U.S. light-vehicle sales fell short of expectations in January due to a stronger-than-anticipated pull-ahead effect in December. Although still relatively healthy, the January performance wasn’t enough to guarantee the industry won’t face a huge inventory problem by the end of the first quarter – a condition that would be exacerbated if demand spirals further in late February or March in the event of a U.S.-Iraq war. Nevertheless, sales ended at a 16.2 million seasonally ...

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