U.S. Light Vehicle Sales Ease in November
by:Tom Moeller
|in:Economy in Brief
Summary
- Both light truck & passenger car sales slip.
- Imports' market share increases.
According to the Autodata Corporation, light vehicle sales slid 0.6% in November (+8.4% y/y) to 15.56 million units (SAAR) following a 0.4% October dip and a 1.6% September increase. Sales have fallen since the June high of 16.22 million but remain above their low of 12.38 million units in September 2021.
Sales of light trucks fell 0.5% (+11.6% y/y) during November to 12.41 million units after rising 0.2% in October. Purchases of domestically-made light trucks fell 2.0% (+9.1% y/y) to 9.23 million units after declining in each of the prior four months. Sales of imported light trucks rose 4.3% (21.4% y/y) to 3.18 million units after rising 1.7% during October and 9.1% in September. It was the highest level of sales since April 2021.
Trucks' share of the light vehicle market edged higher to 79.8% last month compared to 79.6% in October and equaled their June high. It roughly matched the record share.
Auto sales fell 1.3% (-2.8% y/y) last month to 3.15 million units following a 2.7% October falloff. Purchases of domestically-produced cars fell 2.2% (-6.4% y/y) to 2.20 million units after falling by the same amount in October. Sales of imported autos rose 2.1% (7.9% y/y) to 0.96 million after falling 3.1% in October.
Imports' share of the U.S. vehicle market rose to 26.5% in November from 25.5% in October. It was the highest share since September 2021, up from a May 2023 low of 22.3%. Imports' share of the passenger car market rose to 30.5% in November from 29.5% in October. It reached a high of 37.9% in September 2021. Imports' share of the light truck market rose to a near record 25.6% in November, from 24.5% in October.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
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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