Consumers to spend more money on vehicles than ever before in July
According to the president of the data and analytics division at J.D. Power, Thomas King, “Consumers will spend more money buying new vehicles than ever before in the month of July, and dealer profits from selling new vehicles will reach an all-time high”. In the US, sales of automobiles are expected to slow down due to the semiconductor chip shortage. The prediction is according to a global data analytics company, JD Power an industry-focused provider of automotive forecasting company LMC Automotive.
Image credits- ET Auto
Under Joe Biden’s administration, the mileage rule will extend more than the earlier Obama’s climate goals. Aiming to forcefully reduce greenhouse gas emissions and expect to have at least 40% of drivers use electric vehicles. While Biden’s administration’s plans to balance that US auto industry, the rising demand for raw materials for manufacturing also increases.