New-vehicle gross sales plunged an estimated 10.2 per cent in the course of the second quarter, nevertheless it wasn’t dangerous information throughout the board for automakers as a handful managed beneficial properties.
Low-volume sellers Audi, Porsche, Maserati, Mercedes-Benz, Good, Jaguar and Land Rover haven’t but reported their gross sales. Volkswagen additionally hasn’t launched its gross sales.
Automakers which have reported their figures bought 396,274 autos April by way of June, down 44,924 throughout the identical three-month interval a yr in the past.
One analyst known as the numbers “disappointing, however not completely stunning.”
“Even earlier than Russia’s unprovoked invasion of Ukraine, we had been anticipating a gradual, multi-year restoration in auto manufacturing [and inventory] that might constrain gross sales over the course of this yr and into subsequent,” Scotiabank Vice-president, Head of Inclusion and Resilience Economics Rebekah Younger wrote in an e-mail to Automotive Information Canada. “With stock ranges nonetheless low at dealerships throughout the nation, product remains to be impacting gross sales exercise.”
Younger cautioned that bumps — a few of them comparatively new — stay on the street forward.
“Latest financial developments, together with sky-high inflation, quickly rising rates of interest [with even more to come], and car buy and working prices nonetheless ticking up, are including headwinds to our auto gross sales outlook,” she stated. “So, we’re prone to see much less accumulation of pent-up demand as we glance out into 2023 and past.”
Younger famous that Scotiabank’s 2022 auto gross sales outlook has stood at 1.75 million autos since late 2021.
“We expect that is nonetheless an affordable assumption,” Younger stated.
JUNE DROP
On a month-to-month foundation, gross sales had been down 11.5 per cent in June alone in contrast with a yr earlier as provide challenges persist, DesRosiers Automotive Consultants stated. Nonetheless, month-to-month gross sales are an estimate now that so many automakers have turned to quarterly reporting.
“Clearly, car shortages stay extreme and dominate the market setting,” DAC Managing Companion Andrew King stated in a press release. “Certainly, final month noticed the bottom June gross sales degree for the reason that recession yr of 2009 when gross sales had been beneath 140,000.”
DAC stated provide challenges, linked largely to semiconductor chip shortages created by the pandemic, proceed to restrict a rebound in gross sales.
HOW SOME AUTOMAKERS FARED
FCA Canada, a division of Stellantis, reported complete second-quarter gross sales of 47,184 autos, a rise of 16.6 per cent versus the identical interval final yr. Its retail gross sales, which exclude fleet gross sales, had been up 18 per cent in contrast with the identical quarter in 2021, the automaker stated.
By way of the tip of June 2022, FCA Canada gross sales had been up 3.7 per cent with 89,771 autos bought, versus the identical six-month interval final yr.
“I’m happy with the work our group is doing every single day to counteract provide chain and transport headwinds with the intention to ship autos to our clients nationwide,” FCA Canada CEO David Buckinghanm stated in a press release, with out elaborating on how the automaker is dealing with the challenges. “Demand continues to be very sturdy for our autos, as evidenced within the second quarter by gross sales will increase for the Chrysler, Jeep, Ram and Alfa Romeo manufacturers.”
FCA Canada gross sales had been led by the Jeep model. Its second-quarter gross sales of 18,374 represented a 28.6-per-cent enhance over 2021. Jeep Grand Cherokee and Jeep Wrangler noticed document retail gross sales within the quarter, alongside document Jeep Gladiator complete gross sales of 1,708 items bought.
Ford Canada’s complete gross sales had been up 9.5 per cent within the second quarter to 72,093. The automaker additionally made the primary deliveries of the all-new, all-electric F-150 Lightning to Canadian clients in June.
“The F-150 Lightning is crucial car launch for Ford Motor Co. for the reason that Mannequin T, and I’m past excited to see the primary Canadian clients driving their very personal all-electric Ford pickup,” Ford Canada CEO Bev Goodman stated in a press release.
On the premium car aspect, Lincoln posted a gross sales enhance for the third consecutive quarter, up 8.6 per cent to 2,387.
Common Motors noticed gross sales slip within the second quarter, down 6.6 per cent to 62,505. Honda took one of many larger hits, down 37.5 per cent to 26,583 whereas Toyota gross sales fell 11.2 per cent to 63,785.
A number of luxurious and all-electric manufacturers managed to put up stable beneficial properties within the second quarter: Genesis (up 67.5 per cent), McLaren (up 6.3 per cent), Tesla (up an estimated 17.3 per cent), Bentley (up 5.7 per cent) and Lamborghini (up 4.8 per cent).