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U.S. auto sales slump as less affluent buyers walk away

(Reuters) -U.S. new vehicle sales could fall to the lowest first-quarter volume in the past decade as chip shortages and the Ukraine crisis squeeze inventories and rising prices push less affluent buyers out of the market, research firm Cox Automotive said Monday. “Make no mistake, this market is stuck in low gear,” said Charlie Chesbrough, senior economist at Cox Automotive, adding that sales will remain at current levels until supply improves. Detroit’s mainstream brands and Nissan Motor Corp are getting hurt as less affluent consumers leave the new vehicle market, Cox analysts said during a call.

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