TRUE - EV demand drives 5% growth in new vehicles sales as fuel prices rises: TrueCar

TrueCar (NASDAQ:TRUE) estimates total new vehicle industry sales to reach 1,246,993 units in Mar. 2022, up 5% sequentially but down 25% Y/Y. That will include U.S. retail deliveries of new cars and light trucks to be 1,084,168 units, up 2% from Feb. and down 24% from Mar. 2021 Seasonally adjusted annualized rate for total light vehicle industry sales is estimated at 13.6M, down 23% Y/Y.  "Over the last month we've seen a huge spike in electric vehicle and hybrid prospects on the TrueCar site, with a 380% increase year-over-year for EVs and a 180% jump year-over-year for hybrids," said Nick Woolard, Lead Industry Analyst at TrueCar. "This is the largest monthly jump we've ever seen and understandably so with current fuel prices." On the other hand, Used vehicle sales rose 11% sequentially to 3.6M in Mar. 2022; down 13% Y/Y. Quarterly average transaction price is projected to be up 16% from a year ago and

For further details see:

EV demand drives 5% growth in new vehicles sales as fuel prices rises: TrueCar