EmailAmid tight inventories, elevated oil prices, and economic uncertainty, motor vehicle sales squeaked out a small gain in July and provided some hope that consumption growth may restart this month. Total domestic sales increased from 8.88 million SAAR in June to 9.50 million SAAR in July.
The increase in sales was due primarily to growth in light truck sales. Domestic truck sales increased from 5.00 million SAAR in June to 5.56 million SAAR in July. That is the highest number of truck sales since August 2008.
Auto sales increased from 3.88 million SAAR in June to 3.93 million SAAR in July, but they are still well below levels seen in April (4.60 million SAAR).
Import sales increased slightly from 2.68 million SAAR in June to 2.73 million SAAR in July. Imported car sales increased from 1.75 million SAAR to 1.79 million SAAR in July while imported truck sales increased from 0.93 million SAAR to 0.95 million SAAR.
Total motor vehicle sales increased from 11.56 million SAAR in June to 12.23 million SAAR in July. That was the first increase in two months, but it is still below the 13.1 million SAAR monthly sales average from January through April.
Year-over-year sales gains were weak, increasing just 1% in July after rising 7% in June. Year-to-date, sales are up 11% from the same point in 2010.
The Big 3 managed reasonable sales growth and increased their market share as Japanese companies struggled with low inventories following the production slowdown after the earthquake and tsunami.
Sales at Chrysler Group, General Motors (GM), and Ford Motor (F) increased 20%, 8%, and 6% respectively while sales at Honda (HMC) and Toyota (TM) fell 28% and 23% respectively.
Sales by Hyundai-Kia remained strong, increasing 17% in July and up 31% year-to-date. Out of all the manufacturers that have sold at least 100,000 vehicles thus far in 2011, the year-to-date gains at Hyundai-Kai have been the largest by a wide margin. Volkswagen and Toyota were tied for second, up 21% year-to-date.
