Catalyst IQ data shows that in early September, U.S. new-vehicle inventory fell to 2.91 million units, down about 30,000 month over month and up about 40,000 year over year, with 73 days' supply, down 5 days month over month and nearly three weeks less year over year. Hybrids were the fastest-turning for the fifth consecutive month, with 64 days' supply and the largest increase; battery-electric vehicles fell to 72 days, while diesel vehicles rose to 114 days. Models priced from $35,000 to $50,000 accounted for about 36% of available inventory, while lower-priced vehicle inventory contracted. Midsize SUV inventory exceeded 600,000 units, and full-size pickups stood at 358,000. Ford and Mazda saw their days' supply rise, while Toyota, Honda, Subaru, and Hyundai declined.
Total Inventory Falls to 2.91 Million Units; Days' Supply Down Nearly Three Weeks Year-over-Year
U.S. new-vehicle inventory continued its downward trend. Data from Catalyst IQ shows that in early September, U.S. new-vehicle inventory fell to 2.91 million units, down about 30,000 units from the previous month but up about 40,000 units from a year earlier. At the current sales rate, the latest inventory can support 73 days of sales, down 5 days from early August and nearly three weeks lower than a year earlier.
The simultaneous month-over-month decline and year-over-year increase in total inventory indicates that automakers and dealers are becoming more cautious overall while still building up stock for certain high-demand segments. Looking at the structural differences by powertrain type and segment, this 'some up, some down' adjustment direction is relatively clear.
Hybrids Fastest-Turning for Fifth Straight Month, Yet Add Most Inventory
Catalyst IQ says hybrids have been the fastest-turning powertrain type in the U.S. market for the fifth consecutive month, with the lowest days' supply at just 64 days. Notably, over the past month, automakers and dealers added more hybrid inventory than any other powertrain type—increasing stock in the fastest-turning category, which reflects the channel's judgment on the sustainability of demand in this segment.
EVs Fall to 72 Days, Diesel Rises to 114 Days
In contrast to hybrids, EVs and diesel models diverged. Data shows that in early September, U.S. EV inventory days' supply fell 20% to 72 days, improving turnover efficiency from before. Diesel vehicles moved in the opposite direction: affected by record-high diesel prices, their inventory days' supply rose to 114 days, making them the category with relatively prominent inventory pressure among all powertrain types.
Inventory of Lower-Priced Models Shrinks; $35,000–$50,000 Becomes Main Range
On the pricing structure side, inventory of new vehicles on sale priced below $35,000 fell sharply in August this year. Of current inventory, about 36% of models are priced between $35,000 and $50,000. The contraction in lower-priced inventory means the immediate availability of entry-level products is narrowing.
Midsize SUV Inventory Tops 600,000 Units; Full-Size Pickups at 358,000
By segment, midsize SUVs and crossovers have the most ample inventory, with current stock exceeding 600,000 units; full-size pickups rank second at 358,000 units, a clear gap between the two. The concentration of inventory in these two vehicle types matches their sales base in the U.S. market.
Automaker Divergence: Ford, Mazda Up; Toyota, Honda, Subaru, Hyundai Down
Among the six automakers that disclose inventory data monthly, as tracked by the Automotive News Research & Data Center, Ford and Mazda saw their days' supply rise slightly; the other four—Toyota, Honda, Subaru, and Hyundai Motor Group—all saw declines in days' supply. The data center also said that for all automakers reporting monthly inventory, car days' supply fell to 30 days and light-truck days' supply fell to 46 days.
The roughly 16-day gap in days' supply between cars and light trucks is consistent with the divergences noted above by powertrain type and segment: the fastest-turning categories are concentrated where demand is stable or driven by policy and pricing factors, while categories affected by rising fuel costs, such as diesel vehicles, are clearing inventory relatively slowly.
Overall, the change in U.S. new-vehicle inventory in early September was not a single-direction adjustment in totals, but a structural reallocation across powertrain types and price bands. Whether days' supply can continue to converge will depend on the pace at which added hybrid inventory is absorbed and how quickly diesel vehicles are cleared amid elevated fuel costs.
