Inventory for unsold new vehicles has been historically low this year, with the ongoing global microchip shortage slashing production figures across the auto industry. That includes inventory for the Chevy Camaro, which was down to a 16-day supply last month.
The insights come from a recent report from Cox Automotive following an analysis of vAuto Available Inventory data. Per Cox Automotive, the total U.S. supply of available unsold new vehicles was 1.78 million units at towards the end of May, a considerable drop compared to the 2.24 million units available around the same time in April.
“Supply has been trending lower since mid-December,” Cox Automotive states. “Inventory near the end of May was running 43 percent behind levels for the same period in 2020 and 54 percent below the same timeframe in 2019, according to a Cox Automotive analysis.”
Unsold new vehicle inventory for the Chevy Camaro wasn’t the only Bow Tie brand product in short supply last month. In fact, the national days’ supply for the broader Chevrolet brand was just 25, below the industry national average of 35. At 25 days’ supply, Chevrolet had the third lowest available supply of all automakers, with Toyota and Lexus in first and second, respectively, posting 18 days’ supply and 23 days’ supply.
Meanwhile, GMC was tied with Chevrolet with a 25 days’ supply, ahead of Subaru and Kia, both of which had 28 days’ supply.
Other low inventory models include the Chevrolet Corvette Stingray, which had the lowest inventory of any model at six days’. The Cadillac Escalade, Chevy Tahoe, Chevy Suburban, and GMC Yukon each had less than 20 days’ supply, as did the Chevy Traverse and Chevy Trailblazer. The Chevy Silverado and GMC Sierra both had less than 20 days’ supply.
To note, the Chevy Camaro is produced at GM’s Lansing Grand River Assembly facility in Michigan, which was idled May 10th as a result of the microchip shortage. The facility is slated to resume production later this month.
Source: Cox Automotive