Categories: Cars

Honda sales recovery faster than expected


Honda projects that the market as a whole will close 2023 at 15.7 million vehicles. It’s unknown, Woelfer said, when the industry will be able to return to annual sales of 17 million vehicles.

“There was so much we had to do to get there; it was a different market,” he said, reflecting on pre-pandemic sales levels. The auto industry closed 2019 with sales of 17.1 million vehicles, down just 1.8 percent from17.3 million the previous year.

But some analysts have concluded that the retail market is starting to contract, as macroeconomic headwinds, such as rising interest rates and elevated transaction prices, continue to sideline buyers. A resurgence in fleet sales is helping fuel growth.

Woelfer does not see a softening of the retail market, but he said most segments are still undersupplied. The average Honda dealership has been operating with fewer than 10 days of supply of new vehicles, and Woelfer expects that level will be the reality through the end of the year.

“I do not see the dealers building inventory on their lots because the demand is there and they’re selling what we are able to provide,” he said.



Source link

24timenews.com

Recent Posts

Ranji Trophy 2024-25 – Mohammed Shami’s roaring return impresses Bengal’s captain and coach

On Thursday, the second day of the ongoing fifth round of the 2024-25 Ranji Trophy,…

5 hours ago

2027 BMW 3-Series spied with gas engine, Neue Klasse styling

Redesigned BMW 3-Series currently testing with gas and electric powertrains Electric variant will use Neue…

5 hours ago

Engineers make converting CO2 into useful products more practical

As the world struggles to reduce greenhouse gas emissions, researchers are seeking practical, economical ways…

5 hours ago

Ancient Fossil Bird Skull Reveals Roots of Avian Intelligence, Finds New Study

A preserved fossil bird from the Mesozoic Era is providing unprecedented insights into the evolution…

6 hours ago

Bangladesh opener Imrul Kayes announces red-ball retirement

They put on four century stands, the first of them a 185-run partnership at Lord's…

15 hours ago

Top 10 electric cars with the most range

Need range ratings of 350 miles, 400 miles, or more before you can comfortably make…

15 hours ago