Demand for SUVs, crossovers and pick-ups continue to power the US light vehicle market, but what happens if gasoline prices keep rising? At the moment the national average stands at US$2.94/gallon, with some states paying as much as US$3.73/gallon. This is the highest average in four years. In April, the US Energy Information Administration issued a report predicting summer prices of US$2.74/gallon, which is 26 cents higher than the same time last year….
At what point do rising gasoline prices impact buying behaviour?
SUVs and pick-ups not only account for a significant proportion of US volumes but they also offer the biggest profits. Much is at stake if rising fuel prices slow demand, writes Megan Lampinen