U.S. auto sales in July were lower compared to a year ago as sales of passenger cars continue to decline. Despite the decrease, however, analysts continue to believe car sales for the year will hit the 17 million mark.
Unsurprisingly, SUVs, crossovers and pickups were in huge demand as roughly half of U.S. sales in July were SUVs.
To follow is a detailed analysis of the monthly sales of U.S. and foreign automakers.
Performance of US automakers
The largest U.S. automaker, General Motors (GM, Financial), no longer reports monthly sales as it has switched to quarterly reports. According to industry estimates, the company’s monthly sales have declined more than 2%.
Ford (F, Financial), the nation's second-largest automaker, posted a sales decline of 3.1% for July. The company attributed its performance to an 11% sales decline of Ford Lincoln. In addition, sales of passenger cars and SUVs slipped 27.7% and 1.5% respectively. In contrast, F-Series pickup sales grew 2.1% year over year to 70,949 vehicles.
The company announced earlier this year that it is discontinuing production of passenger cars in the U.S.
Fiat Chrysler (FCAU, Financial) registered July sales growth of 6% on a year-over-year basis, boosted by terrific Jeep sales, which increased 15.2% to 79,906 units. Sales of the Jeep Cherokee surged a mammoth 71% to 20,210 units. Ram sales dropped 2.2%. In addition, sales of Fiat, Chrysler and Dodge brands plummeted 44.7%, 12.6% and 0.5% respectively. Fortunately, the decline did not have an adverse impact on the company’s monthly growth.
Performance of other automakers
Toyota (TM, Financial) reported sales declined 6% in July. The company attributed the performance to a 12.1% sales decline of its luxury Lexus lineup. While passenger car sales plunged 18%, sales of crossovers, SUVs and trucks increased a combined 2.8%.
Nissan’s (NSANY, Financial) monthly sales were down 15.2%. The company’s namesake brand witnessed a sales decline of 15.7%, while sales of the luxury Infinite lineup dipped 10.1%. Rogue crossover sales declined 18.2% to 26,535 units.
Honda Motor Co. (HMC, Financial) saw sales decline 8.2% year over year to 138,602 units. Sales of Accord and Civic dipped 19.3% and 28.3% respectively. While passenger car sales fell 19.3%, SUVs, crossovers and pickups saw a combined sales increase of 3.2%.
Disclosure: I do not hold any positions in the stocks mentioned in this article.
