FROM AUTOMOTIVE NEWS: July U.S. Auto Sales: Honda, Toyota Volume Skids; Hyundai, Kia Sales Slide 5 Straight Months; Mazda Off 29%
While Hyundai and Kia have seen reductions in vehicle sales for the 5th consecutive month, Toyota and Honda have recorded these drops for the past year. July’s SAAR s predicted to fall between 13 and 13.7 million, down from July 2021’s figure of 14.81 million.
FROM BLOOMBERG: U.S. Manufacturing Expands at Slowest Pace in 2 Years
U.S. output is still declining as a result of excessive inventory and a decline in consumer demand. The level of factory activity reported by the Institute for Supply Management fell to 52.8 – 0.2 less than the month previous – and the lowest value recorded since June 2020.
FROM FORBES: Sky-High Gas Prices Make Us All Want EVs, Right? Not So, Survey Says
Since the peak on June 14th, gas prices have been steadily declining. Despite record high pump prices causing 2/3 consumers to alter their driving patterns, EV sales remained unchanged due to expensive costs and other concerns.
FROM AUTO REMARKETING: Lane Watch: Wholesale Prices Tumble 0.86% Last Week
This past week, wholesale prices dropped 0.86%, nearly twice as much as the previous week. This figure is more than three times what experts had predicted to be the average drop during the same time period the past several years.
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