It’s been an interesting couple of years for the global economy due to the COVID-19 pandemic. With the ongoing microchip shortage, the automotive industry has been hit especially hard.
While the effects of the pandemic continue to shake the automotive industry, analysts are predicting some positive news for the year ahead, according to Automotive News:
- New-vehicle inventories will improve slightly as automakers continue in their efforts to secure microchip supplies.
- North American factories will produce nearly 2 million additional vehicles next year, some of which will include new electric vehicles.
- U.S. car sales are expected to rise from 15 million this year to 15.7 million in 2022.
Read the full article on Automotive News.
The Lot Blog is dedicated to bringing you the latest updates on automotive industry trends and to help you better understand your target market. Here are some other great blogs to catch up on:
- Subprime Car Buyer Trends
- Car Buying Trends for Recent College Grads & Students
- Trends Shaping Car Buying Behaviors in 2021
- Top 'No Contact' Car Shopping Trends Dealerships are Adopting
- Car Buying Trends for GEN X & Baby Boomers
- Car Buying Trends for GEN Z
- Car Buying Trends for Millennials
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