Provide-chain disruptions, pushed by the ongoing scarcity of microchips that has dented new-vehicle stockpiles, undercut U.S. gross sales at Toyota Motor Corp., American Honda, Hyundai and Kia for the fourth straight month in November.
Toyota Motor Corp., which has overtaken longtime U.S. market chief Normal Motors this yr, has been pressured to chop output in latest months due to tight chip provides. It has now posted declines of twenty-two % or extra three consecutive months. Gross sales final month dropped 24 % on the Toyota model and 32 % at Lexus.
The Toyota model was hampered by a 47 % drop in November automobile deliveries, with Corolla gross sales skidding 63 % to eight,906 and Camry off 34 % to 19,261 models. The model’s top-selling mild vehicles additionally noticed double-digit declines: RAV4, off 14 %; Highlander, down 13 %; and Tacoma, off 21 %.
Toyota mentioned it had 116,638 vehicles and lightweight vehicles in stock — or an 18-day provide — on the finish of November, down 67 % from 349,639 models a yr earlier.
Honda mentioned quantity dropped 17 % on the Honda division and 21 % at Acura, with American Honda automobile quantity off 24 % and light-truck deliveries down 13 %. Honda Civic gross sales slid 26 % and CR-V quantity dropped 19 %.
Hyundai mentioned it ended November with simply 17,096 models in inventory, down from 19,894 on the finish of October and 145,885 on the shut of Nov. 2020. A few of the firm’s top-sellers posted notable declines final month; Elantra, down 42 %; Sonata, off 56 %; Santa Fe, down 24 % and Kona, off 37 %.
Hyundai’s fleet shipments additionally dropped sharply final month — 97 %, and represented lower than 1 % of general quantity.
Randy Parker, senior vp for nationwide gross sales at Hyundai Motor America, mentioned “client demand stays exceptionally excessive” however “lingering availability points persevered into November.”
At Kia, a number of the model’s key fashions — led by the Telluride, Seltos, Sportage and Soul — all posted declines. The corporate mentioned it offered 77 % of accessible U.S. stock in November.
Mazda mentioned quantity dropped 5.3 % in November, its third straight decline.
Genesis, helped by an increasing product lineup, continued to rack up main beneficial properties, with November quantity advancing 435 % to five,002 sedans and crossovers.
Subaru and Volvo are additionally anticipated to report November gross sales outcomes on Wednesday, whereas Ford Motor Co. is scheduled to launch outcomes for the month on Friday. Normal Motors, Stellantis, Nissan Motor Co., Volkswagen Group and the remainder of the trade submit U.S. gross sales quarterly.
U.S. light-vehicle gross sales are anticipated to fall 11 to 12 % final month vs. Nov. 2020, analysts say — dashing hopes for a extra substantial end to 2021 fueled by conventional year-end vacation reductions — after quantity dropped 14 % in 2020 on the onset of the pandemic.
The emergence of one other COVID-19 variant additionally threatens to upend the spotty restoration to the extent provide chains and manpower are impacted by new journey and different doable working restrictions.
Retail inventories remained beneath 1 million models in November for the fourth straight month, J.D. Energy and LMC Automotive mentioned.
“The everyday Black Friday gross sales surge shall be tough to help,” this yr, mentioned J.D. Energy analyst Thomas King. “The standard year-end gross sales push shall be considerably non-traditional.”
Business gross sales rose 13 % via September behind a powerful first quarter and a 4.96 % rise within the second quarter, adopted by a 13 % decline within the third quarter.
Nonetheless, November gross sales are anticipated to extend barely from October, rising lower than a % to succeed in an estimated 1.05 million, Cox Automotive mentioned.
“The market is caught in low gear,” mentioned Cox Automotive Senior Economist Charlie Chesbrough. “There are potential patrons on the market, however many are ready on the sidelines, delay by restricted choice and excessive costs.”
Even amid tight provides, some automakers proceed to pitch offers to maintain shoppers and patrons engaged.
Hyundai and Ford final month provided 0 % financing and waived funds as much as 90 days on choose fashions, and BMW dangled as much as $2,500 off on choose new fashions via Nov. 30.