Global| Jan 03 2018U.S. Light Vehicle Sales Ease from Record High
by:Tom Moeller
|in:Economy in Brief
Summary
Total sales of light vehicles during 2017 totaled 17.27 million units, just slightly below the record 17.51 million averaged during 2015 and 2016, according to the Autodata Corporation. During December alone, however, sales improved [...]
Total sales of light vehicles during 2017 totaled 17.27 million units, just slightly below the record 17.51 million averaged during 2015 and 2016, according to the Autodata Corporation. During December alone, however, sales improved 1.9% (-1.7% y/y) versus November to 17.85 million (SAAR).
Light truck sales increased 4.5% last year to a record 10.92 million. Sales of domestically-made light trucks in 2017 increased 3.0% to 9.02 million while sales of imported light trucks surged 12.3% to 1.90 million. During December alone, light truck sales improved 4.9% (6.4% y/y) to 11.76 million. That followed declines during the prior two months from an incentive-charged record high. Domestically-made light trucks increased 4.7% (5.0% y/y) to 9.61 million units following a 3.4% decline. Imported light truck sales rose 5.8% (13.3% y/y) to 2.16 million units, a record high.
Trucks' share of the U.S. vehicle market jumped to a record 65.9% in December and was higher than 51.7% ten years earlier.
The passenger car market weakened last year as sales fell 10.6% to 6.35 million units. Domestically-produced passenger car sales were off 11.7% to 4.59 million while sales of imported cars eased 7.8% to 1.76 million. During December alone, auto sales fell 3.6% (-14.3% y/y) to 6.09 million units, about the same as during the prior two months. Domestic passenger car sales declined 4.6% (-16.2% y/y) to 4.40 million. Sales of imported passenger cars eased 0.8% (-8.8% y/y) to 1.69 million units on the heels of a 5.4% decline.
Imports share of the U.S. vehicle market rose to 21.2% in 2017, a four year high. That was higher than 19.9% during all of 2015. Imports share of the passenger car market increased to 27.7% and recently has been little changed. Imports share of the light truck market strengthened to 17.4% last year, up from 12.7% in 2014.
U.S. vehicle sales figures are published by the Autodata Corporation and can be found in Haver's USECON database.
The minutes to the latest FOMC meeting can be found here.
| Light Weight Vehicle Sales (SAAR, Million Units) | Dec | Nov | Oct | Dec Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 17.85 | 17.53 | 18.09 | -1.7 | 17.27 | 17.55 | 17.48 |
| Autos | 6.09 | 6.32 | 6.56 | -14.3 | 6.35 | 7.10 | 7.73 |
| Domestic | 4.40 | 4.61 | 4.75 | -16.2 | 4.59 | 5.20 | 5.63 |
| Imported | 1.69 | 1.71 | 1.81 | -8.8 | 1.76 | 1.90 | 2.10 |
| Light Trucks | 11.76 | 11.21 | 11.53 | 6.4 | 10.92 | 10.44 | 9.74 |
| Domestic | 9.61 | 9.17 | 9.49 | 5.0 | 9.02 | 8.75 | 8.37 |
| Imported | 2.16 | 2.04 | 2.04 | 13.3 | 1.90 | 1.69 | 1.38 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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