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April Marks Second Straight Major Overbuild as North America Production Rises 9%

Executive Summary

The overbuild helps explain April's U.S. sales results, which came in stronger than expected due to a month-end surge in deliveries. At the same time, the additional gain in inventory puts more upside to the North America light-vehicle sales outlook of 17.9 million units in 2023, including to the 15.1 million forecasted for the U.S.

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