US auto sales set to rise in November amid steeper discounts, report shows

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US auto sales set to rise in November amid steeper discounts, report shows

//automotive-transportation.news-articles.net/co .. ovember-amid-steeper-discounts-report-shows.html

Published in Automotive and Transportation on Wednesday, November 27th 2024 at 9:21 GMT by Aaron Neefham
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

New vehicle sales in the U.S. are projected to have risen 6.7% in November from a year earlier, driven by higher discounts to clear elevated inventory, according to a joint report by industry consultants J.

U.S. auto sales are expected to rise in November due to increased discounts and incentives, according to a report by J.D. Power and GlobalData. The report highlights that the average incentive spending per vehicle has surged to $2,500, a 133% increase from the previous year, driven by manufacturers' efforts to boost sales amidst high interest rates and economic uncertainty. Despite these challenges, sales are projected to increase by 10.2% year-over-year, with total sales expected to reach 1.2 million units. This uptick is attributed to pent-up demand, improved inventory levels, and aggressive pricing strategies by automakers. However, the report also notes that while sales are up, the industry continues to navigate through a complex landscape of supply chain issues, rising costs, and shifting consumer preferences towards electric and hybrid vehicles.

Read the Full Reuters Article at [ https://www.reuters.com/business/autos-transportation/us-auto-sales-set-rise-november-amid-steeper-discounts-report-shows-2024-11-27/ ]