USA May 2025: Employee pricing sends Ford Motor up 16.4%, stable market

Ford Bronco sales are up 51.1% year-on-year in May.

The rush to secure a new vehicle ahead of expected price increases in the wake of tariffs has slowed down in May, with sales up just 1.4% on the year prior to an estimated 1,469,000 units. Light trucks are up 4.9% to 1,215,000 and 82.7% share while passenger cars drop -12.8% to 254,000 units and 17.3% share. The SAAR stands at 15.6 million vs. 15.8 million a year ago, 17.2 million in April and 17 million in March. Some US analysts predict May is likely to be the last month showing an upwards trend, as many manufacturers such as Ford, Subaru, Mitsubishi and Hyundai have said they will raise prices in the coming weeks. Note according to J.D Power and GlobalData, some 53.6% of vehicles sold in May are assembled in the U.S. compared to 52.2% a year ago in May 2024. 

The average transaction price in May stands at $45,462, up 1.4% year-on-year but down -1.3% on April. Average incentives per vehicles are at $2,563, falling -7% on last month. As expected, inventory is declining at 2.49 million units at the start of May vs. 2.69 million at the start of April. Leasing accounts for 20.7% of the market in May vs. 24% a year ago. Meanwhile fleet sales are off -7% year-on-year to 254,000, accusing for 17.1% share vs. 18.3% last year. ICE are at 74.9% share vs. 79% a year ago, HEVs stand at 14.8% share vs. 10.5% in May 2024, PHEVs are at 2.1% share vs. 2% and BEVs account for 8.1% of sales, actually down from 8.5% a year ago.

Ford sold almost 80,000 F-Series but only 1,902 F-150 Lightning EVs.

Among OEMs still sharing monthly volumes, Ford Motor is up 16.4% as it continues to offer employee-style discounts, Toyota Motor is up 10.9%, Hyundai-Kia up 6.7% and American Honda up 6.5%. Looking at brands, Ford (+15.3%) is back up above Toyota (+12.3%) for just 773 sales. As for others, Lincoln is the most dynamic at +39%, with Volvo (+14.7%) and Genesis (+13.6%) also strong. Hyundai (+7.7%) and Kia (+5.1%) both lodge their 8th consecutive month of year-on-year gains. Note Ford EV sales sink -25% to 6,723 as the F-150 Lightning EV falls -42% to 1,902.

Model-wise, the Ford F-Series jumps 14.9% almost 80,000 units, which could be its best tally since March 2021 (84,043). The Toyota Camry (+20.9%) and Tacoma (+55.1%) are both in great shape, while the Honda Civic (+7.6%), Toyota RAV4 (+6.1%) and Honda CR-V (+1.7%) are more discreet. The Ford Bronco (+51.1%), Bronco Sport (+45.7%), Escape (+23.6%) and Explorer (+22.6%) score some of the biggest gains in market.

Previous month: USA April 2025: Pre-tariff rush lifts market up 10%

One year ago: USA May 2024: Toyota (+15.7%), Lexus (+17.3%), Lincoln (+28%) stand out in shy market

Full May 2025 for OEMs, brands and models still reporting monthly sales below.