US 2020 auto sales slide 15%, but recovery stronger than expected

Pittsburgh — US new vehicle sales are forecast to have fallen about 15% year over year to 14.4 million units in full-year 2020, the lowest total since the beginning of the decade, but the industry’s performance finished the year stronger than anticipated, according to industry analysts.

Cox Automotive said strong December sales boosted the year’s final projection, according to a report Jan. 6.

“The final days of December appear to have been stronger than forecast, and a number of [automotive] OEMs have cited unexpected robust retail activity over the holidays,” said Charlie Chesbrough, Cox senior economist. “There was also no shortage of positive news in the last week of December, and that may have encouraged consumers and lifted sales – passage of the stimulus package, more certainty around the election outcome, coupled with a lot of vaccine news.”

 

Read the source article at spglobal.com