Sales could slow as monthly payments for new vehicles hit a record high and interest rates...
The new Sequoia is seen on display during the line-off ceremony at Toyota Motor Manufacturing Texas in San Antonio in TX, on Sept. 21, 2022. The Sequoia will be joining the lineup of Toyota vehicles made in the San Antonio plant. Toyota spent $391 million upgrading the plant to be able to manufacture the Sequoia.
Through November, more than 94,000 of the redesigned 2022 Tundras have sold — already more than the 82,000 trucks sold all of last year.Toyota’s overall sales in November increased by 10 percent from the same month a year ago, about the same sales bump as the U.S. auto industry as a whole last month, according to Cox Automotive.
But as vehicle inventory in the U.S. has rebounded, the Federal Reserve has spent the last year swiftly increasing interest rates to combat inflation. In a reversal from recent years, customer demand — which had been buoyed by low interest rates — is now becoming the bigger challenge for automakers instead of supply shortages.
The average price paid in the U.S. for a new vehicle hit $48,281 in October, slightly below the all-time high set in August. Meanwhile, elevated auto loan rates pushed typical monthly car payments to nearly $750 in October, a record high.
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