FX168 Financial News (North America) News According to a joint report released by industry consulting firm J.D. Power and GlobalData on Thursday (May 23), new car sales in the US are expected to rise year-on-year in May thanks to demand for crossover SUVs and pickups. #2024宏观展望 #

significance

Due to fluctuating demand for electric vehicles, US carmakers are shifting their focus back to higher-margin hybrids and gasoline vehicles, which has prompted them to reduce their ambitions for electric vehicles.

This data has received close attention from analysts and industry, and also shows that despite improvements in supply, continued demand for electric vehicles has gradually declined since last year.

Specific data

Total new vehicle sales (including retail and non-retail transactions) are expected to reach 1,446,800 units in May 2024, an increase of 2.9% over the previous year.

The average transaction price for this month is expected to be around $45,033, a decrease of $1,045 from last year. The average incentive spend per vehicle increased 48.1% year over year and is expected to reach $2,640.

Retailer's total profit per vehicle is expected to drop by 31.5% this month.

According to the report, 24% of shoppers said they were “very likely” to consider buying an electric vehicle in 2024, down from 26% last year.

Key quotes

Thomas King, president of J.D. Power's data and analytics division, said, “The industry continues to produce more vehicles than sales, leading to an increase in inventory and increasing the possibility of increasing discounts as this year progresses.”

Elizabeth Krear, vice president of electric vehicle business at J.D. Power, said, “We are currently seeing a 'low level' for electric vehicles, but it is unclear how long it will last.” “Shoppers who refuse electric vehicles say the availability of charging stations, the purchase price, the limited driving distance per charge, the time it takes to charge, and the inability to charge at home or work are the main reasons for them.”