Saturday, June 22

Analysis of the U.S. Automobile Market in October

The US auto market grew 3.7% month-on-month in October 2020, but still dropped 7.1% year-on-year. Although sales increased slightly, the industry continues to face pressure from the COVID-19 pandemic and economic downturn.

In terms of models, SUV and pickup sales grew significantly, but car sales continued to decline sharply. SUV sales rose 11.9% last month to 468,000 units, hitting a record high for the same period. Large SUVs showed strong momentum, and small and midsize SUVs also performed well. The Ford Explorer ranked first with sales of 52,000 units, maintaining growth. Pickup sales rose 2.8% to 221,000 units, thanks to the growth of the Ford F-Series and GMC Sierra.

In contrast, car sales fell 10.5% to 699,000 units. Hyundai and Kia car sales fell by more than 20%. GM and Toyota, which dominate the US car market, also failed to escape a slide. Only Honda car sales rose 3.5%, supported by strong sales of the Civic and Accord models.

In terms of new energy vehicles, sales in October exceeded 41,000 units, up 159% year-on-year and continuing rapid growth. The Tesla Model 3 ranked first again with nearly 20,000 units sold, up 283% year-on-year. NIO also performed well, selling nearly 12,000 units, up 343% year-on-year. However, new energy vehicles still only accounted for 3.3% of the total market, indicating greater potential.

Looking ahead, the US auto market is unlikely to recover significantly in the short term as the COVID-19 pandemic continues to spread. The new energy vehicle market is expected to maintain rapid growth, and SUV products will continue to grow. The car market is difficult to improve in the short term, and the downward trend may continue until the end of the year. Despite various difficulties, the fundamentals of the US auto market remain solid, and it is still expected to achieve steady growth in the long run. 

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