The COVID-19 pandemic had a drastic and largely negative impact on production, resulting in low vehicle inventory and sales volumes. As new customers began to look for new vehicles, production output wasn’t nearly high enough to meet demand, resulting in record-low inventory levels and a subsequent increase in prices. More recently, however, Chevy new vehicle inventory has improved to just under the 60-day supply mark as of the end of November 2022.
This means that Chevy dealers currently have sufficient inventory to meet customer needs. The brand’s best-seller, the Chevy Silverado range, was running at a 90 day supply at the end of November.
As a reminder, a 60-day supply was considered optimal in the U.S. auto industry prior to the COVID-19 pandemic. More specifically, a 60 day inventory level means that dealerships have enough inventory on-site to sustain current sales volume for roughly the next 60 days.
According to a report from Cox Automotive, industry-wide inventory is on the rise, and is currently reaching it’s highest levels since May 2021. In fact, the supply of new vehicles was up 81 percent in November 2022 when compared to the same timeframe last year. And while inventory is on an upward trajectory, it still remains historically low, as pre-pandemic records reflect an 86 days supply as the norm. This supply level provides a good balance of consumer choice while keeping inventory costs low.
“Timing is everything,” Cox Automotive’s senior economist Charlie Chesbrough said. “Production is finally ramping up after being stymied by the chip shortage just as demand started to waiver and vehicle sales slowed down.”
Speaking of timing, Chevy has a wide range of new products in the pipeline, including:
- 2023 Chevy Colorado
- 2024 Chevy Trax
- 2024 Chevy Silverado HD
- 2024 Chevy Silverado EV
- 2024 Chevy Blazer EV
- 2024 Chevy Equinox EV
- 2024 Chevy Tahoe
- 2024 Chevy Suburban
- 2024 Chevy Traverse
All of these models will introduce an all-new generation or a mid-cycle refresh.