![]() Record-high transaction prices in June are said to also be impacting the market. This annual comparison was said to be mitigated by the sales decline in June 2021, when chip shortages began to impact the market. In the US, LMC Automotive found that LV sales fell to 1.13 million units, a 12.6% decline year-on-year. While supply issues are still impacting demand in most regions, a strong sales recovery in China – supported by the easing of lockdowns that allowed OEMs to ramp up production as well as a new temporary tax cut for Passenger Vehicles (PVs) – enabled the rise seen from May to June. Year-to-date sales lie 8.5% under the same period in 2021, an indicator of the recovery still ongoing in the market. The selling rate rose to 85 million units per year in June 2022, the best result of the year so far. LMC Automotive, a market report and forecast provider based in Oxford, UK, has released its global light vehicle (LV) sales update for June. ![]()
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