Sales of new cars, SUVs, vans, and pickup trucks in Q1 rose by 11.7% year-over-year, to 3.68 million vehicles, according to data from the Bureau of Economic Analysis. It was the best quarter since Q1 2021, when the chip shortages began. But still far from normal-ish: Q1 sales were still down by 7.6% from Q1 2019:
Supply chain issues have been getting resolved step by step, and production has been ramped up, and new vehicle inventories have been rising for months.
Overall, inventories remain far below healthy levels, with some models in short supply or out of stock, and customers still have to deal with waiting lists and long waits after they order. But other models – including many truck models – are in ample supply.New Vehicle Sales in Q1 Jump 11.7%. Inventories Build, But Still Less than Half of 2019. Pent-up Demand at 6 Million Vehicles | Wolf Street