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 Toyo...