Global| Apr 01 2021U.S. Light Vehicle Sales Strengthen During March
by:Tom Moeller
|in:Economy in Brief
Summary
• Passenger car sales improve as light truck sales surge. • Domestic & import sales post strong increases. • Imports' share of vehicle market continues to rise. U.S. sales of light vehicles strengthened last month as COVID-19 vaccines [...]
• Passenger car sales improve as light truck sales surge.
• Domestic & import sales post strong increases.
• Imports' share of vehicle market continues to rise.
U.S. sales of light vehicles strengthened last month as COVID-19 vaccines were more readily available. The Autodata Corporation reported that light vehicle sales during March surged 13.0% to 18.00 million units (SAAR) and were up by more than one-half y/y.
Sales of light trucks jumped 13.3% (66.0% y/y) during March to a record 13.99 million units. Purchases of domestically-made light trucks rose 12.4% (59.9% y/y) to 10.95 million units following February's 4.1% decline. Adding to the rise, sales of imported light trucks increased 16.5% (92.4% y/y) to a record 3.04 million.
Trucks' share of the light vehicle market improved to a record 77.7%.
Auto sales increased 12.0% (35.9% y/y) last month to 4.01 million units, the highest level since February of last year. Purchases of domestically-produced cars rose 13.2% (23.1% y/y) to 2.66 million units after three straight months of decline. Sales of imported autos jumped 10.7% (70.9% y/y) to 1.35 million, the highest level since July 2019.
Imports' share of the U.S. vehicle market increased last month to 24.4%, up from a low of 19.9% during all of 2015. Imports' share of the passenger car market eased to 33.7% in March. Imports' share of the light truck market edged slightly higher to 21.7%, but was down from a high of 23.0% this past November.
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) | Mar | Feb | Jan | Mar Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Total | 18.00 | 15.93 | 16.84 | 58.0 | 14.55 | 17.06 | 17.32 |
| Autos | 4.01 | 3.58 | 3.88 | 35.9 | 3.54 | 4.82 | 5.40 |
| Domestic | 2.66 | 2.35 | 2.65 | 23.1 | 2.53 | 3.53 | 4.05 |
| Imported | 1.35 | 1.22 | 1.24 | 70.9 | 1.01 | 1.29 | 1.36 |
| Light Trucks | 13.99 | 12.35 | 12.95 | 66.0 | 11.01 | 12.24 | 11.92 |
| Domestic | 10.95 | 9.74 | 10.16 | 59.9 | 8.62 | 9.70 | 9.44 |
| Imported | 3.04 | 2.61 | 2.79 | 92.4 | 2.39 | 2.54 | 2.48 |
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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