New Vehicle Sales in June 2022 Plunged 25% from June 2019, Back to 1970s Levels, on Inventory Shortages

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New Vehicle Sales in June 2022 Plunged 25% from June 2019, Back to 1970s Levels, on Inventory Shortages | Wolf Street

Pent-up demand in time for the recession when supply might finally rise enough? This messed-up economy will continue to dish up surprises.

Automakers have now reported their June new vehicle sales, or their Q2 new vehicle sales, for the US, except Tesla, which doesn’t report US sales but only global sales. All automakers, even Toyota, and now even Tesla, are struggling with the ongoing semiconductor shortages, and they started the month of June with desperately low inventories on dealer lots and in transit.

And so new vehicle sales in June plunged by 13.5% from the already horribly beaten-down June 2021, to 1.127 million vehicles, and collapsed by 25% from June 2019, the last decent year in the industry, according to data released by the Bureau of Economic Analysis today: