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New Models
AUTOS: November U.S. Sales Up 15 Percent
Low interest rates, pent-up demand and new products drew consumers to buy 1.14 million vehicles last month, the highest rate since January 2008.
BMW’s sales during November were boosted by a 64 percent gain for the 5-Series sedan. (Photo: BMW)
U.S. auto sales – led by BMW, American Honda and Volkswagen Group – rose 15 percent to 1.14 million in November, exceeding analysts' forecasts and setting the stage for the industry to finish 2012 on a high note.
The annualized industry sales rate, adjusted for seasonal trends, accelerated to 15.56 million during November, the highest rate since January 2008 before the financial crisis struck down sales. The sales rate in November 2011 was 13.6 million.
Analysts expected November's sales pace to rebound from the 14.3 million rate in October, when Hurricane Sandy dented deliveries late in the month.
The biggest winners for November were Fiat, up 123 percent; Porsche, up 71 percent; Smart, up 70 percent; Smart, up 70 percent; Subaru, up 60 percent; and Scion, up 58 percent.
Subaru, hobbled for most of 2011 because of inventory shortages following the March 2011 earthquake and tsunami in Japan, reported the 60 percent surge in November volume and is on track to set an annual sales record.
Porsche said it also could set an annual U.S. sales record in 2012.
The biggest losers were Jaguar, down 22 percent; Lincoln, down 9 percent; Mitsubishi, down 4 percent; Land Rover, down 4 percent; and Jeep, down 3 percent.
For the year, industry demand has now increased 14 percent to 13.14 million units through November and is on track for a third consecutive annual increase of 10 percent or more. Analysts expect U.S. sales to reach about 14.4 million in 2012 and top 15 million units next year.
"This is an industry that's growing stronger even without the Sandy effect," said Jenny Lin, senior U.S. economist for Ford. "We still have a lot of replacement demand because we have a very aged vehicle fleet on the road."
The U.S. market averaged 16.8 million light-vehicle deliveries annually from 2000 to 2007, but volume dropped to 10.4 million in 2009, a 27-year-low.
Chrysler Group posted a 14 percent increase in November sales, led by a 27 percent jump in car deliveries and major gains at the Dodge, Ram and Fiat brands. General Motors and Ford Motor Co. produced smaller advances.
Among major automakers, GM, Ford, Hyundai-Kia, Nissan and the BMW Group have lost market share this year, while Toyota Motor, Honda Motor, Chrysler Group and the VW Group have gained ground.
American Honda, which has fully recovered from last year's earthquake and tsunami and is benefiting from new models, set a November sales record of 116,580, up 39 percent. Honda division volume surged 41 percent to 104,334, while Acura volume rose 24 percent to 12,246.
"We are now surpassing sales records set pre-recession, a true sign that our business has recovered," John Mendel, American Honda executive vice president of sales, said in a statement.
Honda dealers began the month with almost double the inventory available in November 2011. Honda and Acura dealers faced shortages a year ago after the earthquake and tsunami in Japan and floods in Thailand disrupted production and parts supply.
BMW Group, behind a 45 percent increase in BMW brand volume, posted a 39 percent increase in November sales, helped by wider availability of certain models.
VW brand sales rose a reported 29 percent last month, the 15th consecutive month of gains of 22 percent or more, while Toyota Motor Sales reported a 17 percent increase.
At the Toyota brand, car sales advanced 17 percent to 76,993, with the Corolla setting a November sales record of 22,616, and light-truck volume jumped 18 percent. New models and year-end incentives helped sales at Lexus advance 17 percent to 22,719 last month.
"Pent-up demand, record low finance rates and exciting new products are ... driving demand," said Bill Fay, Toyota Division general manager, in a statement.
Mercedes-Benz brand reported a sales rise of 13 percent, with the Smart car division up 70 percent.
Despite mixed economic signals and sluggish job gains, the auto industry's sales advances are being fueled by growing credit availability, aging cars and trucks that need to be replaced, low interest rates and new models.
