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Category Archives: sales
Bidenomics – People Spend Record $578B on New Vehicles
“December results cap off the year with a strong performance, illustrated by double-digit year-over-year sales growth and the second-highest consumer expenditure on new vehicles ever recorded for the month. Total sales of just under 15.5 million for 2023, represent a significant increase of 12.8% from 2022, when just 13.7 million vehicles were sold. What’s even more noteworthy is that consumer expenditure on new vehicles in 2023 set a record of $578 billion. This is the third consecutive year in which U.S. consumers spent more than half a trillion dollars buying new vehicles,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading
Posted in auto news, economy, marketing, news analysis, people, results, sales
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Biden Administration economic recovery, December 2023 US vehicle sales forecast, GlobalData, j.d power, Ken Zino, Thomas King
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November 2023 EU Car Market Grows on Mixed Results
In November 2023, the EU’ car market grew by 6.7%, according to data just released by ACEA.* This was the sixteenth consecutive month of expansion. There were substantial double-digit gains in some markets, including two of the largest: Italy (+16.2%) and France (+14%).
However, the German car market retracted, recording a -5.7% decline compared to November 2022, which provided a small base line for comparison across the EU. Overall new car registrations were +6.7% in November; with a battery electric market share at 16.3%. Eleven months into 2023, new car registrations increased by 15.7%, reaching nearly ten million units. With the exception of Hungary, all EU markets grew during this eleven-month period. The four largest markets contributed to this trend: Italy (+20%), Spain (+17.3%), France (+16.2%), and Germany (+11.4%). Continue reading
Forecast is Finally Normal for 2024 US Auto Market
“Our research suggests that Americans are putting more emphasis on buying/owning personal transportation, in contrast to 2018 and 2019, when consumers put a higher value on “access to transportation,” said Jonathan Smoke Cox Automotive Chief Economist. “And after tumbling in 2021 and 2022, satisfaction with the car buying process is expected to improve in the year ahead, thanks in part to better inventory and the return of discounting, but also from improved processes at the dealership that save time and make car buying more efficient.” Continue reading
November Global Light Vehicle Sales at 94,000,000 Annually
“US sales were helped by agreements being settled between the Detroit 3 OEMs and the UAW, ending the strikes, along with increased incentives during Thanksgiving and Black Friday. China’s market in November also benefited from heavy incentives and discounts by OEMs and dealerships. Meanwhile, European regions continued their recovery. With supply constraints fading, adverse macroeconomic headwinds are a concern heading into 2024,” according to the GlobalData Light Vehicle Sales Forecasting Team. Continue reading
US Light Vehicle Sales up Again in November 2023
US Light Vehicle (LV) sales grew by 8.5% year-on-year (YoY) in November, to 1.22 million units, according to preliminary estimates from the respected consultancy GlobalData.* The daily selling rate was estimated at 48,900 units/day in November, compared to 48,200 units/day … Continue reading
Record Consumer Spending Spurs US November Sales
“November results indicate a robust performance with double-digit year-over-year sales growth and record consumer expenditures for the month. The consumer expenditure record was due to strong sales growth, which outweighed a 1.9% decline in transaction prices,” said Thomas King, president of the data and analytics division at J.D. Power. “Sales growth is being enabled by improving vehicle availability. Despite the nearly six-week UAW work stoppage, retail inventory levels in November are expected to finish around 1.6 million units, a 7.5% increase from last month and 43.7% increase compared with November 2022, but still over 40% below pre-pandemic levels, King said. Continue reading
Global Automotive Capacity Too High for Demand?
“With the current high-price environment as a backdrop, the progression of the Electric Vehicle (EV) transition and the potential for other external shocks, we can’t help but raise the caution flag about the prospects for the medium-term forecast and a recovery in demand to pre-pandemic levels. We had recently already trimmed the global LV forecast by an average of 7.5 million units a year throughout the forecast horizon, citing pricing pressure as the main driver. However, additional cuts to the outlook post-recovery could be on the horizon if pricing isn’t addressed,” Schuster said. Continue reading
October Global Light Vehicle Sales at 94 Million Annually
The Global Light Vehicle (LV) selling rate for October was largely in line with an upwardly adjusted September figure, at 94 million units annually. Year-over Year (YoY) the market was up nearly ~11% last month, and up more than 10% YTD, according to data just released by the GlobalData Light Vehicle Sales Forecasting Team. Continue reading
Chinese Vehicle Market Sales Strong in September
“We expect sales to remain strong in the coming years. This month we have again increased our full-year 2023 forecast, this time by 300,000 units, bringing the full-year forecast to 28.9 million units, a year- on-year increase of 8%. However, it should be noted that near-term downside risks exist, mainly from the liquidity crisis in the real estate sector – said to directly and indirectly account for 25% of GDP- declining exports, and high youth unemployment,” said the GlobalData Forecast Team. Continue reading
Consumer Spending Spree – October US Auto Sales
Total US new-vehicle sales during October 2023 are forecast to reach 1,201,800, a 6.6% increase from October 2022, according to numbers just released by J.D. Power and GlobalData.* The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 15.5 million units, up 0.9 million units from October 2022. Retail buyers are on pace to spend $43.7 billion on new vehicles, up $0.3 billion from October 2022. Continue reading
September Global Light Vehicle Sales Grow But Rate Slows
The US, Western and Eastern European countries all registered double digit YoY growth, partly due to the COVID plague year of 2022 being a weak base and also because of an alleviation in supply-side issues. Chinese sales grew 5.7%, helped by a booming export sector, while the domestic market was helped by personal income tax cuts and price reductions across automakers, according to GlobalData Light Vehicle Sales Forecasting Team. Continue reading
September 2023 European Passenger Car Sales Drop
“All the top five Western European markets continued to experience double digit YTD growth over the weak performances seen in 2022. However, generally across the region, economies still face challenging conditions with high inflation and high financing costs. We continue to forecast solid growth for the full year, with 2023 set to be the best year since 2019,” said the European Light Vehicle Sales Forecasting Team. Continue reading
What Strike? September US Vehicle Market Grows Sharply
US light vehicle (LV) sales grew by 19.7% year-on-year (YoY) in September, to 1.34 million units, according to the latest analysis by the respected GlobalData consultancy. The UAW Big Three Strike that began halfway through September has thus far had little apparent effect. However, YoY comparisons are supercharged because of a low base of weak September 2022 sales. Ironically, Labor Day sales appears to bolstered sales. Continue reading
Ford Motor 2023 Q3 Sales up 8%
“We saw strong balanced sales growth providing choice to our customers in the third quarter, with growth coming from our gas engine, electric, hybrid and commercial van lineup,” said Andrew Frick, vice president, sales, distribution and trucks. “Ford’s truck lineup remains the industry’s top seller.” Continue reading
Nissan Motor Global Production up 27% in November
Nissan Motor said today in Yokohama that global production of passenger and commercial vehicles in November surpassed year-earlier results by 27.4% (317,233). Production in Japan also rose Year-over-Year (YoY) by 21.3 % (68,683). Furthermore production outside Japan rose YoY by 29.2% (248,550). In the US production during November at 48,056 was up +16.8%. Continue reading →