Automakers report 2Q vehicle sales today – A Toyota dealership is seen in Annapolis, Maryland on May 27, 2021, as many car dealerships across the country are running low on new vehicles as many automakers have nearly stopped production due to computer chip shortages.
Detroit – US New vehicle sales in the U.S. remain healthy, but are showing signs of a slowdown amid concerns about inflation and a global shortage of semiconductor chips that continues to reduce auto production and dealer inventory levels.
Analysts estimate automakers sold about 4.5 million vehicles in the US in the second quarter – a 52% increase from 53% a year ago when the coronavirus pandemic forced Americans to shelter-in and temporarily close auto dealerships. gave. Most major automakers report June and second quarter sales figures on Thursday, except for Ford, which is expected to release results on Friday.
While the sales recovery from the depths of the coronavirus pandemic is impressive, the pace of sales has been slow this year. Deutsche Bank analyst Emmanuel Rosner expects June sales to accelerate to 15.7 million vehicles, up from 17.1 million vehicles in May and 18.6 million vehicles in April.
Sales momentum for any given month measures how many cars an industry would sell if it sold the same amount each month. It is the main barometer of industry health and consumer demand.
“The slowdown in sales likely reflects a lack of availability at dealer lots rather than a decline in consumer demand as automakers struggle to replenish dealer inventory with top models, especially SUVs and pickup trucks,” said Rosner. wrote in an investor note. Sales figures for the June and second quarters are available starting Thursday.
According to auto research firms Cox Automotive and Edmunds, every major automaker is expected to report double-digit sales during the second quarter compared to the same period a year ago. But they are only slightly up from the second quarter of 2019.
Some are showing no signs of slowing down, with global chip shortages and stronger-than-expected consumer supply prices driving new vehicle sales during the coronavirus pandemic.
The average transaction price for a new vehicle is expected to reach a record $40,206 in June, according to JD Power and LMC Automotive. According to the companies, the previous high for any given month was $38,539, set in May 2021.
Higher pricing has led to higher profits for automakers and retailers, but has raised broader inflation concerns. Consumer spending on new vehicles is expected to reach a second quarter record of $149.7 billion, up 60.7% from 2020 and up 27.9% from 2019.
Thomas said, “Despite the reduction in the volume of vehicles sold to consumers, the underlying strength of consumer demand is clear. Consumers are buying more expensive vehicles despite smaller discounts, which increases the profitability of those sales for both manufacturers and retailers.” is increasing dramatically.” King, president of the data and analytics division at JD Power, said in a statement.