US auto sales rate plunges in May after pre-tariff rush fades

(Reuters) - The U.S. light vehicle sales rate slumped in May by the most in about five years following a rush by auto shoppers during the previous two months to beat anticipated price hikes stoked by President Donald Trump's tariffs on imported automobiles.

Wards Intelligence on Tuesday reported the seasonally adjusted annual rate of light vehicle sales plunged to 15.65 million units last month from a revised 17.25 million in April and 17.83 million in March. May's drop in the SAAR of about 1.6 million was the largest since the onset of the COVID-19 pandemic in April 2020.

(Reporting By Dan Burns)

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