skip to Main Content

USA August 2020: Economic uncertainty, low inventories hold volumes down -20%, Volvo (+12.9%) only gainer

Volvo is the only carmaker in positive among those reporting monthly.

9/09 update: Now with Lexus and Toyota models data.

U.S. new light vehicle volumes see their recovery halted in August at -20% year-on-year to 1.32 million units based on estimates from Cox Automotive and LMC Automotive. This is a steeper fall than in July which was estimated at -16% and leads to a year-to-date tally down -21.9% to 8.98 million. However because of calendar quirks that counted Labor Day weekend sales in August last year but September this year, the Seasonally Adjusted Annualised Sales Rate (SAAR) improves month-on-month to 15.18 million according to Motor Intelligence, to be compared with 14.53m in July, 13.18m in June, 12.06m in May and 8.81m in April. It remains well under year-ago levels however, at -11.2% on the 17.1m sales pace of August 2019. High unemployment, sinking consumer confidence, reduced household spending, uncertainty surrounding the economic recovery as well as the end of eviction moratoriums and various support measures on July 31 as well as  have all combined to sink the U.S. new light vehicle market well into double-digits in August. According to The Aspen Institute, if no rental support measures are reinstated, between 29 to 43% of renter households could be at risk of eviction by the end of the year.

Charlie Chesbrough, senior economist for Cox Automotive, believes the damage done to U.S. economy and consumer confidence is so bad it could be 3 or 4 years before auto sales recover to pre-pandemic levels. In August, daily life remained hampered by another 1.1 million Covid-19 infections. They now total at least 6.2 million, still roughly 50% more than the next most affected countries in the world, Brazil (4.m) and India (3.9m) just as U.S. lives lost to coronavirus are approaching 200.000. As for the light vehicle market specifically, shrinking inventories still stemming from factory closures earlier in the year, reduced fleet demand and lower incentives all hurt sales. According to Cox Automotive, Toyota, Lexus, and BMW each had less than a 40-day supply of vehicles in late August, far below the current industry average of 60. According to J.D. Power, nearly 45% of all new vehicles sold in August spent fewer than 20 days on dealer lots, up from 35% last year. J.D. Power says average incentives are down -1.2% year-on-year to $4,105 while ALG estimates they are up 5% to $3.902 (see table). The average U.S. transaction price for a new light vehicle is up 3.9% or $1.442 year-on-year to $38.635 in August and up $72 or 0.2% on last month. In an economy stripped from the need of rental cars as tourism flounders, fleet shipments continue to be battered at -34% year-on-year to 141.900 or roughly 11% share vs. 14% a year ago according to J.D. Power.

Excellent U.S. start for the new Kia K5.

The main three groups still reporting monthly sales are down this month: Toyota Motor (-22.7%) is hit the hardest as stock shortages sting with cars down -27% and light trucks off -21%. American Honda is down -21.9% and Hyundai-Kia softens the blow at -7.5%. Brand-wise, Volvo (+12.9%) becomes the only carmaker sporting a year-on-year gain in August, achieving three straight months of growth. Mazda (-5.1%) tilts back into negative after two months of upticks as cars sink -29% but crossovers gain 3.3%, Kia (-6.1%) and Hyundai (-8.4%) also keep their loss to the single-digits. Hyundai crossovers are up 6% but cars down -27% while retail sales dip -2% and fleets freefall -63%. Lexus (-9.5%) and Acura (-10.2%) also resist relatively well but Toyota (-24.6%), Honda (-23%), Genesis (-22.6%) and Subaru (-17.4%) are all in bad shape. A significantly lower number of models manage a year-on-year improvement compared to last month. They include, in decreasing volume order, the Subaru Forester (+1.1%), Hyundai Kona (+25.3%), Palisade (+56.1%), Kia Telluride (+18.6%) breaking its all-time volume record at 7.558, Volvo XC60 (+1.9%), Lexus GX (+3.9%) and Volvo XC40 (+28.8%). Among recent launches (<12 months), the Kia Seltos (5.314), Mazda CX-30 (3.862) and Kia K5 (3.631) all post their largest ever month volume.

