Auto Sales Could Spike with Vaccine Rollout
Jan. 15, 2021—Automotive analysts are optimistic that with the distribution of COVID-19 vaccines, U.S. auto sales will bounce back in 2021, cautiously predicting a boost in sales as high as 10 percent, reports CNBC.
Early forecasts for 2021 new vehicle sales range from about 15.6 million to 16 million vehicles, which would be an increase of between 7.6 percent and 10.3 percent from 2020's vehicle sales. According to Cox Automotive, 2020 vehicle sales were down 14.8 percent to 14.5 million vehicles, according to Cox Automotive.
“I am as optimistic as one could be because I think the core environment is there, but, of course, what is weighing on everything is how quickly can we get the shots rolled out and things stabilized,” Volkswagen Group of America CEO Scott Keogh told the outlet during a recent media call.
Toyota Motor and IHS Markit sales forecasts predict 16 million vehicles sold in 2021 while research from Cox Automotive and LMC Automotive expect 15.7 million vehicles to be sold this year. General Motors is expected to release its sales forecasts for 2021 in coming weeks.