USA August 2020: Economic uncertainty, low inventories holds volumes down -20%, Volvo (+12.9%) solely island of development

Ben Williams September 4, 2020 6 No Comments

USA August 2020: Economic uncertainty, low inventories holds volumes down -20%, Volvo (+12.9%) only island of growth

Volvo is the one carmaker in constructive amongst these reporting month-to-month.

U.S. new mild automobile volumes see their restoration halted in August at -20% year-on-year to 1.32 million models based mostly on estimates from Cox Automotive and LMC Automotive. This is a steeper fall than in July which was estimated at -16% and results in a year-to-date tally down -21.9% to eight.98 million. However due to calendar quirks that counted Labor Day weekend gross sales in August final 12 months however September this 12 months, the Seasonally Adjusted Annualised Sales Rate (SAAR) improves month-on-month to 15.18 million in line with Motor Intelligence, to be in contrast with 14.53m in July, 13.18m in June, 12.06m in May and eight.81m in April. It stays effectively beneath year-ago ranges nonetheless, at -11.2% on the 17.1m gross sales tempo of August 2019. High unemployment, sinking shopper confidence, decreased family spending, uncertainty surrounding the financial restoration in addition to the top of eviction moratoriums and numerous help measures on July 31 in addition to  have all mixed to sink the U.S. new mild automobile market effectively into double-digits in August. According to The Aspen Institute, if no rental help measures are reinstated, between 29 to 43% of renter households could possibly be susceptible to eviction by the top of the 12 months.

1599218973 725 USA August 2020 Economic uncertainty low inventories holds volumes down - USA August 2020: Economic uncertainty, low inventories holds volumes down -20%, Volvo (+12.9%) solely island of development

Charlie Chesbrough, senior economist for Cox Automotive, believes the harm achieved to U.S. financial system and shopper confidence is so dangerous it could possibly be Three or Four years earlier than auto gross sales get well to pre-pandemic ranges. In August, each day life remained hampered by one other 1.1 million Covid-19 infections. They now whole at the very least 6.2 million, nonetheless roughly 50% greater than the subsequent most affected nations on this planet, Brazil (4.m) and India (3.9m) simply as U.S. lives misplaced to coronavirus are approaching 200.000. As for the sunshine automobile market particularly, shrinking inventories nonetheless stemming from manufacturing unit closures earlier within the 12 months, decreased fleet demand and decrease incentives all harm gross sales. According to Cox Automotive, Toyota, Lexus, and BMW every had lower than a 40-day provide of automobiles in late August, far under the present trade common of 60. According to J.D. Power, practically 45% of all new automobiles bought in August spent fewer than 20 days on vendor heaps, up from 35% final 12 months. J.D. Power says common incentives are down -1.2% year-on-year to $4,105 whereas ALG estimates they’re up 5% to $3.902 (see desk). The common U.S. transaction worth for a brand new mild automobile is up 3.9% or $1.442 year-on-year to $38.635 in August and up $72 or 0.2% on final month. In an financial system stripped from the necessity of rental automobiles as tourism flounders, fleet shipments proceed to be battered at -34% year-on-year to 141.900 or roughly 11% share vs. 14% a 12 months in the past in line with J.D. Power.

1599218974 801 USA August 2020 Economic uncertainty low inventories holds volumes down - USA August 2020: Economic uncertainty, low inventories holds volumes down -20%, Volvo (+12.9%) solely island of developmentExcellent U.S. begin for the brand new Kia K5.

The most important three teams nonetheless reporting month-to-month gross sales are down this month: Toyota Motor (-22.7%) is hit the toughest as inventory shortages sting with automobiles down -27% and light-weight vans off -21%. American Honda is down -21.9% and Hyundai-Kia softens the blow at -7.5%. Brand-wise, Volvo (+12.9%) turns into the one carmaker sporting a year-on-year acquire in August, reaching three straight months of development. Mazda (-5.1%) tilts again into adverse after two months of upticks as automobiles sink -29% however crossovers acquire 3.3%, Kia (-6.1%) and Hyundai (-8.4%) additionally maintain their loss to the single-digits. Hyundai crossovers are up 6% however automobiles down -27% whereas retail gross sales dip -2% and fleets freefall -63%. Lexus (-9.5%) and Acura (-10.2%) additionally resist comparatively effectively however Toyota (-24.6%), Honda (-23%), Genesis (-22.6%) and Subaru (-17.4%) are all in dangerous form. A considerably decrease variety of fashions handle a year-on-year enchancment in comparison with final month. They embrace, in reducing quantity order, the Subaru Forester (+1.1%), Hyundai Kona (+25.3%), Palisade (+56.1%), Kia Telluride (+18.6%) breaking its all-time quantity report at 7.558, Volvo XC60 (+1.9%) and XC40 (+28.8%). Among current launches (<12 months), the Kia Seltos (5.314), Mazda CX-30 (3.862) and Kia K5 (3.631) all put up their largest ever month quantity.

Previous month: USA July 2020: Recovery (-16%) complicated by record infections, high unemployment, low inventories – Volvo (+10.3%) and Mazda (+3.5%) in positive again

One 12 months in the past: USA August 2019: Fleet, incentives lift market to largest gain in 4 years (+10.3%), Toyota RAV4 and Honda CR-V break all-time records

Full July 2020 figures for chosen 6 teams, 10 manufacturers and 67 fashions under.