Previous month: USA July 2020: Recovery (-16%) complicated by record infections, high unemployment, low inventories – Volvo (+10.3%) and Mazda (+3.5%) in positive again

One year ago: USA August 2019: Fleet, incentives lift market to largest gain in 4 years (+10.3%), Toyota RAV4 and Honda CR-V break all-time records

Full July 2020 figures for selected 6 groups, 10 brands and 95 models below.

USA August 2020 – groups:

GroupAug-20/192020/19FY19
Toyota Motor Corporation191,841-22.7%1,255,101-22.0%3
American Honda135,925-21.9%853,662-21.8%5
Hyundai-Kia116,736-7.5%771,623-13.0%7
Subaru57,885-17.4%376,453-20.5%8
Mazda26,089-5.1%179,043-5.4%12
Volvo Cars NA10,37812.9%63,330-7.0%15

USA August 2020 – brands:

BrandAug-20/192020/19FY19
Toyota164,750-24.6%1,097,769-22.6%2
Honda122,278-23.0%770,949-22.2%4
Hyundai58,361-8.4%388,635-14.5%9
Subaru57,885-17.4%376,457-20.5%8
Kia57,015-6.1%372,831-11.0%10
Lexus27,091-9.5%157,332-17.5%16
Mazda26,089-5.1%179,043-5.4%17
Acura13,647-10.2%82,713-18.7%21
Volvo10,37812.9%63,330-7.0%27
Genesis1,360-22.6%10,157-23.9%32

USA August 2020 – models:

