analysts' projections U.S. automobile shortages due to ongoing supply chain issues

Cox Automotive lowered its U.S. auto sales forecast for 2022 on Tuesday .

Cox Automotive lowered its U.S. auto sales forecast for 2022 on Tuesday, according to analysts at Edmunds.com, a company owned by Cox and Carmax, who said that continuing supply chain disruptions would leave dealers short of new vehicles for the foreseeable future.Cox dropped its full-year target to 14.4 million vehicles from 15.3 million, but predicted a slight increase in sales month after month in June.Edmunds predicts that second-quarter vehicle sales in the United States will be higher than in the first quarter, but that they would still outpace last year's declining sales.At this stage, a revival in vehicle production seems to be highly unlikely, but profit margins are still high and pent-up consumer demand would only increase as supply increases, according to Jessica Caldwell, Edmunds executive director of insights.