Demand for new SUVs, trucks and cars in the U.S. picked up steam in the second quarter, but the stronger sales kept prices high for consumers.
Auto sales rose a healthy 16.8% from April through June to just over 4.1 million, fueled by pent-up demand from nearly two years of short supplies due to factories that were hobbled by the global computer chip shortage.
Consumers paid an average of $45,978 per vehicle in June, according to J.D. Power estimates. That’s flat from June of last year, but almost $1,400 less than in December of 2022 when prices peaked. Electric vehicle sales continued to rise during the first half of the year to more than 557,000 vehicles, or 7.2% of all new vehicle sales. In all of last year, consumers bought just over 807,000 EVs, or 5.8% of new vehicle sales.
Stellantis sales rose 6% for the quarter, while Nissan sales jumped 33%, and Honda’s leaped 45% over poor numbers from a year ago due to parts shortages. Hyundai and Kia sales each rose 15% from a year ago. Subaru sales were up 22%.
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