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Commentary from Frost Investment Advisors | August 14 , 2023

The Auto Market Wrecked, Bond Market Moving Again, and the US Gets New Investments in Manufacturing

Auto Manufacturing Still Snarled

More than three years after the initial pandemic lockdowns, the automotive market is still out of balance. Sales are down from pre-pandemic levels, production still lags (only 149,000 vehicles were produced domestically in June, just half of the level prior to 2020) and auto inventories remain extremely low. New-vehicle prices show some signs of plateauing but at extremely elevated levels: The average new price is more than $47,000, 30% higher than just a few years ago. High interest rates are also taking a toll on buyers. More than 17% of all financed vehicles come with a monthly payment of more than $1,000. Most borrowers are locked into loans of longer than five years at rates between 8.5% and 9.6%.

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