Is the CAR CRISIS Coming to an END?

Is the CAR CRISIS Coming to an END?

🚗🎉In recent months, there's been a noticeable shift in the US car market with an oversupply of vehicles causing car prices to potentially plummet. As per a report from UBS, global car production is estimated to exceed sales by 6% this year, leading to a surplus of around 5 million cars that might need price cuts to get sold off the lots.

Notably, prices of electric cars are down by over $9,000 compared to last year, while manufacturer incentives have also risen to their highest level in a year. The competition in the EV space is high, and various car manufacturers, such as Ford and Lucid, are reacting to this by reducing their own EV prices.

In addition, used-car prices in the US have seen a significant drop of 4.2% in June, marking their biggest monthly decrease since the early days of the pandemic. This is due to rising interest rates, bigger discounts on new cars, and dealers replenishing their used-car inventory.