Digging Deeper into Weak US Auto Sales in July 2017
July 2017 US auto sales
According to the latest data compiled by Autodata, July 2017 US auto sales (VCR) stood at 1.41 million vehicle units. This was about 7.0% lower than the US auto sales of 1.52 million vehicle units sold in July last year. Total US auto sales figures in July 2017 were also lower than 1.47 million vehicle units sold in June 2017.
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Truck sales also fell in July
In July 2017, US small car sales continued to disappoint and fell 13.8% YoY (year-over-year) to 0.52 million units. Truck and UVs (utility vehicles) sales fell to 0.89 million units with a decrease of 2.5% YoY.
In the last few years, US truck and UVs sales have outperformed the sales of small cars. However, weakening small car sales, as well as truck sales in July, could be worrisome for automakers.
With this, US auto sales have dropped by 2.9% YoY to ~9.7 million vehicle units in 2017 so far.
The US is the largest single auto market in North America and second-largest market in the world after China. Legacy automakers such as General Motors (GM), Ford (F), Toyota (TM), and Fiat Chrysler Automobiles (FCAU) are vastly dependent on the US market, as their largest portion of revenues comes from the United States.
In this series, we’ll explore July 2017 US sales figures of US automakers. We’ll see what these sales numbers could mean for these companies’ growth. Also, we’ll also learn what Wall Street analysts are recommending for these US automakers’ stocks after their July sales data releases.
Next, we’ll look at Ford’s July 2017 US sales data.