Improving inventory and steady demand helped automakers post their best U.S. light-vehicle sales month since April, according to LMC Automotive, another sign the ongoing microchip shortage may be easing.
October volume rose 11 percent to 1.17 million, LMC said. Among the seven automakers that publicly reported monthly figures, sales increased 5.9 percent.
The seasonally adjusted, annualized rate of sales came in at 15.28 million for the month, according to Motor Intelligence, up from 13.39 million a year earlier.
Toyota, Mazda, Hyundai-Kia, Subaru and Volvo all posted October sales gains, while Ford and Honda reported declines. Sales increased even as rising interest rates and surging new-vehicle prices continue to threaten affordability.
