US Auto Sales Drop 17% in April yoy

U.S. light-vehicle sales fell 17 percent to about 1.26 million in April from a year earlier, when industry volume soared briefly, as key parts shortages and jammed supply lines continue to undermine light-vehicle output and shipments.

But in a sign of incremental progress, LMC Automotive on Wednesday reported industry sales rose by 5,000 units in April over March, traditionally a stronger month.

The seasonally adjusted annualized rate of sales came in at 14.7 million, near the high end of the range of forecasts, 14.3 million to 14.8 million, from LMC, J.D. Power, Cox Automotive and TrueCar. April’s sales pace was well below the torrid 18.5 million pace set in April 2021, but higher than March’s 13.4 million rate. Except for January, the SAAR has been stuck below 15 million since July.

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