Marketwatch headline: Demand for new cars has outstripped supply as auto makers across the globe grapple with ongoing shortages and other supply-chain snags.
Last Updated: June 3, 2022 at 4:34 a.m. ET
First Published: June 2, 2022 at 1:45 p.m. ET
By Claudia Assis
May auto sales were ‘sour’ as shortages and other snags remain hurdles
Demand for new cars has outstripped supply as auto makers across the globe grapple with ongoing shortages and other supply-chain snags.
Earlier Thursday, Ford Motor Co. F, +2.51% reported a 4.5% drop in May total sales, including a 4.4% decline in sales of SUVs and a 1.4% decline in sales of pickup trucks. Ford said that the “continued global industry semiconductor chip shortage” remains an issue for the industry. The auto maker also unveiled plans to create more manufacturing jobs in the Midwest ahead of labor negotiations.
Also Thursday, analysts at Evercore ISI said that by their reckoning U.S. SAAR came in at about 12.7 million, down about 11% from April’s 14.3 million.