All day on Tuesday, the world’s biggest automakers will roll out their sales results for May.
Economists expect that auto sales rebounded in May to a seasonally adjusted annualized rate of 17.2 million vehicles after April’s results disappointed.
In April, sales totaled a pace of 16.5 million.
In a note to clients ahead of the report, economists at Bank of America Merrill Lynch wrote, “After flat-lining for several months, we expect auto sales to have jumped to a solid 17.2mn saar pace in May.”
The firm added: “With winter doldrums well in the rearview mirror, and with consumers enjoying several months of relatively low gasoline prices, we see an improvement in vehicle demand. 17.2mn is slightly above the highs of this year (registered in March), and if gasoline prices remain subdued and consumer confidence continues to improve, we see further upside to vehicle sales ahead.”
Keep it here, as we’ll be updating this post all day as the results roll in.