U.S. auto sales fall in Q1 as chip shortage slows factories
GMC pick-up vehicles are lined up on the gross sales lot on the Albrecht Auto Group dealership, Tuesday, Aug. 3, 2021, in Wakefield, Mass. U.S. new-vehicle gross sales had been anticipated to fall round 15% within the first quarter in contrast with a 12 months in the past, as the worldwide pc chip scarcity continued to sluggish factories amid excessive shopper demand. Common Motors reported Friday that its gross sales had been down 20% for the quarter, whereas Toyota gross sales had been off 15%. Credit score: AP Photograph/Charles Krupa, File

New-vehicle gross sales within the U.S. fell about 12% within the first quarter in contrast with a 12 months in the past, as the worldwide pc chip scarcity continued to sluggish factories amid excessive shopper demand.

Common Motors reported Friday that its gross sales had been down 20% for the quarter, whereas Toyota gross sales had been off 15%. Stellantis gross sales had been down 14%, whereas Nissan was off nearly 30%. Honda reported a 23% decline, and Hyundai gross sales had been fell simply 4% from January by means of March.

Many automakers reporting gross sales made reference to the chip scarcity, which started late final 12 months and has continued to frustrate the business, making it unable to fulfill robust demand from shoppers. Many anticipate enchancment through the 12 months, particularly within the second half.

“Enhancements within the provide chain ought to carry auto gross sales because the 12 months progresses, regardless of headwinds from larger inflation and gasoline costs,” GM Chief Economist Elaine Buckberg stated in a press release.

Thomas King, president of information for J.D. Energy, stated March is often an enormous gross sales month for automakers. As an alternative, all automakers had solely 900,000 automobiles of their inventories nationwide, and that crimped gross sales.

But shopper demand stays robust and reductions are few, pushing the typical gross sales worth as much as a document $44,129 for the quarter, J.D. Energy stated.

Automobiles that make their strategy to dealerships are promoting shortly, in keeping with Edmunds.com. Fuel-powered automobiles sat for under 20 days on common in contrast with 62 days in March of final 12 months. Demand for electrical automobiles additionally was robust as a result of they sat for under 21 days, versus 63 a 12 months in the past. Fuel-electric hybrids moved off the lot in a mean of 15 days, in contrast with 48 in March of 2021, Edmunds stated.

Some sellers report that every one automobiles en route from factories have already got been bought.

However Edmunds Govt Director Jessica Caldwell stated automakers are prone to face new elements shortages because of the Russian invasion of Ukraine on prime of the chip scarcity. “This mixture of headwinds may imply that these stock points will persist nicely into the remainder of the 12 months,” she stated.

An Edmunds analyst calculated that gross sales dropped about 12% for the quarter.

Used automobile costs are also excessive. The common commerce in worth was $9,274 in March, 81% greater than a 12 months in the past, J.D. Energy stated. However even with that, month-to-month funds had been prone to hit a document of $658, the corporate stated.

Toyota, with 514,592 gross sales from January by means of March, edged previous GM with 512,846 to remain because the top-selling automaker within the U.S. Toyota beat GM in gross sales final 12 months for the primary time.

Gross sales figures reported on Friday don’t embrace Ford or Tesla, each of which plan to report numbers at later dates.


New auto gross sales, costs rise as chip scarcity cuts US provide


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