New-vehicle gross sales within the U.S. fell about 12% within the first quarter in contrast with a 12 months in the past, as the worldwide laptop chip scarcity continued to sluggish factories amid excessive shopper demand.
Basic Motors reported Friday that its gross sales had been down 20% for the quarter, whereas Toyota gross sales had been off 15%. Stellantis gross sales had been down 14%, whereas Nissan was off virtually 30%. Honda reported a 23% decline, and Hyundai gross sales had been fell simply 4% from January by March.
Many automakers reporting gross sales made reference to the chip scarcity, which started late final 12 months and has continued to frustrate the trade, making it unable to fulfill robust demand from customers. Many anticipate enchancment in the course of the 12 months, particularly within the second half.
“Enhancements within the provide chain ought to carry auto gross sales because the 12 months progresses, regardless of headwinds from increased inflation and gasoline costs,” GM Chief Economist Elaine Buckberg stated in an announcement.
Thomas King, president of information for J.D. Energy, stated March is often a giant gross sales month for automakers. As an alternative, all automakers had solely 900,000 automobiles of their inventories nationwide, and that crimped gross sales.
But shopper demand stays robust and reductions are few, pushing the typical gross sales worth as much as a file $44,129 for the quarter, J.D. Energy stated.
Autos that make their strategy to dealerships are promoting rapidly, based on Edmunds.com. Gasoline-powered automobiles sat for under 20 days on common in contrast with 62 days in March of final 12 months. Demand for electrical automobiles additionally was robust as a result of they sat for under 21 days, versus 63 a 12 months in the past. Gasoline-electric hybrids moved off the lot in a median of 15 days, in contrast with 48 in March of 2021, Edmunds stated.
Some sellers report that every one automobiles en route from factories have already got been bought.
However Edmunds Govt Director Jessica Caldwell stated automakers are more likely to face new components shortages because of the Russian invasion of Ukraine on high of the chip scarcity. “This mix of headwinds might imply that these stock points will persist properly into the remainder of the 12 months,” she stated.
An Edmunds analyst calculated that gross sales dropped about 12% for the quarter.
Used car costs are also excessive. The common commerce in worth was $9,274 in March, 81% greater than a 12 months in the past, J.D. Energy stated. However even with that, month-to-month funds had been more likely to hit a file of $658, the corporate stated.
Toyota, with 514,592 gross sales from January by March, edged previous GM with 512,846 to remain because the top-selling automaker within the U.S. Toyota beat GM in gross sales final 12 months for the primary time.
Gross sales figures reported on Friday don’t embody Ford or Tesla, each of which plan to report numbers at later dates.
New auto gross sales, costs rise as chip scarcity cuts US provide
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