U.S auto sales in the opening months of 2021 have risen 11.3%, with annualized selling pace in March projected to hit 16.8 million vehicles, according to the Wall Street Journal. The sales have been boosted by continued consumer demand and some easier-year-ago comparisons.
Auto industry sales in January and February were still off 3.3% and 13%, respectively.
March sales are expected to leap, with car companies posting double-digit gains for the month compared with a year earlier.
New-vehicle demand is expected to grow in the coming months as the car business hits a busy spring-selling season and new stimulus increases disposable incomes.
Despite a rise in auto sales, chip shortages and supply-chain constraints threaten to derail the momentum.
As demand outstrips supply, car companies have pulled back on deep discounts offered early in the pandemic.
Major automakers’ stocks are currently mixed. GM: NYSE is up 0.26% on premarket, 7203: TYO is up 0.46%, F: NYSE is down 0.41% on premarket, 7267: TYO is down 0.82%