Lin said the industry gained about 20,000 to 30,000 sales in November as a result of Hurricane Sandy. She said much of those sales were merely purchases that were deferred from late October when the storm hit, with additional gains to come as consumers replace damaged vehicles and buy pickups to help rebuild in the region.
The outcome of talks over taxes and the budget deficit in Washington could weigh on auto sales in coming months.
"Exactly how much growth we can expect next year will depend in part on how Congress and the president resolve the fiscal-cliff issue," Kurt McNeil, vice president of U.S. sales operations for GM, said in a statement today. "Consumers hate uncertainty, so an agreement on ways to reduce long-term federal budget deficits could remove an impediment to growth."
Nissan North America reported a 13 percent increase. Chrysler said Dodge sales rose 32 percent, Ram demand jumped 23 percent and Fiat volume surged 123 percent over November 2011.
At the Chrysler brand, sales edged up 1 percent, while volume dropped 3 percent at Jeep, Chrysler Group said. The company's truck sales rose 10 percent last month.
GM said its November sales rose 3 percent, led by a 30 percent gain at Cadillac and 22 percent increase at Buick. GMC's sales rose 1 percent. Volume was flat at Chevrolet.
Ford's sales increased 6 percent, aided by demand for fuel-efficient models and pickups, with the Ford division up 7 percent and Lincoln off 9 percent. The company's retail sales rose 12 percent over November 2011. Ford said its car deliveries climbed 15 percent, utility sales rose 2 percent and truck volume increased 4 percent.
Ford said it plans to hike 2013 first-quarter North American production by 11 percent, about 73,000 vehicles to total 750,000 units.
Hyundai division, helped by the Black Friday sales period and increased availability of the Elantra compact, said sales rose 8 percent to 53,487 units last month. The company added it expects to set an annual U.S. sales record early this month, suggesting it does not see any major consumer fallout after recently admitting it inflated fuel-economy claims on many models.
At Kia, which has also adjusted fuel-economy claims after an investigation by the EPA, sales climbed 11 percent last month and the automaker said it remains on track to set an annual U.S. sales record in 2012.
Suzuki, which is exiting the U.S. market, said sales jumped 22 percent to 2,224 last month, its biggest gain since February, though deliveries are off 3 percent at 23,412 for the year.
This story originally appeared at Autoweek.com.
The annualized industry sales rate, adjusted for seasonal trends, accelerated to 15.56 million during November, the highest rate since January 2008 before the financial crisis struck down sales. The sales rate in November 2011 was 13.6 million.
Analysts expected November's sales pace to rebound from the 14.3 million rate in October, when Hurricane Sandy dented deliveries late in the month.
The biggest winners for November were Fiat, up 123 percent; Porsche, up 71 percent; Smart, up 70 percent; Smart, up 70 percent; Subaru, up 60 percent; and Scion, up 58 percent.
Subaru, hobbled for most of 2011 because of inventory shortages following the March 2011 earthquake and tsunami in Japan, reported the 60 percent surge in November volume and is on track to set an annual sales record.
Porsche said it also could set an annual U.S. sales record in 2012.
The biggest losers were Jaguar, down 22 percent; Lincoln, down 9 percent; Mitsubishi, down 4 percent; Land Rover, down 4 percent; and Jeep, down 3 percent.
For the year, industry demand has now increased 14 percent to 13.14 million units through November and is on track for a third consecutive annual increase of 10 percent or more. Analysts expect U.S. sales to reach about 14.4 million in 2012 and top 15 million units next year.
"This is an industry that's growing stronger even without the Sandy effect," said Jenny Lin, senior U.S. economist for Ford. "We still have a lot of replacement demand because we have a very aged vehicle fleet on the road."
The U.S. market averaged 16.8 million light-vehicle deliveries annually from 2000 to 2007, but volume dropped to 10.4 million in 2009, a 27-year-low.
Chrysler Group posted a 14 percent increase in November sales, led by a 27 percent jump in car deliveries and major gains at the Dodge, Ram and Fiat brands. General Motors and Ford Motor Co. produced smaller advances.
