US July new auto sales rises from June

HOUSTON (ICIS)–US sales of new light vehicles in July rose by 14% month on month but remain down by 11% year on year, according to seasonally adjusted annual rates (SAAR) from the US Bureau of Economic Analysis (BEA).

Chemical companies are seeing signs of recovery from coronavirus impacts and auto production shutdowns from earlier in the year. Still, the return of the US auto industry is expected to be slow.

US passenger car production in June, where data lags by a month, was up month on month but down year on year, BEA showed.

On an unadjusted basis, July new auto sales also rose month on month but fell year on year.

The automotive industry is a major global consumer of petrochemicals which contributes more than a third of the raw material costs of an average vehicle.

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