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Last Update: 05-Sep-12 10:00 ET
Motor Vehicle Sales Surge on Domestic Demand
Motor vehicle demand surged in August as sales jumped to their highest level since the Cash-for-Clunkers program in August 2009. Total motor vehicle sales rose from 14.0 mln in July to 14.5 mln in August.
Domestic sales jumped from 11.0 mln in July to 11.6 mln in August. That was the most domestically-built vehicles sold since February 2008. Domestic car sales rose from 5.0 mln in July to 5.3 mln in August while domestic truck sales increased from 6.0 mln to 6.3 mln.
Import sales languished in August, dropping from 3.1 mln in July to 2.9 mln. Year-over-year, sales rose 20% in August, up from a 9% gain in July.
Easy comparisons following the supply shortages after last year’s earthquake and tsunami in Japan resulted in strong gains for Toyota (TM, 46%) and Honda (HMC, 60%).
The Big 3 all lost market share in August, but the sales gains were healthy in light of the year-over-year sales declines that occurred in July. Sales at Chrysler Group rose 14% while growth at Ford (F, 13%) and General Motors (GM, 10%) came in slightly weaker.
Sales at Hyundai-Kai increased 12%.
Year-to-date, sales are up 15% versus this point in 2011.
Domestic sales jumped from 11.0 mln in July to 11.6 mln in August. That was the most domestically-built vehicles sold since February 2008. Domestic car sales rose from 5.0 mln in July to 5.3 mln in August while domestic truck sales increased from 6.0 mln to 6.3 mln.
Import sales languished in August, dropping from 3.1 mln in July to 2.9 mln. Year-over-year, sales rose 20% in August, up from a 9% gain in July.
Easy comparisons following the supply shortages after last year’s earthquake and tsunami in Japan resulted in strong gains for Toyota (TM, 46%) and Honda (HMC, 60%).
The Big 3 all lost market share in August, but the sales gains were healthy in light of the year-over-year sales declines that occurred in July. Sales at Chrysler Group rose 14% while growth at Ford (F, 13%) and General Motors (GM, 10%) came in slightly weaker.
Sales at Hyundai-Kai increased 12%.
Year-to-date, sales are up 15% versus this point in 2011.
