Passenger Vehicle wholesales increased by 36% year-on-year to 2.17 million units in August 2022 with growth remaining strong, according to data just published by respected consultancy LMC Automotive*. The Light Commercial Vehicle (LCV) segment was almost unchanged in the month, with sales of 0.22 million units. The overall Light Vehicle (LV) market ended August with an increase of 32% YoY, and a total of 2.39 million units sold. Year-to-date LV sales totaled 16.73 million this year, up by 5.6%. Total light vehicle production in August was up by 40.6% YoY to 2.33 million units, with a categorization of 2.12 million PVs (+45% YoY) and 0.21 million LCVs (+6% YoY).
“PV wholesales and production numbers for August were in line with our expectation for the month. After the reopening of Shanghai, sales rebounded strongly for the second consecutive month in July, continuing to be boosted by pent-up demand and the temporary purchase tax cut on PVs (from 1 June to 31 December 2022). The local governments’ and automakers’ sales promotions also played a role in the brisk demand. In the recently three months, some of the premium brands have been promoted by the purchase tax preferential policy, and the recovery of the market is obvious,” said LMC. Continue reading
GM Q3 US Sales Up 24%
General Motors Co. (NYSE: GM) said today it sold 555,580 vehicles in the United States in the third quarter, up 24% year-over-year, because of increased semiconductor supplies, stable production and improvements in dealer inventory.
Three of GM’s vehicle brands posted double-digit total sales gains, with Chevrolet up 30%, GMC up 24% and Cadillac up 50%. GM also claimed ~3-point improvement in retail market share year over year (J.D. Power PIN data), as well as “significant sales gains” in the commercial fleet segment. Continue reading →