Global| Dec 01 2020U.S. Light Vehicle Sales Weaken During November
by:Tom Moeller
|in:Economy in Brief
Summary
• Passenger car sales ease slightly. • Sales of light trucks fall for second straight month. • Imports share of market improves. Buyers of light vehicles pared back spending last month and added to October's weakness. The Autodata [...]
• Passenger car sales ease slightly.
• Sales of light trucks fall for second straight month.
• Imports share of market improves.
Buyers of light vehicles pared back spending last month and added to October's weakness. The Autodata Corporation reported that sales of light vehicles fell 3.1% during November (-7.6% y/y) to 15.88 million units (SAAR) from 16.38 million in October, revised from 16.41 million. Despite the decline, November sales were 81.7% higher than the April low of 8.74 million units.
Sales of light trucks fell 4.0% (-4.9% y/y) during November to 11.96 million units, the lowest level in three months. Purchases of domestically-made light trucks weakened 5.7% (-7.0% y/y) to 9.22 million units, down for the second straight month. Offsetting this decline was a 1.9% increase (2.2% y/y) in imported light truck sales to 2.73 million units after a 0.7% dip during October.
Trucks' share of the light vehicle market fell to 75.3%, down from the 77.5% peak during May.
Auto sales eased 0.3% (-14.8% y/y) last month to 3.92 million units, well below their peak level of 7.71 million unit sales reached in 2014. Purchases of domestically-produced cars were unchanged (-15.8% y/y) at 2.83 million units, the highest level since February. Sales of imported cars fell 0.9% (-12.1% y/y) for a second month to 1.09 million units.
Imports' share of the U.S. vehicle market rose last month to 24.1%, continuing the upward trend of the last four months. Imports' share of the passenger car market was little changed at 27.8%. Imports share of the light truck market improved to 22.8% and has been trending up from 14.7% in 2014.
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) | Nov | Oct | Sep | Nov Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Total | 15.88 | 16.38 | 16.51 | -7.6 | 17.06 | 17.32 | 17.23 |
| Autos | 3.92 | 3.93 | 3.89 | -14.8 | 4.82 | 5.40 | 6.17 |
| Domestic | 2.83 | 2.83 | 2.77 | -15.8 | 3.53 | 4.05 | 4.58 |
| Imported | 1.09 | 1.10 | 1.11 | -12.1 | 1.29 | 1.36 | 1.59 |
| Light Trucks | 11.96 | 12.46 | 12.63 | -4.9 | 12.24 | 11.92 | 11.07 |
| Domestic | 9.22 | 9.78 | 9.93 | -7.0 | 9.70 | 9.44 | 9.00 |
| Imported | 2.73 | 2.68 | 2.70 | 2.2 | 2.54 | 2.48 | 2.07 |
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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