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U.S. new-vehicle sales volume in May is expected to be mostly flat from year-ago levels, increasing a barely measurable 0.1%, according to the latest forecast from Cox Automotive. There are 26 selling days this May, which is the same as last month, but one less than May last year.*
“May sales appear to be holding up despite significant economic uncertainty,” Cox Automotive Senior Economist Charlie Chesbrough said. “New-vehicle buyers today are more affluent than ever, so they may not be as impacted by inflationary pressures as much as other consumers who are more acutely feeling the sharply higher fuel costs. If the economy and stock market can remain on this growing but volatile path, new-vehicle sales will likely follow. However, those are two large necessities during extremely volatile times.” Continue reading
California Air Resources Board Tweaks Cap-and-Invest
The California Air Resources Board (CARB) adopted late last week updates to the state’s Cap-and-Invest Program, which were proposed earlier this year. Following the Legislature’s enactment last year of laws extending California’s Cap-and-Invest Program through 2045, CARB proposed the updates adopted today to balance legislative direction, affordability, jobs and near-term economic concerns while also ensuring emissions reductions and providing a long-term signal for the market. The adopted changes maintain California’s path toward meeting its 2030 and 2045 climate targets “while supporting affordability for Californians by managing costs and maintaining a clear long-term signal for clean energy investment in the state.”*
“At a moment when climate policy is under attack and global economic upheaval is creating real uncertainty, this rule-making is critically important for California,” said CARB Chair Lauren Sanchez. “California has both an opportunity and a responsibility to lead with consistency. By moving forward today, we are responding to real affordability concerns while sending a clear and unwavering signal to the world that we remain committed to long-term investment in clean energy, good jobs, and healthier communities.” Continue reading →