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    Analysis

    June 17, 2022

    US Light Vehicle Sales Down 11.2% in May

    Written by David Schollaert

    US light vehicle sales fell to 1.11 million units in May, down 11.2% from 1.25 million units in April. LV sales in the US shrank by 29.2% year-on-year (YoY). The annualized selling rate fell to 12.68 million units last month from 14.50 million units in April, the US Bureau of Economic Analysis (BEA) reported.

    The annual comparison was hurt by two fewer selling days than in May 2021, and a high base effect. That said, it was still a poor result, as Memorial Day sales failed to provide a boost to the market. Though headwinds include higher interest rates, low incentives, and higher starting prices, what’s holding sales back is supply rather than demand. The tumble in domestic sales in May was again driven by extremely tight inventories.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

    Read more from David Schollaert

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