US Light Vehicle sales shatter expectations in April hitting an annual selling rate above 18 million units for the second consecutive month

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LMC Autos Reported:

Despite lean inventories and record high transaction prices, April sales of 1.54 million Light Vehicles were driven by extraordinary retail demand. Fleet sales fell to just 12% of sales. The annualized rate of 18.8 million units was the highest monthly level since 2005.

Compact and Midsize Non-Premium SUVs continue to lead the market, helping SUVs to achieve another market share record of 55%. Large Pickups were the third main segment, with a 13% share.

Global update –The outlook for global Light Vehicle sales in 2021 has improved to 88.0 million units from 87.4 million units last month. Stronger global economic recovery, with GDP growth of 6%, sets the foundation for this stronger auto sales growth. US sales accelerating, and the likelihood of Western Europe improving and opening upafter prolonged restrictions, has also contributed to the increase.