DETROIT — Cox Automotive on Tuesday cut its full-year new vehicle sales outlook by nearly 1 million vehicles to 14.4 million, the latest forecaster to lower estimates amid persistent supply constraints.
It's the second time this year Cox has lowered its sales forecast, which initially stood at 16 million vehicles. IHS Markit and LMC Automotive have also downgraded their outlooks.
The pullback comes as Cox predicts a 19.3 percent decline in second-quarter sales compared with the same period a year earlier. It says first-half sales will fall 17.3 percent as the industry continues to struggle with a global semiconductor shortage that has upended supply chains and sapped dealer inventory.
Cox says new-vehicle supply is down roughly 280,000 vehicles compared with this time last year, and down about 1.6 million vehicles compared with 2020.