USA August 2020 – teams:

GroupAug-20/192020/19FY19
Toyota Motor Corporation191,841-22.7%1,255,101-22.0%3
American Honda135,925-21.9%853,662-21.8%5
Hyundai-Kia116,736-7.5%771,623-13.0%7
Subaru57,885-17.4%376,453-20.5%8
Mazda26,089-5.1%179,043-5.4%12
Volvo Cars NA10,37812.9%63,330-7.0%15

USA August 2020 – manufacturers:

BrandAug-20/192020/19FY19
Toyota164,750-24.6%1,097,769-22.6%2
Honda122,278-23.0%770,949-22.2%4
Hyundai58,361-8.4%388,635-14.5%9
Subaru57,885-17.4%376,457-20.5%8
Kia57,015-6.1%372,831-11.0%10
Lexus27,091-9.5%157,332-17.5%16
Mazda26,089-5.1%179,043-5.4%17
Acura13,647-10.2%82,713-18.7%21
Volvo10,37812.9%63,330-7.0%27
Genesis1,360-22.6%10,157-23.9%32

USA August 2020 – fashions:

ModelAug-20/192020/19PosFY19
Honda CR-V34,391-22.3%193,762-24.0%55
Honda Civic25,524-26.7%178,570-23.4%99
Honda Accord19,167-37.3%125,142-32.0%1211
Subaru Forester17,2611.1%118,4340.3%2423
Subaru Outback14,856-13.2%89,319-30.9%2322
Mazda CX-513,745-11.8%90,695-12.3%2727
Honda Pilot12,508-13.0%79,359-16.2%3133
Hyundai Tucson11,632-16.8%80,495-13.0%3432
Subaru Crosstrek10,329-34.9%64,974-25.0%4036
Hyundai Elantra9,135-36.1%66,868-39.7%2524
Hyundai Santa Fe9,129-15.7%62,610-28.9%3337
Honda HR-V8,942-8.1%54,239-13.6%5850
Honda Odyssey8,644-15.2%51,847-22.4%5349
Kia Forte8,414-10.7%55,268-17.5%5156
Hyundai Kona7,99825.3%45,842-8.0%7068
Hyundai Palisade7,98356.1%52,086422.8%270130
Hyundai Sonata7,965-3.2%45,088-27.7%5459
Kia Sorento7,809-14.7%53,613-16.8%5555
Kia Sportage7,672-20.0%55,235-5.2%6358
Kia Telluride7,55818.6%37,75610.5%9985
Kia Soul6,968-19.9%48,541-32.2%4251
Subaru Ascent6,619-9.6%44,091-19.4%6261
Kia Seltos5,314new23,896new – –
Acura MDX5,165-13.6%27,633-17.3%10290
Acura RDX5,057-7.4%33,124-18.4%8081
Subaru Impreza4,654-38.1%27,533-36.6%8178
Honda Passport4,070-2.7%23,3844.2%128111
Mazda CX-303,862new24,606new –274
Honda Fit3,814-5.3%21,272-13.4%114114
Kia K53,631new4,899new –
Kia Optima3,307-64.3%47,081-31.2%4554
Mazda33,175-34.2%22,634-38.8%8694
Honda Ridgeline3,081-6.7%20,357-4.5%124119
Volvo XC902,998-5.2%19,863-9.6%120112
Volvo XC602,9811.9%17,830-10.5%129127
Subaru Legacy2,681-14.1%17,211-27.7%113116
Mazda CX-92,443-6.6%18,2299.7%145133
Kia Rio2,097-23.8%15,900-9.0%140141
Kia Niro1,991-15.3%11,550-28.8%144143
Acura TLX1,973-12.4%13,273-22.8%133134
Volvo XC401,93328.8%13,66912.7%172170
Honda Insight1,886-23.9%10,772-37.5%138145
Hyundai Venue1,644new10,435new –271
Acura ILX1,331-7.5%7,956-17.3%188182
Mazda61,230-23.5%10,514-35.0%134153
Subaru Impreza WRX1,218-35.1%13,396-16.2%141151
Hyundai Accent1,135-28.0%10,967-40.1%125140
Kia Stinger1,101-22.6%8,879-4.9%190188
Volvo S601,094-9.1%6,852-36.1%174171
Kia Sedona1,036-32.4%9,086-14.8%179178
Genesis G70950-6.4%6,225-18.5%199197
Hyundai Ioniq879-59.2%8,143-35.6%181157
Mazda CX-3860-57.5%6,576-36.3%191176
Hyundai Veloster836-25.7%5,984-38.0%180192
Mazda MX-5 Miata774-5.1%5,790-0.8%212216
Volvo V60696175.1%3,222214.6%266247
Volvo S90392639.6%1,038-30.4%248251
Volvo V90284222.7%8560.4%259262
Subaru BRZ26769.0%1,495-19.8%241256
Honda Clarity FCV251-72.5%2,244-74.5%185199
Genesis G80226-58.5%2,469-44.1%218218
Genesis G90184-7.1%1,46312.7%254258
Acura RLX118210.5%654-13.1%261273
Kia Cadenza53-57.9%823-14.6%258261
Kia Okay90034-12.8%184-34.1%272278
Hyundai Nexo25-26.5%117-32.8%277280
Acura NSX3-88.0%73-60.8%274281

Source: Manufacturers, ANDC, GCBC

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