WASHINGTON–Newly released market data show auto sales declined in November, and among the notable data points is what one major manufacturer is seeing related to electric vehicles.
“Auto sales slipped to 14.1 million units in November. Supply has long been the binding constraint, and inventories and production fell overall in October (data for November is not yet available),” said NAFCU Chief Economist and VP of Research Curt Long in a statement. “Chip shortages continue to bedevil manufacturers, which have responded by prioritizing highest-margin vehicles. Higher rates may be discouraging some buyers, but survey evidence suggests that the effect is muted.
“According to the University of Michigan's consumer survey, in October households viewed car buying conditions as being at their highest level all calendar year,” Long continued. “NAFCU maintains its view that sales will trend upward in the coming months as supply chains heal, but that growth will be choppy and gradual."
Long noted that new Experian data for Q3 reveal credit unions were among the leading lenders when it came to auto loans.
“Credit unions continue to see growth in lending even as inflation impacts the financial services industry,” he said.
Strong E-Sales
Meanwhile, Ford released its U.S. auto sales numbers for November revealing electric vehicle sales were up over 100% YOY for the fifth straight month, while gas-powered car sales continued to slide.
In November, Ford reported it delivered 146,364 vehicles, down 7.8% from last year. Meanwhile, sales of Ford’s electric vehicles continue gaining momentum, up 102.6% YOY.
The electric vehicles sold included:
- F-150 Lightning: 2,062 (13,258)
- Mustang Mach-e: 3,539 (34,683)
- E-Transit van: 654 (5,811)
Ford recently announced it has produced its 150,000 Mustang Mach-e this week as the company accelerates production to keep up with the overwhelming demand for the electric SUV.
Just in Time for the Holidays, CUToday’s Free Morning Headline Email is Now Double-Free!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.