U.S. sales rose by double digits for the second straight month at Toyota Motor Corp., while deliveries at Hyundai and Kia advanced for the third straight period in October behind higher demand for electrified vehicles and healthy retail volume as the auto industry's supply crunch slowly eases.
Toyota said volume rose 28 percent behind a 34 percent increase at the Toyota division, with big gains at the brand's top sellers: Camry, up 68 percent; RAV4, up 40 percent; and Tacoma, up 44 percent.
U.S. sales of the Corolla Cross, introduced a year ago, tallied 7,419, up from 826 a year earlier. Corolla volume nearly doubled to 16,663 last month. Prius deliveries rose 37 percent. Lexus sales dropped for the ninth straight month with October volume down 3.7 percent.
Toyota said it ended October with just a 20-day supply of vehicles, or 143,761 cars and light trucks, with 26,976 in dealer stock and 116,785 in port or transit. The Toyota division has 125,232 vehicles in stock, or a 20-day supply, while Lexus has a 22-day supply, or 18,529 vehicles.
Honda Motor Co. said supply and shipping bottlenecks continue to undermine its inventory levels, with October sales dropping 16 percent to 81,545. Volume dropped 17 percent at the Honda division and 9.1 percent at Acura.
Volume has now skidded 15 straight months at Honda and 14 consecutive months at Acura. The Honda division's most popular models all racked up double-digit declines in October: Accord, off 24 percent; Civic, down 15 prcent; CR-V, off 19 percent and HR-V, down 36 percent.
Volume advanced 6.8 percent at Hyundai, and 12 percent to 58,276 -- an October record -- at Kia, the companies said Tuesday.
Retail deliveries increased 11 percent to 58,315 in October, Hyundai said. The company has prioritized more profitable retail business amid tight inventories; fleet shipments total just 0.4 percent of sales year to date.
“Demand is still there and our lineup of EV vehicles contributed to record sales this month,” Randy Parker, CEO of Hyundai Motor America, said in a statement.
Hyundai said it ended October with 31,529 cars and light trucks in inventory, up from 24,919 at the close of September and 19,894 at the end of October 2021. Prior to the pandemic, the company's U.S. inventories typically stood at 150,000 to 170,000, and fell to around 60,000 to start 2021.
With inventories rising incrementally across the industry, and some consumers turning more skittish, Parker said Hyundai expects the market to become "more competitive" as year-end sales and holiday promotions unfold. He added Hyundai, with some of the industry's lowest incentives, is launching its holiday sales promotions effective Tuesday.
At Kia, electrified vehicle sales rose 101 percent. And four models posted double-digit sales increases: Seltos, up 37 percent; Forte, up 19 percent; Sorento, up 8 percent, and Niro, up 16 percent.
Subaru racked up its biggest gain, 32 percent on October, since April 2021, with its 2022 top seller, the Crosstrek, notching sales of 13,635, up 29 percent.
While Subaru of America said it continues to face supply bottlenecks, Jeff Walters, senior for vice president of sales for the automaker, said the company expects to "see continued strength in demand during the holiday season."
Mazda snapped a 6-month losing streak with October sales jumping 30 percent to 25,319.
Genesis posted an 18 percent decline in October volume, snapping a streak of 22 consecitive increases. Genesis Motor North America COO Claudia Marquez blamed the decline on a shortage of inventory caused in part by shipping delays, with sales in the eastern and south central U.S. particularly affected.
Ford Motor Co. and Volvo will release October sales on Wednesday. The rest of the industry reports U.S. sales on a quarterly basis.
U.S. light-vehicle deliveries are expected to rise last month from October 2021 levels as inventory slowly improves and demand remains steady, even amid rising interest rates, gasoline prices and new-vehicle MSRP's that are putting extra pressure on affordability.
The market has declined 13 percent through September, and is on pace to drop for the year, after rising 3.3 percent in 2021 following a sharp decline in 2020 volume because of the COVID pandemic.
With new-vehicle inventory improving modestly in October, J.D Power and LMC Automotive said month-end retail units were on track to exceed one million units for the first time since May 2021. The rebound in stockpiles and higher borrowing costs for consumers should slow the industry's rapid price increases, analysts say. Falling used-vehicle prices have become another headwind for the new-vehicle market, where some consumers have been priced out.
"We expect to see some deterioration in per unit pricing and profitability in the coming months," said Thomas King, president of J.D. Power's data and analytics division. "However, nearly 50 percent of new vehicles are still being sold above MSRP, the industry is recalibrating to a more durable pricing environment."
U.S. consumers, "hindered by higher interest rate settings and lower levels of job growth than previously anticipated," are expected to retrench in coming months, thereby becoming a major input factor to auto demand levels over the next 12-18 months, S&P Global Mobility said late last month.
The seasonally adjusted annualized rate of sales in October is expected to range from 13.4 million to 14.7 million, according to analysts' forecasts. That would be up from October 2021's 13.21 million rate. The SAAR, which tallied 13.67 in September, has remained below 15 million since July 2021, except for Jan. 2022 when it came in at 15.23 million.
Oct. 2022 average transaction price
| Manufacturer | Oct. 2022 | Oct. 2021 | Sept. 2022 | YoY change |
Oct. v Sept. change |
|---|---|---|---|---|---|
| BMW | $70,632 | $62,204 | $69,542 | 14% | 1.6% |
| Daimler | $71,531 | $67,638 | $68,945 | 5.8% | 3.8% |
| Ford | $52,108 | $49,608 | $51,921 | 5% | 0.4% |
| GM | $51,718 | $53,408 | $51,624 | -3.2% | 0.2% |
| Honda | $37,947 | $34,977 | $38,218 | 8.5% | -0.7% |
| Hyundai | $37,161 | $35,849 | $36,779 | 3.7% | 1% |
| Kia | $34,177 | $32,872 | $34,749 | 4% | -1.6% |
| Nissan | $36,529 | $34,846 | $35,765 | 4.8% | 2.1% |
| Stellantis | $54,549 | $50,989 | $54,546 | 7% | 0% |
| Subaru | $33,961 | $33,731 | $34,758 | 0.7% | -2.3% |
| Toyota | $39,922 | $41,166 | $40,541 | -3% | -1.5% |
| Volkswagen Group | $46,462 | $45,009 | $46,656 | 3.2% | -0.4% |
| Industry | $44,625 | $43,352 | $44,845 | 2.9% | -0.5% |
New-vehicle prices remain at record levels, with the average transaction price expected to reach $45,599 — a record for October and a 2.7 percent increase from a year ago, J.D. Power and LMC said. But that is down from a record $46,173 in July, J.D. Power and LMC say. TrueCar estimates average transaction prices tallied $44,625 in October, up 2.9 percent from October 2021 but down 0.5 percent from September.
The average incentive per new vehicle in October was expected to reach $882, down from $1,595 in October 2021, J.D. Power and LMC Automotive forecast, with spending as a percentage of the average MSRP on pace to fall to 1.9 percent, down 1.6 percentage points from October 2021.
- There were 26 selling days last month, one fewer than October 2021.
- The average incentive spending per unit on trucks, SUVs and crossovers in October was expected to be $886, down $703 from a year ago, while the average spending on cars is expected to be $836, down $786 from a year ago, J.D. Power and LMC Automotive said.
- Fleet deliveries are expected to total 149,700 in October, up 42 percent from October 2021 on a selling day adjusted basis, J.D. Power and LMC Automotive said, with fleet volume accounting for estimated 13 percent of total light-vehicle sales, up from 11 percent in October 2021.
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