ModelAug-20/192020/19PosFY19
Toyota RAV439,239-20.7%258,922-10.6%44
Honda CR-V34,391-22.3%193,762-24.0%55
Toyota Camry27,892-12.8%176,583-24.9%68
Honda Civic25,524-26.7%178,570-23.4%99
Toyota Highlander21,795-23.2%118,994-26.5%1615
Toyota Tacoma20,579-23.8%142,689-15.7%1412
Honda Accord19,167-37.3%125,142-32.0%1211
Toyota Corolla19,154-36.4%146,320-31.5%1010
Subaru Forester17,2611.1%118,4340.3%2423
Subaru Outback14,856-13.2%89,319-30.9%2322
Mazda CX-513,745-11.8%90,695-12.3%2727
Honda Pilot12,508-13.0%79,359-16.2%3133
Hyundai Tucson11,632-16.8%80,495-13.0%3432
Lexus RX10,972-6.2%56,585-18.0%5242
Subaru Crosstrek10,329-34.9%64,974-25.0%4036
Toyota Tundra10,130-18.5%68,076-12.7%4341
Toyota 4Runner9,860-25.6%76,598-11.2%3835
Hyundai Elantra9,135-36.1%66,868-39.7%2524
Hyundai Santa Fe9,129-15.7%62,610-28.9%3337
Honda HR-V8,942-8.1%54,239-13.6%5850
Honda Odyssey8,644-15.2%51,847-22.4%5349
Kia Forte8,414-10.7%55,268-17.5%5156
Hyundai Kona7,99825.3%45,842-8.0%7068
Hyundai Palisade7,98356.1%52,086422.8%270130
Hyundai Sonata7,965-3.2%45,088-27.7%5459
Kia Sorento7,809-14.7%53,613-16.8%5555
Kia Sportage7,672-20.0%55,235-5.2%6358
Kia Telluride7,55818.6%37,75610.5%9985
Kia Soul6,968-19.9%48,541-32.2%4251
Subaru Ascent6,619-9.6%44,091-19.4%6261
Kia Seltos5,314new23,896new – –
Acura MDX5,165-13.6%27,633-17.3%10290
Acura RDX5,057-7.4%33,124-18.4%8081
Lexus NX4,784-6.9%32,235-11.5%8984
Subaru Impreza4,654-38.1%27,533-36.6%8178
Lexus ES4,366-22.5%25,243-27.0%9892
Honda Passport4,070-2.7%23,3844.2%128111
Toyota Sienna3,987-35.4%24,657-54.2%6167
Toyota Prius (incl. C & V)3,905-52.7%28,779-34.7%8473
Toyota C-HR3,897-21.0%28,998-15.5%9496
Mazda CX-303,862new24,606new –274
Honda Fit3,814-5.3%21,272-13.4%114114
Kia K53,631new4,899new –
Kia Optima3,307-64.3%47,081-31.2%4554
Mazda33,175-34.2%22,634-38.8%8694
Honda Ridgeline3,081-6.7%20,357-4.5%124119
Volvo XC902,998-5.2%19,863-9.6%120112
Volvo XC602,9811.9%17,830-10.5%129127
Lexus GX2,7063.9%16,1893.3%152137
Subaru Legacy2,681-14.1%17,211-27.7%113116
Mazda CX-92,443-6.6%18,2299.7%145133
Kia Rio2,097-23.8%15,900-9.0%140141
Kia Niro1,991-15.3%11,550-28.8%144143
Acura TLX1,973-12.4%13,273-22.8%133134
Volvo XC401,93328.8%13,66912.7%172170
Honda Insight1,886-23.9%10,772-37.5%138145
Toyota Avalon1,813-40.8%11,138-46.0%126131
Hyundai Venue1,644new10,435new –271
Lexus UX1,521-6.6%10,592-3.7%178174
Acura ILX1,331-7.5%7,956-17.3%188182
Mazda61,230-23.5%10,514-35.0%134153
Subaru Impreza WRX1,218-35.1%13,396-16.2%141151
Lexus IS1,212-11.1%7,190-35.0%175180
Hyundai Accent1,135-28.0%10,967-40.1%125140
Kia Stinger1,101-22.6%8,879-4.9%190188
Volvo S601,094-9.1%6,852-36.1%174171
Kia Sedona1,036-32.4%9,086-14.8%179178
Genesis G70950-6.4%6,225-18.5%199197
Hyundai Ioniq879-59.2%8,143-35.6%181157
Mazda CX-3860-57.5%6,576-36.3%191176
Hyundai Veloster836-25.7%5,984-38.0%180192
Mazda MX-5 Miata774-5.1%5,790-0.8%212216
Toyota Sequoia769-31.5%3,963-41.1%209206
Toyota Yaris726-12.6%4,963-73.7%117150
Volvo V60696175.1%3,222214.6%266247
Toyota Supra500-22.2%3,309243.6% –246
Lexus LX422-5.0%2,553-17.3%228230
Volvo S90392639.6%1,038-30.4%248251
Lexus RC372-22.8%2,250-25.7%231231
Lexus GS330-3.5%1,902-20.0%236241
Lexus LS299-41.3%2,013-44.1%222223
Volvo V90284222.7%8560.4%259262
Subaru BRZ26769.0%1,495-19.8%241256
Honda Clarity FCV251-72.5%2,244-74.5%185199
Toyota 86236-31.6%1,816-21.2%239239
Genesis G80226-58.5%2,469-44.1%218218
Genesis G90184-7.1%1,46312.7%254258
Toyota Land Cruiser161-43.1%1,619-25.0%240238
Acura RLX118210.5%654-13.1%261273
Lexus LC10727.4%580-31.6%263266
Toyota Mirai64-34.7%300-74.7%252263
Kia Cadenza53-57.9%823-14.6%258261
Kia K90034-12.8%184-34.1%272278
Hyundai Nexo25-26.5%117-32.8%277280
Acura NSX3-88.0%73-60.8%274281

Source: Manufacturers, ANDC, GCBC

Leave a Reply

Back To Top