Coronavirus pushes U.S. car sales down in Q2
U.S. car sales during the second quarter of the year fell by more than a third from Q1, registering the second consecutive quarterly decline.
Sebastian Blanco reported the news for Car and Driver:
Stay-at-home orders and plant shutdowns prompted by the spread of COVID-19 were a major impediment to sales between April 1 and June 30.
FCA has reported a quarterly decline in U.S. sales of 39 percent; GM, a decline of 34 percent. Hyundai saw its March sales drop by 18 percent.
CNBC’s Michael Wayland wrote:
The hefty declines are in line with what Wall Street expected. Nissan Motor, Hyundai Motor and Porsche also reported significant drops in sales between April and June compared with a year earlier. Most of the U.S., European and Asian automakers report their second-quarter auto sales Wednesday.
U.S. vehicle sales were forecast to fall by about 34% in the second quarter, according to auto research firms Edmunds and TrueCar’s ALG. The second quarter is expected to be the worst of the year for the automakers due to the pandemic.
Ankit Ajmera and Sanjana Shivdas from Reuters reported:
Fiat Chrysler Automobiles NV and Hyundai Motor Co on Wednesday reported a sharp decline in quarterly U.S. auto sales, as the COVID-19 crisis sapped auto demand across the country.
Analysts say the second quarter is expected to see the biggest contraction in auto sales this year, as pandemic-led lockdown restrictions and job losses kept consumers at bay.
Fiat Chrysler reported a 39% slump in U.S. sales to 367,086 vehicles in the second quarter, hit by lower demand for its Jeep and Dodge sport utility vehicles and Ram pick-up trucks.