While sales of new vehicles declined 13.4% year over year in Q3 due primarily to low inventory and high prices, sales of electrified vehicles jumped by nearly 60%, according to an analysis by Kelley Blue Book.
Cox Automotive and LMC report new-vehicle inventories shrank to just over 915,000 in September and predict further shrinkage as production issues and supply shortages linger.
Automobile sales in September are forecast to slow for the fifth straight month, as tight inventory, high prices take a toll on the industry.
Current inventory levels rest at a 31-day supply for U.S. dealers, reports Cox Automotive subsidiary vAuto.
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