The rate of new-car and new-truck sales slid for a fourth consecutive month in August, but even more pain is on the horizon as the semiconductor shortage continues to strangle supply.
The seven automakers that reported results for last month chalked up 628,571 U.S. light-vehicle sales, down 13 percent from a year earlier. But Morgan Stanley analyst Adam Jonas calculated that sales for the broader industry skidded 17 percent.
IHS Markit analyst Chris Hopson was dour in his sales outlook.
"Inventory constraints are expected to limit any upside potential to U.S. auto demand levels moving through the rest of 2021, with little recovery expected even in the first half of 2022."