S&P Global Mobility: July sales to realize bounce from June impacts

Group 1: Sales Forecast and Trends - S&P Global Mobility projects new light vehicle sales volume in July 2024 to reach 1.32 million units, up approximately 1% year over year, translating to an estimated sales pace of 16.4 million units (SAAR), the highest since May 2021 [1][5]. - Despite one less selling day than June 2024, July auto sales volume is expected to match the previous month, with the two-month SAAR level of June and July being similar to April (15.8M) and May (15.9M) [2][5]. - Retail advertised inventory in the US rose by 1.8% compared to May and 57% over last June, indicating a growing inventory trend [2][3]. Group 2: Market Dynamics and Challenges - Mixed signals regarding the second half of the year persist, with new vehicle affordability concerns and expectations that inventories will not advance as strongly as in the past 12 months [2]. - Some automakers are facing challenges in balancing sales, production, inventory, and incentive targets as the market normalizes from the dynamics of 2020-2023 [2]. - The North American light vehicle production outlook for the remainder of the year has been scaled back as automakers manage these factors [2]. Group 3: Battery Electric Vehicle (BEV) Outlook - July BEV share is expected to reach 7.8%, maintaining the previous month's level and showing continued progress from Q1 2024 results [3]. - The introduction of new BEVs such as the Chevrolet Equinox EV and Honda Prologue, along with upcoming models like the Jeep Wagoneer S and Volkswagen ID. Buzz, is anticipated to support BEV share growth in the coming months [3].