The August 2023 Foley Automotive Update, which offers industry analysis and insights for automotive suppliers and legal professionals, has highlighted some key developments in the industry.
One of the most significant developments it touches upon is the rise in U.S. new light-vehicle sales. According to estimates by GlobalData featured in Just Auto, there has been a significant increase in new light-vehicle sales in the United States, which reached 1.3 million units in July. This represents a Seasonally Adjusted Annual Rate (SAAR) of 15.8 million units.
New vehicle sales projections paint a promising picture for the industry’s near future. It is projected that new vehicle sales will hit 15.4 million units for the full year of 2023. This momentum is predicted to stretch into 2024, with projected sales reaching a milestone of 16 million units.
The Foley Automotive Update lends valuable insights for automotive suppliers, enabling both legal and operational decisions to respond effectively to challenges and seize opportunities. For more comprehensive details, you might wish to check the full August 2023 Foley Automotive Update.
This update is brought to you by Foley & Lardner LLP, a prominent law firm providing a range of interdisciplinary services.