Posted 1/26/2024, 2:10:10 PM
New Car Sales Seen Slowing in January, Driven by Lower EV Demand and Seasonal Factors
- U.S. new vehicle sales expected to fall 1.5% in January vs a year earlier due to slower seasonal sales and cooling electric vehicle demand
- Total sales estimated at about 1,087,900 units
- Consumers expected to spend nearly $37 billion on new vehicles, down 2%
- Electric vehicle retail share expected to drop to 8.1% from 9.2% due to changes in government rebate criteria
- Average transaction price for new vehicles expected to be $45,106, down $1,636