EmailHigh prices -- caused in part by supply problems following the Japanese earthquake and tsunami -- continued to put pressure on motor vehicle sales in June. Total domestic sales fell from 9.09 million SAAR in May to 8.84 million SAAR in June. That is the weakest sales performance since September 2010 (8.52 million).
The drop in sales was split fairly evenly between domestic cars and trucks. Car sales fell from 3.95 million SAAR in May to 3.86 million SAAR in June, which is the lowest level since November 2010. Truck sales declined from 5.14 million SAAR in May to 4.98 million SAAR in June, which is the lowest level since September 2010 (4.92 million).
Import sales declined from 2.71 million SAAR in May to 2.61 million SAAR in June. Surprisingly, given the elevated gasoline price, imported light truck sales actually increased from 0.88 million SAAR in May to 0.92 million SAAR in June. Imported car sales fell from 1.82 million SAAR in May to 1.69 million SAAR in June.
Total motor vehicle sales fell to 11.45 million SAAR in June from 11.80 million in May. This was the first time since August and September 2010 that sales have not topped 12.0 million SAAR for two consecutive months.
Year-over-year sales continued to be a disappointment but picked up 7.0% y/y in June after falling 4% y/y in May. Year-to-date, sales are up 13% from the same point in 2010.
For the first time in over three years, the Big 3 topped the sales chart. Domestic automakers accounted for 50.1% of the total market share, the highest level since February 2008. Sales at General Motors (GM), Ford (F), and Chrysler Group increased 11%, 10%, and 30% y/y respectively.
Japanese automakers lost substantial market share as low inventories and relatively high prices pushed consumers into the domestic market. Sales at both Honda (HMC) and Toyota (TM) fell 21% y/y in June.
Sales at Hyundai-Kia increased 25%.
