Most Asian automakers report U.S. gross sales surge in November
U.S. gross sales surged by double-digit percentages for Toyota Motor Corp., Hyundai, Kia, Subaru, Mazda and Volvo final month from a yr earlier, with the Hyundai and Kia manufacturers each setting November information. However Ford Motor Co. and Honda reported drops for the month.
Deliveries jumped 43 p.c at Hyundai and 25 p.c at Kia.
“This was a terrific November for gross sales and particularly our lineup of eco-friendly automobiles,” Hyundai Motor America CEO Randy Parker stated in a press release Thursday. “Regardless of financial headwinds, we had been nonetheless capable of report an all-time retail and whole gross sales report in November.”
Ford gross sales, in distinction, had been down 7.9 p.c in November, the corporate’s third consecutive month with a year-over-year decline. Ford stated buyer orders have remained robust, however it delivered 15 p.c fewer utility automobiles and eight.7 p.c fewer F-Collection pickups.
Nonetheless, for all of 2022, Ford’s gross sales are down solely 2.7 p.c, versus, 3.5 p.c for Hyundai-Kia and 35 p.c for American Honda, which posted a 6.1 p.c decline in November.
Gross sales fell 5.2 p.c final month for the Honda model and 14 p.c for Acura. Honda’s 4 top-selling nameplates — the CR-V, HR-V, Accord and Civic — all noticed declines in November.
The outcomes come amid rising manufacturing and stock throughout the business after the microchip scarcity and different provide chain snags restricted automakers from having the ability to meet demand for brand new automobiles for a lot of the previous two years.
Hyundai stated its stock has greater than doubled from a yr in the past, to 39,898 automobiles on the finish of November. That is up from 31,529 a month earlier and 17,096 in November 2021.
At Toyota, model gross sales rose 12 p.c, whereas Lexus fell 4.3 p.c. Toyota automotive gross sales surged 42 p.c, together with an 80 p.c achieve for the Corolla, however the model bought 3.7 p.c fewer SUVs.
Mazda Motor Corp. stated November gross sales surged 31 p.c to 26,906 automobiles.
Subaru deliveries rose 52 p.c. Gross sales of the Subaru Crosstrek, Forester and Legacy greater than doubled from a yr in the past.
However American Honda posted a 6.1 p.c decline from November 2021. Gross sales fell 5.2 p.c for the Honda model and 14 p.c for Acura.
Volvo posted a 20 p.c achieve.
The remainder of the business solely experiences U.S. gross sales on a quarterly foundation.
U.S. light-vehicle deliveries had been anticipated to rise from November 2021 as stock shortages continued to ease. Greater rates of interest are growing prospects’ month-to-month funds, however dealerships at the moment are promoting fewer automobiles above sticker value — 41 p.c in November vs. 50 p.c in July, in response to J.D. Energy and LMC Automotive.
“November outcomes reveal that car manufacturing is constant to enhance, with obtainable retail stock exceeding 1 million models for a second consecutive month and a bigger share of producers’ manufacturing being allotted to fleet prospects,” stated Thomas King, president of the info and analytics division at J.D. Energy.
“On the retail aspect, demand continues to exceed provide, as evidenced by continued energy in transaction costs, retailer earnings, stock flip charges and minimal producer discounting. Nonetheless, as inventories and rates of interest rise, these metrics will present indicators of both moderation or decline.”
TrueCar stated November retail gross sales had been on tempo to be roughly even with a yr earlier however that fleet gross sales had been rebounding considerably from the low ranges brought on by manufacturing disruptions in 2020 and 2021. It projected a 68 p.c leap in fleet gross sales from November 2021.
“Inventories are on tempo for a fourth consecutive month of double-digit will increase. Shoppers, nonetheless, proceed to face affordability challenges and excessive month-to-month funds, holding many on the sidelines,” stated Zack Krelle, business analyst at TrueCar. “To keep up gross sales momentum, producers seem like shifting a number of the new provide to non-retail gross sales.”
