 5.6% increase from November 2021. Comparing the sales volume without adjusting for the number of selling days translates to an increase of 9.9% from 2021.

The Takeaways

Thomas King, president of the data and analytics division at JD Power:
“November results demonstrate that vehicle production is continuing to improve, with available retail inventory exceeding one million units for a second consecutive month and a larger share of manufacturers’ production being allocated to fleet customers. The increased production is enabling a 9.9% increase in total vehicle sales (non-selling day adjusted) for the month of November.

“On the retail side, demand continues to exceed supply, as evidenced by continued strength in transaction prices, retailer profits, inventory turn rates and minimal manufacturer discounting.  However, as inventories and interest rates rise, these metrics will show signs of either moderation or decline.”

New-vehicle transaction prices continue to rise but at slower pace than earlier this year. The average price in November will set a record for the month of $45,872, an increase of 3.1% from a year ago.

The record transaction prices mean that buyers are on track to spend nearly $42.8 billion on new vehicles this month—the highest level ever for the month of November and a 7.0% increase from November 2021.

“Dealer profits are falling but remain extraordinarily strong. Total retailer profit per unit—inclusive of grosses and finance and insurance income—is on pace to be $4,359, down 15.4% from a year ago, but still more than double 2019 levels. The decline is due primarily to fewer vehicles being sold above MSRP. In November, nearly 41% of new vehicles are being sold above MSRP, which is down from 50% in July 2022.”

Total aggregate retailer profit from new-vehicle sales for the month of November is projected to be down 12.2% from November 2021, reaching $4.1 billion, the second-best November on record.

“Dealerships are continuing to pre-sell a significant portion of their available inventory, but increased production means vehicles are spending slightly more days at dealerships. This month, 49% of vehicles will be sold within 10 days of arriving at a dealership, down from a high of 56.5% in March.  The average number of days a new vehicle is in a dealer’s possession before being sold is on pace to be 21 days—up from 18 days a year ago.

“Manufacturer discounts remain minimal.  The average incentive spend per vehicle is tracking toward $1,009, a decrease of 35% from a year ago. Incentive spending per vehicle expressed as a percentage of the average vehicle MSRP is trending at 2.2%, down 1.3 percentage points from November 2021. One of the factors contributing to the low level of spending is the absence of discounts on vehicles that are leased. This month, leasing is accounting for just 17% of retail sales. In November 2019, leases accounted for 30% of all new-vehicle retail sales.

“Elevated pricing coupled with interest rate increases are inflating monthly loan payments. After breaking the $700 level for the first time ever in July, the average monthly finance payment in November is on pace to be $712, up $48 from November 2021. That translates to a 7.2% increase in monthly payments from a year ago. The average interest rate for new-vehicle loans is expected to increase 238 basis points from a year ago to 6.37%.

Used-vehicle prices are falling and leading to less trade-in equity for new vehicle buyers. The average trade-in equity for November is trending toward $9,197, a 0.4% ($33) increase from a year ago but down $905 since the peak in June 2022. For context, November 2022 trade equity is still more than double the pre-pandemic level.   

“Looking at December and into 2023, the dynamics observed in November are expected to persist.  Gradual improvements in vehicle availability will lead to improvements in the new-vehicle sales pace, but per-unit prices and profitability will moderate. Rising interest rates and falling used-vehicle values will compound this rebalancing of the industry price-volume equation. However, it is important to recognize that the overall health of the new-vehicle industry is exceptionally strong and will remain so in the coming months.”

Sales & SAAR Comparison

U.S. New Vehicle	November 20221, 2	October 2022	November 2021
Retail Sales	933,402 units (-0.3% lower than November 2021)2	982,571 units	899,139 units
Total Sales	1,102,266 units (5.6% higher November 2021)2	1,173,105 units	1,002,523 units
Retail SAAR	11.3 million units	12.7 million units	11.2 million units
Total SAAR	13.9 million units	15.2 million units	12.9 million units

¹ Figures cited for November 2022 are forecasted based on the first 17 selling days of the month.
² November 2022 has 25 selling days, one more than November 2021.

The Details

• The average new-vehicle retail transaction price in November is expected to reach $45,872, a 3.1% increase from November 2021. The previous high for any month—$46,171—was set in July 2022.
• Average incentive spending per unit in November is expected to reach $1,009, down from $1,551 in November 2021. Spending as a percentage of the average MSRP is expected to fall to 2.2%, down 1.3 percentage points from November 2021.
• Average incentive spending per unit on trucks/SUVs in November is expected to be $1,024, down $525 from a year ago, while the average spending on cars is expected to be $1,014, down $544 from a year ago.
• Retail buyers are on pace to spend $42.8 billion on new vehicles, up $2.8 billion from November 2021.
• Truck/SUVs are on pace to account for 77.6% of new-vehicle retail sales in November.
• Fleet sales are expected to total 168,900 units in November, up 56.8% from November 2021 on a selling day adjusted basis. Fleet volume is expected to account for 15% of total light-vehicle sales, up from 10% a year ago.
• Average interest rates for new vehicle loans are expected to increase to 6.37%, 238 basis points higher than a year ago.

Global Sales Outlook

Jeff Schuster, president, global forecasts, LMC Automotive:
“October was in line with expectations and, at a selling rate of 85.4 million units, was up nearly 8 million units from October 2021. Sales volume increased 10% from a year ago but year-to-date volume was down 1% and remained 10% lower than pre-pandemic year-to-date 2019. High-growth markets include India (27%), North America (14%) and Western Europe (12%). China saw a cooling of the growth rate for a third consecutive month but was still up nearly 8% from a year ago.

“The selling rate is expected to increase slightly in November to 86.5 million units but volume growth from November 2021 is expected to be moderate at 8%. The potential for new lockdowns in China and a rail strike in the United States add some risk to the outlook for November and December, but inventory is generally improving.

“The full-year outlook for 2022 has slipped to 81.5 million units, which is just 70,000 units higher than 2021. In 2023, we expect to see a rebalancing of supply and demand, and the overall volume effect due to supply disruption should fall to 2.9 million units from 7.3 million units in 2022. The 2023 outlook is tempered slightly by weakening economic conditions, down to 84.6 million units from our previous forecast. The market remains quite dynamic as some improving variables are countered by negative ones.”

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Emmie Littlejohn, LMC Automotive; Troy, Mich.; 248-817-2100; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info
About LMC Automotive www.lmc-auto.com