The total U.S. supply of available unsold new vehicles opened May at 51% above a year ago, but volume is still down 26% from 2019 levels.
The share of new-vehicle sales from luxury brands drove up average transaction prices, when combined with fewer discounts and incentives, caused new vehicle affordability to fall.
Domestic brands continue to have the highest inventory while Asian imports rank lowest.
EV transaction prices in February were lower year over year by 12.8%, an accelerating decline compared to January when prices were lower year over year by 11.6%.
With new-vehicle inventory rising in the U.S., downward price pressure and higher incentives appear to be key drivers of the market’s momentum.
Nissan’s flagship electric crossover will also benefit from a wider array of electric vehicle charging accesses.
Inventory levels reach the highest point since June 2020 while the number of buyers who can afford a new vehicle is the best since June 2021.
Tesla price cuts that shook up the market and challenged the profitability picture for all automakers.
Sales incentives were up 136% year over year in November, indicating the new-vehicle market is shifting to a buyer’s market, not a seller’s market.
The base-level truck will be made available in 2025, with the higher-level AWD and Cyberbeast trims set to deliver in 2024 — but in smaller numbers and to existing single reservation holders.
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