The Clap
The automotive industry may struggle to pick up in 2023, as recessionary fears, high interest rates, and inflation all remain prevalent in the economy.
What
The persisting challenges could begin to kill demand. Sky high fuel prices and other economic pressures have impacted consumer behavior, but have mainly affected the backlog, as per analysts.
On the other hand, the auto industry is expected to perform better during 2023, after falling to recessionary levels during COVID-19.
So What
The biggest problem experts expect the auto industry to face is limited demand. As supply chain problems ease, It will all depend on companies’ ability to generate revenues and income.
Now What
This year’s U.S. auto sales will come to around 13.7mn. Sales in the United States totaled 15.1mn in 2021 and 14.6mn in 2020.
