U.S. dealers had fewer than 900,000 new cars and light trucks in inventory last month, J.D. Power said. Kia, Honda, Toyota, Land Rover, Lexus and Subaru are among the brands with the lowest inventory, while Chrysler, Audi, Ram, Lincoln and Dodge have some of the highest stockpiles, according to Cox Automotive.
In addition to parts shortages, tightened security and screening along the Texas-Mexico border has resulted in shipping delays. And government-ordered COVID-19 lockdowns in China have slowed the production of auto parts and vehicles exported to the U.S.
Honda Motor Co., which warned in early April that parts supplies continue to fluctuate, has been forced to reduce new-vehicle allotments in May and June for some U.S. dealers.
The lingering inventory crunch has led analysts and automakers to cut forecasts for U.S. auto sales in 2022 to around 15.3 million to 15.5 million, from as high as 16.5 million in initial estimates.
“The situation on the ground has not changed significantly for months. Product availability remains constrained, and many customers can only order their vehicles for future delivery,” Cox Automotive Senior Economist Charlie Chesbrough said. “Improved inventory conditions will likely not happen in 2022, as many customers are now waiting for their already reserved vehicles to be built.”
