Record-breaking vehicle sales in 2022 lifts industry

  • 📰 staronline
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 75%

United States News News

United States United States Latest News,United States United States Headlines

The total industry volume (TIV) forecast for this year has been raised to 665,000 vehicles, up by 25,000 from its previous forecast.

This forecast is still a 7.7% year-on-year drop, primarily due to the expiry of the sales and service tax holiday grace period and macroeconomic headwinds amid an uncertain global recovery.

“We see the government’s decision to defer new open-market value excise-duty regulations by two years from 2023 to 2025 as helping to contain the rise in average selling prices and sustain demand in 2023,” CGS-CIMB Research noted. Consequently, for the final quarter of 2022 , the sector posted a record quarterly TIV of 203,758 units, exceeding the previous record of 190,056 units in 4Q21.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in US

United States United States Latest News, United States United States Headlines