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US Light Vehicle sales totaled 1.11 million units in November, according to data and analysis just released by LMC Automotive*, a year-over-year gain of 10.5%, not adjusting for the number of selling days.
General Motors led the market, with a 17.6% share, 2.4 pp ahead of Toyota Group. Stellantis saw the largest YoY decline of the major automakers, down by 13.2% YoY. Honda Group continued to struggle with a -6.1% YoY drop.
The YoY comparison needs nuanced interpretation because it was boosted by the fact that sales were extremely weak a year earlier in the midst of the chip shortage. In addition, November 2022 had one extra selling day compared to November 2021. Volumes were down by 6.9% when compared with November 2020.
The daily selling rate is estimated at ~44,500 units/day, down from 45,200 units/selling day in October of 2022. According to preliminary estimates, retail sales totaled ~938,000 units, compared to 983,000 units in October, meaning that retail sales accounted for 84.4% of the market in November, up slightly from the 83.7% share in October. “Still, fleet sales appear to have been gaining ground in recent months,” LMC observed. Whether this is due to increased travel, which spurs rental company sales, or businesses responding to increase consumer demand as the economy recovers, isn’t clear to AutoInformed.
“Risk and uncertainty remain elevated, and a recession will have an impact on some consumers’ ability to purchase a new vehicle. However, with underlying demand still expected to be stronger than supply and inventory, the market is still expected to post a gain of more than 1-million units in 2023,” said Jeff Schuster, President, LMC Automotive.
General Motors was the leading manufacturer in November, finishing the month ~27,000 units ahead of Toyota Group, a wider margin than recent months. nevertheless, the Toyota brand retained its title as the market’s bestselling make in November, ~17k units ahead of Ford Motor, which continues to be plagued by quality and recall problems. For the first time since August, the Ford F-150 outsold Toyota RAV4 as the country’s most popular model. Chevrolet Silverado nudged aside Toyota Camry for third place.
“November was a rather mixed bag of results, although this is perhaps not surprising given the combination of different factors at play in the Light Vehicle market at present. While positive year-on-year comparisons always make for a more upbeat mood in the industry, this is less meaningful at the moment due to the anomalous results a year ago’” said David Oakley, Manager, Americas Sales Forecasts, LMC Automotive.
Global Outlook.
October Light Vehicle sales were in line with LMC expectations and were up nearly 8 million units from October 2021 to a selling rate of 85.1 million units. Sales volume increased 9% from a year ago, but year-to-date volume was down 1%.
Recovery markets include India (27%), North America (11%) and Western Europe (12%). China saw a cooling of the growth rate for a third consecutive month but was still up 8% from a year ago. The outlook/forecast for 2022 has slipped to 81.4 million units, now 50,000 units below 2021. “2023 is still expected to return to growth with volume at 84.4 million units, but risk is increasing, according to LMC.
*LMC Automotive – a GlobalData Company
LMC Automotive is a leading independent and exclusively automotive focused provider of global forecasting and market intelligence in the areas of vehicle sales, production, powertrains and electrification. The company’s client base from around the globe includes car and truck makers, component manufacturers and suppliers, financial, logistics and government institutions. LMC Automotive is part of the LMC group. LMC is the world’s leading economic and business consultancy for the agribusiness sector. For more information about LMC Automotive, visit www.lmc-auto.com. or contact LMC directly at [email protected].
The Global Light Vehicle Sales Forecast is published in association with Jato Dynamics Ltd. It uses macro-economic forecasts generated by LMC’s partner, the distinguished – in AutoInformed’s view – Oxford Economics, which, combined with an examination of demographics, fiscal and regulatory influences by LMC’s own specialist automotive research team, presents twelve-year forecasts at a global, regional and country level for Light Vehicle demand in 137 countries.
November US Light Vehicle Sales Up. Uncertainty Remains
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US Light Vehicle sales totaled 1.11 million units in November, according to data and analysis just released by LMC Automotive*, a year-over-year gain of 10.5%, not adjusting for the number of selling days.
General Motors led the market, with a 17.6% share, 2.4 pp ahead of Toyota Group. Stellantis saw the largest YoY decline of the major automakers, down by 13.2% YoY. Honda Group continued to struggle with a -6.1% YoY drop.
The YoY comparison needs nuanced interpretation because it was boosted by the fact that sales were extremely weak a year earlier in the midst of the chip shortage. In addition, November 2022 had one extra selling day compared to November 2021. Volumes were down by 6.9% when compared with November 2020.
The daily selling rate is estimated at ~44,500 units/day, down from 45,200 units/selling day in October of 2022. According to preliminary estimates, retail sales totaled ~938,000 units, compared to 983,000 units in October, meaning that retail sales accounted for 84.4% of the market in November, up slightly from the 83.7% share in October. “Still, fleet sales appear to have been gaining ground in recent months,” LMC observed. Whether this is due to increased travel, which spurs rental company sales, or businesses responding to increase consumer demand as the economy recovers, isn’t clear to AutoInformed.
“Risk and uncertainty remain elevated, and a recession will have an impact on some consumers’ ability to purchase a new vehicle. However, with underlying demand still expected to be stronger than supply and inventory, the market is still expected to post a gain of more than 1-million units in 2023,” said Jeff Schuster, President, LMC Automotive.
General Motors was the leading manufacturer in November, finishing the month ~27,000 units ahead of Toyota Group, a wider margin than recent months. nevertheless, the Toyota brand retained its title as the market’s bestselling make in November, ~17k units ahead of Ford Motor, which continues to be plagued by quality and recall problems. For the first time since August, the Ford F-150 outsold Toyota RAV4 as the country’s most popular model. Chevrolet Silverado nudged aside Toyota Camry for third place.
“November was a rather mixed bag of results, although this is perhaps not surprising given the combination of different factors at play in the Light Vehicle market at present. While positive year-on-year comparisons always make for a more upbeat mood in the industry, this is less meaningful at the moment due to the anomalous results a year ago’” said David Oakley, Manager, Americas Sales Forecasts, LMC Automotive.
Global Outlook.
October Light Vehicle sales were in line with LMC expectations and were up nearly 8 million units from October 2021 to a selling rate of 85.1 million units. Sales volume increased 9% from a year ago, but year-to-date volume was down 1%.
Recovery markets include India (27%), North America (11%) and Western Europe (12%). China saw a cooling of the growth rate for a third consecutive month but was still up 8% from a year ago. The outlook/forecast for 2022 has slipped to 81.4 million units, now 50,000 units below 2021. “2023 is still expected to return to growth with volume at 84.4 million units, but risk is increasing, according to LMC.
*LMC Automotive – a GlobalData Company
LMC Automotive is a leading independent and exclusively automotive focused provider of global forecasting and market intelligence in the areas of vehicle sales, production, powertrains and electrification. The company’s client base from around the globe includes car and truck makers, component manufacturers and suppliers, financial, logistics and government institutions. LMC Automotive is part of the LMC group. LMC is the world’s leading economic and business consultancy for the agribusiness sector. For more information about LMC Automotive, visit www.lmc-auto.com. or contact LMC directly at [email protected].
The Global Light Vehicle Sales Forecast is published in association with Jato Dynamics Ltd. It uses macro-economic forecasts generated by LMC’s partner, the distinguished – in AutoInformed’s view – Oxford Economics, which, combined with an examination of demographics, fiscal and regulatory influences by LMC’s own specialist automotive research team, presents twelve-year forecasts at a global, regional and country level for Light Vehicle demand in 137 countries.