Auto sales are falling — but profits are surging. Welcome to the new normal | CNN Business

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The US auto industry just posted its worst sales in more than a decade — but that’s not necessarily a bad sign for the sector

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. . What’s happening: 2022 was the worst year in more than a decade for the auto industry, largely because manufacturers couldn’t keep up with consumer demand.

In a note this week, Bank of America analysts gave buy ratings to Ford, GM, Ferrari, Lucid Motors and Rivian based on their latest earnings estimates. Wall Street worries: But the latest University of Michigan survey showed that consumers are cautious on purchasing a vehicle in the current environment, with high prices cited as the primary factor.

 

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