The number of new vehicles sold annually in the United States is expected to hit 15.7 million units according to October estimations, industry expert Cox Automotive said in an Oct. 27 statement.
The seasonally adjusted annual rate is down from 16.4 million in September and 16.1 million a year back, said the company, attributing the slowdown to auto tariffs and the end of electric vehicle (EV) incentives.
“The new-vehicle sales pace was surprisingly strong this summer despite ongoing tariff uncertainty,” Charlie Chesbrough, senior economist at Cox, said in the statement.
“However, as more tariffed products replace non-tariffed inventory, prices are tracking higher, which should lead to slower sales through the remainder of the year. With the expiration of EV tax credits and a decline in alternative powertrain sales, the sales pace is anticipated to decrease as we move into a new season.”…