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Last Update: 02-Nov-11 10:01 ET
Motor Vehicle Sales At Highest Level Since February
There are no signs of uneasiness about the economy in the October motor vehicle sales numbers. Domestic sales increased from 10.04 mln SAAR in September to 10.11 mln SAAR in October, matching the level seen in February.
Total motor vehicle sales remained above 13 mln for the second consecutive month and increased from 13.10 mln SAAR in September to 13.26 mln SAAR in October.
Domestic car sales increased to 4.27 mln SAAR in October from 4.07 mln SAAR in September. Light truck sales weakened slightly, from 5.97 mln SAAR in September to 5.84 mln SAAR in October.
Import sales increased from 3.06 mln SAAR in September to 3.14 mln SAAR in October.
The aftermath of the Japanese earthquake and tsunami continues to hinder growth at Toyota (TM) and Honda (HMC). Their inventory levels have not recovered to pre-disaster levels , which has kept prices relatively high and demand in check. As a result, sales at Toyota and Honda fell 8% y/y and 1% y/y in October. Year-to-date, sales are down 9% at Toyota and down 5% at Honda.
The rest of the industry remained on firm footing. Highlighted by a 27% y/y gain in sales from Chrysler Group, total motor vehicle sales increased 8% y/y.
Other notable gains were registered by Volkswagen (36%), Hyundai-Kia (22%) and Nissan (18%).
Market share for both Ford (F) and General Motors (GM) shrank slightly in October as sales increased only 6% and 2% y/y respectively. That was General Motors' smallest gain of the year.
Year-to-date, total motor vehicle sales are up 10% in 2011.
Total motor vehicle sales remained above 13 mln for the second consecutive month and increased from 13.10 mln SAAR in September to 13.26 mln SAAR in October.
Domestic car sales increased to 4.27 mln SAAR in October from 4.07 mln SAAR in September. Light truck sales weakened slightly, from 5.97 mln SAAR in September to 5.84 mln SAAR in October.
Import sales increased from 3.06 mln SAAR in September to 3.14 mln SAAR in October.
The aftermath of the Japanese earthquake and tsunami continues to hinder growth at Toyota (TM) and Honda (HMC). Their inventory levels have not recovered to pre-disaster levels , which has kept prices relatively high and demand in check. As a result, sales at Toyota and Honda fell 8% y/y and 1% y/y in October. Year-to-date, sales are down 9% at Toyota and down 5% at Honda.
The rest of the industry remained on firm footing. Highlighted by a 27% y/y gain in sales from Chrysler Group, total motor vehicle sales increased 8% y/y.
Other notable gains were registered by Volkswagen (36%), Hyundai-Kia (22%) and Nissan (18%).
Market share for both Ford (F) and General Motors (GM) shrank slightly in October as sales increased only 6% and 2% y/y respectively. That was General Motors' smallest gain of the year.
Year-to-date, total motor vehicle sales are up 10% in 2011.