Among major automakers, GM, Ford, Hyundai-Kia, Nissan and the BMW Group have lost market share this year, while Toyota Motor, Honda Motor, Chrysler Group and the VW Group have gained ground.
American Honda, which has fully recovered from last year's earthquake and tsunami and is benefiting from new models, set a November sales record of 116,580, up 39 percent. Honda division volume surged 41 percent to 104,334, while Acura volume rose 24 percent to 12,246.
"We are now surpassing sales records set pre-recession, a true sign that our business has recovered," John Mendel, American Honda executive vice president of sales, said in a statement.
Honda dealers began the month with almost double the inventory available in November 2011. Honda and Acura dealers faced shortages a year ago after the earthquake and tsunami in Japan and floods in Thailand disrupted production and parts supply.
BMW Group, behind a 45 percent increase in BMW brand volume, posted a 39 percent increase in November sales, helped by wider availability of certain models.
VW brand sales rose a reported 29 percent last month, the 15th consecutive month of gains of 22 percent or more, while Toyota Motor Sales reported a 17 percent increase.
At the Toyota brand, car sales advanced 17 percent to 76,993, with the Corolla setting a November sales record of 22,616, and light-truck volume jumped 18 percent. New models and year-end incentives helped sales at Lexus advance 17 percent to 22,719 last month.
"Pent-up demand, record low finance rates and exciting new products are ... driving demand," said Bill Fay, Toyota Division general manager, in a statement.
Mercedes-Benz brand reported a sales rise of 13 percent, with the Smart car division up 70 percent.
Despite mixed economic signals and sluggish job gains, the auto industry's sales advances are being fueled by growing credit availability, aging cars and trucks that need to be replaced, low interest rates and new models.
Lin said the industry gained about 20,000 to 30,000 sales in November as a result of Hurricane Sandy. She said much of those sales were merely purchases that were deferred from late October when the storm hit, with additional gains to come as consumers replace damaged vehicles and buy pickups to help rebuild in the region.
The outcome of talks over taxes and the budget deficit in Washington could weigh on auto sales in coming months.
"Exactly how much growth we can expect next year will depend in part on how Congress and the president resolve the fiscal-cliff issue," Kurt McNeil, vice president of U.S. sales operations for GM, said in a statement today. "Consumers hate uncertainty, so an agreement on ways to reduce long-term federal budget deficits could remove an impediment to growth."
Nissan North America reported a 13 percent increase. Chrysler said Dodge sales rose 32 percent, Ram demand jumped 23 percent and Fiat volume surged 123 percent over November 2011.
At the Chrysler brand, sales edged up 1 percent, while volume dropped 3 percent at Jeep, Chrysler Group said. The company's truck sales rose 10 percent last month.
GM said its November sales rose 3 percent, led by a 30 percent gain at Cadillac and 22 percent increase at Buick. GMC's sales rose 1 percent. Volume was flat at Chevrolet.
Ford's sales increased 6 percent, aided by demand for fuel-efficient models and pickups, with the Ford division up 7 percent and Lincoln off 9 percent. The company's retail sales rose 12 percent over November 2011. Ford said its car deliveries climbed 15 percent, utility sales rose 2 percent and truck volume increased 4 percent.
Ford said it plans to hike 2013 first-quarter North American production by 11 percent, about 73,000 vehicles to total 750,000 units.
Hyundai division, helped by the Black Friday sales period and increased availability of the Elantra compact, said sales rose 8 percent to 53,487 units last month. The company added it expects to set an annual U.S. sales record early this month, suggesting it does not see any major consumer fallout after recently admitting it inflated fuel-economy claims on many models.
At Kia, which has also adjusted fuel-economy claims after an investigation by the EPA, sales climbed 11 percent last month and the automaker said it remains on track to set an annual U.S. sales record in 2012.
Suzuki, which is exiting the U.S. market, said sales jumped 22 percent to 2,224 last month, its biggest gain since February, though deliveries are off 3 percent at 23,412 for the year.
This story originally appeared at Autoweek.com.
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