Summary: Car sales in the first half of the year estimated to have increased by 13% compared to the previous year. GM, Honda, Nissan, and others performed better than expected, with Hyundai Motor also experiencing sales growth. Stellantis and Toyota saw a 1% decline in sales for the first half of the year.
Contrary to expectations that consumer hesitation in purchasing new cars due to rising interest rates and inflationary pressures would result in slower sales, it has been reported that new car sales in the United States during the first half of the year have increased significantly.
According to The Wall Street Journal, new car sales in the United States are estimated to have increased by about 13% compared to the same period last year.
Research firm Wards Intelligence reported that from January to June of this year, approximately 7.7 million new cars were sold. General Motors (GM), Honda, and Hyundai Motor were among the companies that showed strong performance. Hyundai Motor (005380) surpassed Stellantis and secured the 4th position in US sales for the first half of the year.
This is believed to be due to pent-up demand that was suppressed during the COVID-19 pandemic period, as supply shortages and high prices have eased. With recent easing of supply chain pressures and stabilization of production by automotive manufacturers, sales have been increasing faster than expected.
In June, car sales reached a level of around 1.9 million units, a 52% increase compared to the previous year.
Major automakers such as GM, Honda, and Nissan announced that their sales in the first half of the year showed double-digit growth rates. GM reported an 18% increase in sales compared to the same period last year, while Honda and Nissan saw their sales increase by 25% each. Electric vehicle companies like Tesla and Rivian have seen their stock prices surge due to the news of increased global sales. Ford will announce its sales results on the 6th.
Last month, Cox Automotive revised its annual US car sales forecast from 14.1 million units to 15 million units.
Consumer demand for more expensive car models and features continues, leading to record-high car prices. According to JD Power, the average selling price of new cars in the first half of the year increased by 3%, with an average price of $46,000 in June.
On the other hand, Stellantis and Toyota were among the companies that saw relatively weak sales in the first half of the year. Their sales declined by 1% each. Stellantis saw a 12% decrease in Jeep sales, its main model, during the first two quarters, while RAM sales decreased by 2% due to a decline in pickup truck sales. Toyota also experienced a decrease in demand for popular models such as Corolla and RAV4.
https://n.news.naver.com/mnews/article/018/0005523992?sid=101
