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Automakers blame tightened inventories for double-digit sales declines, but warn higher interest rates, gas prices and rising inflation will push buyers out of the market.
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One-quarter of Americans say they will consider an electric vehicle for their next vehicle.
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Italy, Portugal, Slovakia, Bulgaria and Romania want to delay a EU plan to ban the sale of new gasoline and diesel-powered vehicles in 2035 by five years.
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GM and Ford top execs say U.S. consumer demand for cars and trucks remains strong, despite soaring interest rates and gas prices.
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Compact Cars continue to perform very well along with Sub-Compact Crossovers, but the gas-guzzling Full-Size SUV segments continue to experience the heaviest depreciation, as demand in the lanes wanes for these vehicles.
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Gas prices hit an all-time high of a national average of $4.67 on June 1, driving consumers to consider electric vehicles, hybrids and smaller, more fuel-efficient gas-powered models.
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High gas prices lead more shoppers to consider traditional sedans and hybrids in the first quarter of 2022, likely benefiting Toyota.
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The challenge arises over the EPA decision to reinstate the waiver and withdraw its interpretation of the Clean Air Act that would prohibit other states from adopting California’s more stringent vehicle greenhouse gas emission standards.
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The seasonally adjusted Retention Index went down to 185.4 points in April 2022 as high gas prices strengthen some segments and weaken others.
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Higher gas prices are affecting the demand for trucks and SUVs – almost all the non-luxury crossover / SUV and pickup segments of all ages are depreciating at an accelerating rate, while non-luxury car segments are appreciating.
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