The October selling rate was 15.1 million units/year from 13.4 million units/year in September. This was only the second time that the rate has exceeded 15 million units/year in 2022. The daily selling rate is estimated at around 44,900 units/selling day, up from 44,300 units/selling day in September. According to preliminary estimates, retail sales totaled around 1,016,000 units, compared to 955,000 units in September. This, if accurate, means that retail sales topped 1 million units for the first time since April. LMC converts this to an 87% total market share for retail sales.

“Even though October sales were upbeat compared to recent months, we should remember that the market has fallen significantly from its typical levels over recent years. Excluding 2021, the last October that saw lower sales than last month was in 2012. Through the first 10 months of the year, sales are down by 10.9% YoY,” LMC said.