Automotive Economic Indicators

At the beginning of 2020, approximately 16.9 million light vehicle units were anticipated to be sold in the United States for the year. In October 2021, the seasonally adjusted annual rate (SAAR) is 12.9 million light vehicle units according to the Bureau of Economic Analysis.

In April 2020, light vehicles sales in the United States amounted to the lowest total since early 2010, selling 717,578 units. Since the reopening of manufacturing and businesses, vehicle sales have seen a dramatic increase. In October 2021 with 1.04 million light weight vehicles sold.

In September 2021, total production increased to 941,319. Total production dramatically decreased to 4,840 in April 2020 due to COVID-19 restrictions forcing manufacturing facilities and plants to cease nonessential production or shutdown.

MICHauto recently partnered with Dykema and The Right Place to survey automotive industry businesses and professionals to better understand the challenges they are facing as a result of the COVID-19 pandemic. The survey results linked below analyze these responses and discuss the impact of COVID-19 on automotive operations and revenues framed by the outlook for the U.S. economy and automotive industry moving forward.