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Category Archives: sales
April US Light Vehicle Sales up 10%
Average transaction prices are high by historical standards and continued to be up (by 3.6%) YoY in March. However, prices have declined month-on-month (MoM) in each month of 2023, and this trend is expected to have continued in April, with incentives also beginning to creep up. In March, incentives were up by 56.2% YoY, from an extremely low base. Continue reading
Posted in economy, prices, sales
Tagged auto industry commentary, autoinformed.com, Global data, JATO Dynamics, Ken Zino, lmc automotive, oxford economics
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Hyundai Motor America April Sales up 15%
Hyundai sold 64,895 retail units in April, a 5% year-over-year increase from April 2022. Hyundai set best-ever retail sales in April for Elantra HEV, Elantra N, Santa Fe HEV, Tucson PHEV, Tucson HEV and Santa Cruz. Hyundai eco-friendly vehicle sales of 11,571 represented 18% of retail and a 56% year-over-year increase. Continue reading
US New Vehicle Sales Soar in April 2023 at 1.3 Million
“The industry is poised for another favorable month in April, with projected retail sales expected to increase 5.9%, accompanied by a 2% increase in average transaction prices. Consequently, it’s expected that consumers will spend ~$47.5 billion on new vehicles this month, reflecting 2.9% growth compared with the same month a year ago,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading
Posted in economy, results, sales
Tagged auto industry commentary, autoinformed.com, J.D. Power and LMC Automotive, Ken Zino, Thomas King
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March Global Light Vehicles Sales Up 12%
The month-on-month (MoM) improvement in the SAAR is largely attributed to the rebounding of the China market as customers took advantage of expiring tax incentives before April, in LMC’s view. Relatedly, both the North American market and the Western Europe markets saw YoY improvements when compared against a very weak 2022. Eastern Europe showed the first positive YoY growth in March since the beginning of the Ukraine conflict in February 2022, LMC noted. Continue reading
GM Defense Gets US Army OK for Infantry Squad Vehicle
“We do not anticipate changes in production volume through September 2023,” said a GM Defense spokesperson. “Achieving full rate production affirms the engineering and manufacturing processes that support the Infantry Squad Vehicle are meeting our U.S. Army customer needs and that production can be scaled to meet increased demand in the future. This important milestone adds credibility to the ISV program and validates our continued efforts to successfully deliver advanced commercial technologies to soldiers.” Continue reading
March 2023 Western EU Passenger Vehicle Sales at 10.9M
All of the five largest Western European countries posted strong YoY growth in registrations. However, this was largely because 2022 provides a weak base of comparison, along with some easing of supply side challenges, aiding the pace of vehicle registrations LMC noted. Continue reading
Ford Motor Q1 2023 US Sales Up 10%
Ford Motor’s (NYSE: F) overall vehicle sales – Ford Blue, Ford Pro, Model e and Lincoln – totaled 475,906, up 10.% with estimated share up over a year ago, the Dearborn based automaker said this morning. Sales increased in the usual areas across Ford’s strengths, including trucks (up 19.6%); three-row SUVs (up 47.6%); Bronco brand (up 18.3%); Ford Pro Transit van (up 86%); Mustang (up 5.2%) and electric vehicles (up 41%) on a year-over-year basis, which given last year’s dismal performance increased the percentage gains markedly. Continue reading
Toyota Motor North American Sales in March and Q1 Drop 9%
“With 22 electrified vehicle options between both the Toyota and Lexus brands, the most among any automaker, we’re giving customers a choice that fits their lifestyle, pocketbook and needs,” said Jack Hollis, executive vice president, sales, TMNA. “We continue to make improvements to our vehicle inventory to satisfy customer demand, while doing all we can to exceed expectations as we introduce more electrified vehicles throughout the balance of 2023,” Hollis said. He did not address the disconnect between a growing overall market and TMNA’s decline. Continue reading
Posted in economy, marketing, sales
Tagged auto industry commentary, autoinformed.com, Jack Hollis, Ken Zino, TMNA
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GM Q1 2023 US Sales Increase 18% as Trucks and SUVs Lead
General Motors Co. (NYSE: GM) and its dealers delivered 603,208 vehicles during Q1 in the US. This is an 18% increase during the first quarter of 2023 compared year-over-year. GM also estimated that its market share increased by 1.5 percentage points, which would be the largest increase of any automaker. Complete competitive data won’t be available until later this week. GM sold 270,376 full-size and mid-size pickup trucks and full-size SUVs during Q1. Continue reading
Posted in economy, news analysis, sales
Tagged auto industry commentary, autoinformed.com, GM US sales q1 2023, Ken Zino, Steve Carlisle
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Chinese Vehicle Sales Still Slumping
However, the cumulative LV production from January to February in the world’s largest market, fell by -14% YoY. At the component level, passenger vehicle production in February increased by 12% YoY while cumulative PV production to February decreased by 14% YoY, the same as the decrease in LV overall. Light Commercial Vehicle output at 255,000 was up 9% YoY. but down by -17% YTD. The February selling rate was 21 million units/year, down 11% from a weak January, and the lowest rate since the Shanghai lockdown of April 2022. In YoY terms, however, sales (i.e., wholesales) increased by 14.3% against a low base, due to the timing of the Chinese New Year, said LMC. Continue reading
March US Auto Sales Forecast Up. Q1 to Set Spending Record
“March is shaping up to be yet another positive month for the industry. With retail sales forecasted to be up nearly 2%, along with average transaction prices tracking up 3.5%, consumers are on pace to spend nearly $50 billion this month, an increase of 5.5% from what they spent on new vehicles a year ago,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading
February 2023 Western EU Passenger Vehicle Sales Up 11%
However, LMC hedged by saying that 2022 is a weak base for comparison. “In YoY terms, the market was up 2.8%, though the same period last year was particularly weak” Continue reading
NADA Economist Predicts 14.6 Million Light Vehicle Sales
“Looking ahead, we believe that vehicle production will show continued improvement in March. Wards Intelligence expects that 2023 Q1 North American light-vehicle production will grow by 7.3% compared with the first quarter of 2022. This should be good news for continued inventory growth throughout the year. We believe that with more inventory available, new light-vehicle sales will increase in 2023. Our full-year forecast is 14.6 million units,” said Manzi. Continue reading
NADA – 2023 US Sales Forecast at 14.6 Million
Forecasting is a risky business in these times. Multiple factors are in play. The increasing number of new-vehicle incentives also contributed to the April sales gains. According to J.D. Power, average incentive spending per unit in April is expected to total $1599, an increase of, gulp, 58.9% compared with April 2022. While average incentive spending has risen from extreme lows, it has not increased at the same rate at all automakers. Some brands have been able to finally increase new-vehicle supply, but others are still struggling. To state the obvious, brands with more to sell are positioned to offer incentives. Key here might be the return of Memorial Day sales later at the end of May. Continue reading →