The inventory of new vehicles in the United States continued to rise steadily in June as production recovers, according to data from Cox Automotive and the Automotive News Research & Data Center. The increase in unsold electric vehicles played a significant role in this overall growth.
Cox Automotive estimated that there were 1,953,512 unsold vehicles in inventory, equivalent to a 53-day supply. This number represents a 75 percent increase compared to the same period last year and a slight uptick from the 1,928,619 vehicles reported the previous month. The calculation of days’ supply is based on the sales rate over the preceding 30 days.
The data revealed that the supply of electric vehicles surpassed the 100-day mark, along with ultraluxury and high-end luxury cars. Full-size cars were close behind at 99 days’ supply. On the other hand, compact and midsize cars, as well as crossovers, had relatively tighter inventories. Notably, lower-priced vehicles had the highest inventory levels, with stocks increasing as prices rose. Toyota and Honda models were particularly well-stocked, representing nine out of the 10 nameplates with the lowest days’ supply.
Among the seven automakers that still provide monthly sales and inventory figures, six experienced an increase in their days’ supply levels last month, ranging from one to four days. Only Volvo maintained a steady level, according to data from the Automotive News Research & Data Center.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
