According to estimates, growing June sales are projected to bring an end to a stronger than anticipated first half of 2023 for U.S. vehicle sales. On Monday, GM and Ford stock prices rose, while Tesla and Rivian stock prices soared.
Following the Fourth of July vacation, General Motors (GM) is preparing to release Q2 new car sales in the United States.
The U.S. Q2 sales for Ford (F), Toyota Motor (TM), and Honda (HMC) will also be reported. Stellantis (STLA) said on Monday that Q2 new car sales in the United States were up 6% over the same period last year. Sales for Q2 exceeded analyst expectations.
On Monday, EV startup Rivian (RIVN) reported Q2 sales that well above expectations. On Sunday, the world’s largest EV manufacturer Tesla (TSLA) also did so.
Because of their expensive and ambitious switch to electric vehicles, legacy automakers are expected to pay more attention to Q2 EV sales. The magnitude of the issues was demonstrated by their usually weak Q1 EV sales.
The price of RIVN surged 17.4% on Monday. TSLA stock jumped 6.9%.
Auto Sales to Increase in Q2, EV Sales
There will be 15.8 million new vehicles sold in the United States on a yearly basis in June. According to J.D. Power and GlobalData, that would be a 4.6% increase from 15.1 million in May and a 22.5% increase from 12.9 million units in June 2022.
According to Cox, unit sales of new vehicles in the United States are predicted to increase by 15.3% from Q2 2022 and 13.2% from Q1 to over 4.1 million in the second quarter. Sales were stifled in the prior quarter by low vehicle inventories and clogged supply networks.
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