June U.S. sales: Hyundai, Kia sales slip 4th straight month on low inventory
Record-low stockpiles continue to be a drag on the market. What new cars and light trucks are on the ground or allocated in the next several months are largely already sold, dealers say. No one is certain when the chip shortage will lift completely, only that the recovery will be slow and likely stretch into 2024.
June marked the eighth-straight month that retail inventory closed below 900,000 cars and light trucks, J.D. Power and LMC Automotive said.
Supply varies widely by brand and model and region. Kia, Honda, Subaru, Toyota, Lexus, Land Rover, BMW and Porsche had the leanest supplies last month, according to Cox Automotive, while Ram, Volvo, Dodge, Jeep, Audi, Buick, Cadillac and Infiniti had the highest days-supply.
Among the 30 most popular models, the Honda HR-V and Civic, Kia Forte, Toyota Corolla, 4Runner, Camry and RAV4, and Nissan Altima, are the most scarce, according to Cox Automotive data, while the Ram 1500, Jeep Compass, Ford F-150, Escape and Explorer, Chevrolet Silverado, Hyundai Santa Fe and Toyota Tacoma are more widely available. (See nearby chart.)
At Berger Chevrolet in Grand Rapids, Mich., Fleet Manager Bob Evans said the order book for the 2023 model year has already been closed, with more than 700 vehicles presold. “Demand is still strong but supply is going to be weak for a while,” Evans said.