It's not the only automaker struggling to meet demand.
Manufacturing plants have been back up and running for a while now after the pandemic resulted in a shutdown, but this period of inactivity is still being felt. At the start of June, Ford and Fiat Chrysler Automobiles were among the automakers that chose to cut their summer breaks short to make up for lost time, but new information from Cox Automotive indicates that dwindling new-vehicle inventory remains an issue.
At the end of July, the supply of unsold new vehicles was 2.33 million units. This is down from the 2.55 million units that were available when June came to a close. Compared to last year, the difference is even greater. At the end of July 2019, there were 3.12 million units available, which at the time equaled a national days' supply of 79 days.
That supply number currently sits at 62 days. It's a clear sign that demand is still outstripping output as the industry battles to recover from the shutdown. For customers, this lower inventory means that there will be less choice when it comes to purchasing a new vehicle; for instance, you're less likely to find the color or trim of your choice.
The national days' supply by brand tells its own story. Toyota is worst off with just 34.4 days' supply as of the end of July, followed by Lexus at 35.3 and Subaru at 38.5. The industry average is 62.3 days' supply, with brands like Porsche (66.2), Ram (75.6), and Ford (88.1) performing better than this. Fiat topped the list with supply of 121.8 days.
The model-specific inventory shows that smaller and less expensive vehicles have the biggest supply. One of the worst-affected models is the Kia Telluride with a supply of just five days, whereas the Ram 1500 and Ford F-150 large trucks have almost 90 days' supply.
Anyone shopping for a 2021 model should be aware that a mere 0.5 percent of current inventory applies to 2021 model year cars. It all means that if you want a specific model - or the newest one you can get - it might be better to wait a bit longer until production plants have recovered fully.