US Light Vehicle sales fell by 12.0% YoY in February, to 1.05 million units. The selling rate declined to 14.0 million units/year, from 15.1 million units/year in January. However, this measure can be misleading at present, since supply, rather than demand, is driving sales and disrupting normal seasonality. Average transaction prices eased slightly in February, to $44,132, but were still up by 17.6% YoY. Incentives continued to head lower last month, to $1,245 average per vehicle. There was a slight recovery in fleet sales in February, but they remain well below pre-pandemic levels.

Indeed, yesterday at an International Motor Press Association meeting I attended, a Hyundai product planner noted that they didn’t even know how many Ioniq5 models they were getting next week, let alone make a sales projection for the year. (AutoInformed Hyundai Revises Ioniq EV for 2022 with New Platform)