October's U.S. Auto Sales: Most Disappoint, But Mitsubishi And Hyundai Buck The Trend
It seems there is no respite for the automakers, as most continued to report a drop in sales for the month of October. Some of the companies have suffered a drop in recent months as well. One of the reasons is the tough comparisons.
A week ago, Edmunds.com predicted a new auto sales drop of 6.8 percent on a year-over-year basis and 5.2 percent fall on a month-over-month basis. The firm expects seasonally-adjusted annual auto sales of about 17.8 million units.
Edmunds Views October
Significantly, General Motors CompanyGM is predicted to enjoy a market share of 18.2 percent by Edmunds, while the company reported share gain of 1.6 percentage points to 18.1 percent in October. Ford Motor CompanyF, which postponed its release of October sales number, is expected to enjoy a market share of 14 percent. Toyota Motor Corp (ADR)TM is also predicted to enjoy a market share of 14 percent, while Fiat Chrysler Automobiles NVFCAU is expected to have enjoyed a market share of 13.1 percent.
Although average transaction prices witnessed 2.5 percent year-over-year growth, TrueCar IncTRUE estimated revenue loss of about $2 billion or 4.2 percent from the year-ago October period. The latest period’s revenue would have reached $46 billion.
Chief industry analyst, Eric Lyman, commented, "With the 2016 model year sell down complete, average transaction prices have increased and incentives are on the decline; both are key metrics indicating continued market strength. As some automakers begin to manage vehicle production, we expect new vehicle incentives to continue to pull back from recent elevated levels of spending."
The major automakers sales for October are given below:
Fiat Chrysler reported a 10 percent drop in total sales.
Ford postponed its October sales release citing a fire at its World Headquarters. The company indicated that it would announce the sales number during the current week.
General Motors reported a fall of 1.7 percent in total unit sales.
Hyundai Motor America reported 4.17 percent increase in total unit sales.
Toyota Motor disclosed 8.7 percent decrease in total unit sales.
Post-Sales Data Performance
At last check ...
Fiat was down 1.84 at $7.18.
Ford was down 1.41 percent at $11.57.
GM was down 0.38 percent at $31.48.
Honda was down 2.75 percent at $29.01.
Mitsubishi was down 0.73 percent at $5.46.
Nissan was down 1.48 percent at $20.01.
ADRs of Toyota were down 0.88 percent at $114.64.
ADRs of Volkswagen were down 1.43 percent at $29.32.