- According to preliminary estimates, LV sales grew by 17.0% YoY in August, to 1.33 million units. Low year-ago sales are still making year-on-year growth relatively easy to achieve. Inventory levels have been trending upwards, while fleet sales are accounting for a higher share of the market, and incentives are increasing, while still remaining well below historical levels.
- Global outlook – The global Light Vehicle selling rate rose for the fifth consecutive month in July, reaching 96.7 million units and outperforming initial expectations for the month. Despite continued year-on-year (YoY) growth, global LV sales volume for July recorded a moderate 7.5% increase following a run of stronger growth over previous months. China took a backseat in July, posting a decline of 6.2% from a year ago. The global automotive market remains resilient and the outlook for 2023 has been increased from 86.4 million units to 86.9 million units, an increase of 7% from 2022. Supporting this improvement, impact from production and supply disruption is less than it was a year ago and volumes continue to improve.
