Alabama NewsCenter — Car sales expected to be strong in 2023

By Gabrielle Coppola
Bloomberg

U.S. auto sales likely rose in December and will rebound in the new year as a recovery in vehicle production will more than offset the effects of inflation and rising interest rates.

Two years of semiconductor shortages and supply problems have kept vehicle production low and inventories lean. With factories picking up pace again, experts say consumers will buy more vehicles this year even if automakers have to help them manage rising interest rates by cutting today’s lofty prices.

“We are still seeing strong demand for our vehicles, but we’re mindful because the steady rise of average transaction prices is starting to come back a little,” General Motors Co. Chief Executive Officer Mary Barra said at an Automotive Press Association event in December.

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