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Predictions For 2021: Auto Sales Improve, Tesla Meets Its Match
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Predictions For 2021: Auto Sales Improve, Tesla Meets Its Match

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A new administration elected to the White House, multiple vaccinations available to help snuff out the Covid-19 pandemic and a strengthening economy all gave U.S. auto sales enough kick to cross the 2020 finish line with promising momentum. But while that momentum is likely carry through to this year, Cox Automotive economists predict it won’t be enough to bring the industry back to pre-pandemic levels.

During a presentation recapping 2020 and looking ahead to 2021, the top economists at the global auto services company also noted this year will see important growth in electric vehicle production and sales but a strong challenge to EV maker Tesla’s TSLA +7.8% dominance of the market.

Last year new vehicle sales came in at 14.5 million units—a sharp decline from 2019’s 17 million. Blame that on spring production stoppages and the hit on the economy caused by the Covid-19 pandemic. But the year ended with a strong December with an annualized selling rate of 16.3 million—the best sales month since August, 2019, according to Charlie Chesbrough, Cox Automotive Senior Economist.

“Santa did not not leave us coal,” said Chesbrough. “All in all it was a nice finish to a very volatile year.”

He gives some of the credit to the arrival of government stimulus checks to consumer and overall optimism surrounding the imminent transition to a new administration.

Read More : pgslot
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