New-vehicle inventory is at its highest point in the U.S. since the spring of 2021, and days’ supply has hit 71 for the first time in two years, Cox Automotive says.

Year-over-year, supply of about 2.6 million units is up 57% and days’ supply by 17, Cox said.

The plentiful inventory, along with slower sales, have some automakers cutting production, it said, including General Motors and Jeep-maker Stellantis. Some are also increasing incentives and discounts, or both - those were behind November’s 1.5% lower year-over-year transaction prices.

Cox said days’ supply hovered around 70 throughout November and into December. The 60s range has historically been considered normal for the industry.

Electric-vehicle inventory, meanwhile, is growing faster than overall holdings, Cox said. It ended November at its high point of the year at 114 days’ supply, excluding Tesla and other makers without dealer networks.

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