Demand for new cars remained strong in June 2022 despite continued near-record low inventories and rising interest rates that have combined to put upward pressure on sticker prices.
But, total sales for April 2022 fell slightly by roughly 1.7% compared to March 2022 due to these factors. It was also off the pace set last year, as higher supplies led to more sales.
Still, the total number of light vehicles sold is projected to reach around 81 million units by the end of the year, which is generally in-line with earlier forecasts.
New Car Sales by Brand
Regarding sales by brands, Toyota remains the top-selling brand, with over 170,000 units sold in April 2022 to add to their industry-leading 437,000 vehicles sold year-to-date.
Meanwhile, Tesla remains the top-growing brand compared to 2021, with a year-to-date increase of over 300%.
On the other hand, Fiat continues to lose market share in the U.S., with an additional loss of 58% of sales in April 2022 to add to the same 58% total loss for the year.
New Car Sales by Model
The Tesla Model S was not only the highest volume model sold in April 2022, but it was also the largest percent gainer from 2021. Over 57,000 Model S cars were sold in April, which represented an astronomical 3,700% increase from last year.
Some other positive outliers for April 2022 include:
- Mercedes-Benz S-Class: +360% vs. April 2021
- Mitsubishi Outlander: +218% vs. April 2021
- Kia Niro: +126% vs. April 2021
- BMW 4-Series: +54% vs. April 2021
- Mazda CX-5: +43% vs. April 2021
We expect May 2022 to follow similar trends set in April as the overall supply shortage is not predicted to improve significantly, although demand for new cars may pick up in the warmer months.