Global Auto Production, U.S. Sales Forecast Upbeat
Industry expected to grow as economies leave recession fears behind and inflation subsides.
Ford has been cutting production of the electric Mach-E while ramping up Maverick pickup output, the forecast pointed out.
IMAGE: Ford
Worldwide light-vehicle production is forecast to increase this year as the specter of recession conditions has receded from multiple regions, according to AutoForecast Monthly.
The publication expects production to reach 91.1 million units, up from its earlier forecast of 90.8 million. It cited better economic conditions in the Asia-Pacific and Western Europe regions.
North American production is projected to be flat this year at 16 million units as manufacturers scale back electric-vehicle output due to consumer demand failing to meet earlier expectations, though hybrid and gas-powered vehicle demand are balancing that, AutoForecast says. One example it gave is Ford’s increase in Maverick production as it cuts Mach-E numbers.
It forecasts Asia-Pacific production to reach 51.7 million, up almost 300,000 units from its earlier projection and driven largely by Japan and South Korea.
Meanwhile, light-vehicle sales in the U.S. are expected to increase from the post-pandemic best of 15.6 million last year to about 16 million as recession fears fade and inflation falls, the publication says. Expected interest rate cuts would contribute to the upswing.
Originally posted on Auto Dealer Today
More Showroom
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →
My Mercedes in the U.S.
The German brand debuted its studio dealership concept for the first time in the states in Los Angeles, tapping Americans’ penchant for creative distinctions.
Read More →
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
Read More →