The inventory of new vehicles in the US light vehicle market reached 2.
91 million in mid-August, up from 2.
79 million at the beginning of the month and 1.
96 million in the same period last year, according to Cox Automotive.
According to the agency’s calculations, the inventory of vehicles in U. S. car companies and dealers was already equivalent to 68 days of market demand, up from 54 days in the same period last year.
In the face of rising inventory, stimulus measures from car companies and preferential policies from dealers have been introduced one after another, and the average retail price of the US light vehicle market has also gradually declined.
According to J.D.Power and GlobalData, the average transaction price in August was $44039, down $1895 from a year earlier, or 4.
1% from a year earlier.
However, as interest rates on new car loans are still high, sales of new light vehicles in the US market did not improve much in August.
Because most car companies no longer publish monthly sales and are unable to obtain detailed market data, they can only understand the performance of the US auto market at the end of the quarter through preliminary statistics from major institutions.
Us car sales are expected to rise 7 to 8 per cent in August, according to Cox Automotive, S&PGlobal Mobility, J.D.Power and GlobalData.
In terms of seasonally adjusted annualised sales, the SAAR of US light vehicles in August is expected to be between 15.
2 million and 15.
4 million, roughly the same as the 15.
48 million in the same period last year, but significantly lower than the 16.
04 million in July.
Hybrid power is the main driver of growth, and judging from the performance of the seven car companies that reported August sales, most of them have achieved good results, such as Ford, Hyundai-Kia and Honda, which all saw double-digit growth.
In terms of sales order, Toyota finally returned to growth in August as the Toyota brand reached close to 170000 vehicles after two consecutive months of decline.
In fact, Toyota suffered a lot of losses as the new Toyota GrandHighlander and Lexus TX continued to stop selling because of recalls and both sold 0 cars in August.
And Toyota’s Corolla, RAV4, Hanlanda, 4Runner and Tacoma sales also decreased to varying degrees, of which 4Runner had the biggest decline of 26.3%. Were it not for the Camry, Tundra and other models to maintain a good growth trend, Toyota is very likely to continue to decline in August.
In terms of fuel type, the biggest contributor to Toyota’s year-on-year regularization in August should be its hybrid cars.
Toyota said it sold 49 to 95509 electric vehicles (including hybrids) in August from a year earlier, accounting for 48 per cent of the group’s total for the month, almost all of which were gasoline hybrids.
The strong performance of hybrids in August was also one of the important reasons for Ford’s return to growth.
Ford said that in August, the group’s sales of hybrid and electric vehicles increased by 50% and 29%, respectively, compared with a year ago, while sales of traditional fuel vehicles increased by only 9.9%. With the joint efforts of the three, Ford achieved its biggest monthly increase of 13.
4% in more than a year in August.
From a brand point of view, the sharp increase in the group is mainly due to the good performance of some Ford brand SUV and pickups in August, such as Ranger growth of 173.
6%, Maverick growth of 23.
7%, F-series growth of 11.
7%, and Explorer growth of 97.1%. Like the first two, Hyundai-Kia and Honda did well with their hybrids in August, and both set their own monthly records in recent years.
Hyundai’s hybrid sales rose 81% in August from a year earlier, with Santa Fe and Tuscon contributing the most, with hybrid sales up 120% and 97%, respectively.
At the same time, Kia’s sales of pure electricity and plug-in increased by 27% and 43% respectively, increasing the sum of the brand’s electric cars by 9%.
That is why Hyundai and Kia sold 79000 and 75000 vehicles respectively in August, both of which reached new monthly highs in recent years and pushed the group’s sales above the threshold of 160000 for the first time in recent years.
Honda, which pulled out of the supply chain, saw its 18th consecutive month of growth in the u.s. market in august, with sales up 25.
0% year-on-year to 139950 vehicles, the best performance since June 2021.
In response, Honda officials said it was mainly due to record sales of light trucks and electric cars in August.
In August, Subaru gained a monthly high of 63053 vehicles after March 2021, thanks to the best result of 20396 vehicles since the Crosstrek went on sale.
As sales of the CX-50 and CX-90 continued to rise, coupled with the steady development of the CX-5 and CX-30, Mazda exceeded 40, 000 vehicles again in August after more than three years.
As for Volvo, it will be the only one of the seven automakers to be negative year-on-year because sales of its leading models, the XC40, XC60 and XC90, all fell to varying degrees in August, with XC90 falling the most by 21.2%. General car sales are expected to hit 1.
5 million vehicles this year.
Judging from the above-mentioned car companies that reported sales, the situation in the US light vehicle market in August should not be bad, but as the article begins, the real situation is not optimistic.
In the face of continuously high inventory, the preferential amount offered by car companies and dealers has greatly increased.
Estimates from J.D.Power and GlobalData show that the average discount per car increased by nearly 60% in August compared with the same period last year, to $3035, up $18 from July.
Not only the price of the new car, but also the preferential amount of the rental price has increased, which makes the rental sales account for 24.
2% of the new car sales in August, an increase of 3.
8% year-on-year.
In order to reduce the number of electric cars in stock, some electric cars in the US market even offered discounts of $10000 in August, and some were even higher.
However, given the relatively high price of electric cars, short battery range and inadequate charging infrastructure, a large number of American consumers are still hesitant to buy electric cars.
As a result, the US electric car market continues to be less than expected, with sales falling for two consecutive months in June and July (August figures are not yet available), with total sales of just 839000 vehicles in the first seven months, with year-on-year growth narrowing to 9.
6 per cent.
Previously, J.D.Power had predicted that electric vehicles would account for 12.
4% of new light vehicle sales in the United States this year, but according to its statistics, the figure was only 9% as of August, up slightly from 7.
6% for the whole of last year.
Conversely, due to higher consumer acceptance and more competitive prices, hybrids in the new car market in the United States are stillMaintain a very strong trend.
, As the supply chains of Japanese car companies such as Toyota and Honda, which supply a large number of common hybrid models, have basically recovered, and brands such as Ford and Buick have also begun to make efforts, the monthly sales of hybrid vehicles in the United States this year have stabilized at more than 100,000 vehicles this year since February this year, and it has remained at more than 130,000 vehicles since May.
This brought the total sales of hybrid vehicles in the United States in the first seven months of this year to 841,000 units year-on-year by 33.
7%, which has exceeded the sum of pure electric and plug-in hybrid vehicles.
Based on this calculation, there is a high probability that hybrid vehicle sales in the United States will exceed 1.
4 million units this year, and it is even expected to reach 1.
5 million units.
This also means that hybrid sales in the United States will once again surpass electric vehicles this year, replacing the latter as the second largest segment of the market after traditional fuels.
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