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Domestic demand growth reduced...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller August 4, 2021
• Car & light truck sales continue to decline.
• Parts shortages continue to play a role in the weakness.
• Both domestic & import sales fall.
The Autodata Corporation reported that light vehicle sales during July declined 4.5% (+0.3% y/y) to 14.73 million units (SAAR). They have fallen 20.4% since the April peak of 18.50 million units. Sales were revised slightly through 2020.
Weakness spread throughout the light vehicle market. Sales of light trucks declined 4.5% (+0.5% y/y) in July to 11.21 million units after falling 10.0% in June. Purchases of domestically-made light trucks fell 4.8% in July (-2.1% y/y) to 8.50 million units after a 9.8% June decline. Sales of imported light trucks weakened 3.6% last month (+9.7% y/y) to 2.71 million, down from April's record 3.30 million units.
Buyers continue to prefer larger vehicles. Trucks' share of the light vehicle market was little changed at 76.1% last month.
Auto sales declined along with light trucks. Passenger car sales were off 4.9% (-0.6% y/y) in July to 3.51 million units after falling 9.8% in June. Purchases of domestically-produced cars weakened 4.6% last month (-10.2% y/y) to 2.28 million units after falling 8.1% in June. Sales of imported autos weakened 4.6% (+25.3% y/y) to 1.24 million following a 12.8% June decline.
Imports' share of the U.S. vehicle market edged higher last month to 26.8% and remained up from 23.5% in December. It has been rising steadily from 19.9% in 2015. Imports' share of the passenger car market rose slightly to 35.3% in July. Imports' share of the light truck market rose to 24.2% last month.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
Light Weight Vehicle Sales (SAAR, Million Units) | Jul | Jun | May | Jul Y/Y % | 2020 | 2019 | 2018 |
---|---|---|---|---|---|---|---|
Total | 14.73 | 15.43 | 17.12 | 0.3 | 14.58 | 17.06 | 17.32 |
Autos | 3.51 | 3.69 | 4.09 | -0.6 | 3.52 | 4.82 | 5.40 |
Domestic | 2.28 | 2.39 | 2.60 | -10.2 | 2.51 | 3.53 | 4.05 |
Imported | 1.24 | 1.30 | 1.49 | 25.3 | 1.01 | 1.29 | 1.36 |
Light Trucks | 11.21 | 11.74 | 13.04 | 0.5 | 11.07 | 12.24 | 11.92 |
Domestic | 8.50 | 8.93 | 9.90 | -2.1 | 8.65 | 9.70 | 9.44 |
Imported | 2.71 | 2.81 | 3.14 | 9.7 | 2.41 | 2.54 | 2.48 |