Cox Automotive experts projected this year’s April sales to be better than the same month last year, despite a drop compared to March 2021.
It was projected that the April sales pace will finish at approximately 16.5 million, which is lower than March’s 17.7 million, but still a healthy pace for the industry, according to Cision PR Newswire.
"The robust sales pace is the story for the industry right now, as strong retail demand continues, even though a downtick from March is expected," said Charlie Chesbrough, senior economist at Cox Automotive.
March's strong sales can be attributed to delayed sales the month prior, which were due to power outages resulting from bad weather.
The industry has been seeing an improved recovery over the past year, according to Cision PR Newswire. It was last year when the sales pace posted a historic low of 8.7 million -- the slowest monthly pace since nearly 50 years ago. Increasing consumer confidence and government-backed financial support are factors as to why there has been growth in new-vehicle demand.
Electric vehicle sales have had a good showing for the first quarter, revealing an 81% growth. “Electrified vehicles -- automobiles featuring large battery packs and electric motors in the propulsion system -- accounted for 7.8% of the total U.S. market, up from 4.8% in Q1 2020,” according to a study conducted by Cox Automotive and Kelley Blue Book, Cision PR Newswire reported.
Alerts Sign-up