U.S. Light Vehicle Sales Improve in April
by:Tom Moeller
|in:Economy in Brief
Summary
- Auto & light truck sales rise following two months of decline.
- Sales remain constrained as parts shortages limit dealer inventory.
- Imports' share increases slightly.
The Autodata Corporation reported that light vehicle sales during April increased 7.5% (-21.1% y/y) to 14.59 million units (SAAR) after weakening 10.9% over the prior two months. Sales were 21.1% below the April 2021 peak of 18.50 million units.
Auto sales improved 13.4% (-26.0% y/y) last month to 3.13 million units, the highest level in three months. Purchases of domestically-made autos rose 14.7% in April (-21.5% y/y) to 2.19 million units. Sales of imported autos increased 10.6% (-34.7% y/y) to 0.94 million units but failed to make up the 15.8% decline during March.
Sales of light trucks rose 6.0% (-19.7% y/y) in April to 11.46 million units but fell short of recovering the prior two months' declines. Purchases of domestically-produced light truck rose 5.1% last month (-18.6% y/y) to 8.93 million units. Sales have risen 22.8% since the September 2021 low. Sales of imported light trucks rose 9.1% last month (-23.6% y/y) to 2.52 million units.
Trucks' share of the light vehicle market fell to 78.5% in April and remained below the 80.4% share six months earlier.
Imports' total share of the U.S. vehicle market improved slightly in April to 23.7% but remained well below February's 25.4% share. Imports' share of the passenger car market fell to 30.0% last month, its lowest level in five months and down from the September 2021 high of 38.1%. Imports' share of the light truck market rose slightly to 22.0%.
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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