Haver Analytics
Haver Analytics
USA
| Jan 03 2024

U.S. Light Vehicle Sales Improve in December

Summary
  • Both light truck & passenger car sales rise.
  • Imports' market share falls sharply.

The Autodata Corporation reported that light vehicle sales increased 3.4% in December (16.8% y/y) to 16.08 million units (SAAR) following a 0.8% November easing and a 0.4% October slip. Sales were at the highest level in six months and remain well above their low of 12.38 million units in September 2021. During all of 2023, vehicle sales totaled 15.62 million versus 13.92 million in 2022.

Sales of light trucks rose 3.2% (19.6% y/y) during December to 12.78 million units (SAAR) after slipping 0.7% in November. For the year, sales were 12.39 million, up from 10.95 million in 2022. Purchases of domestically-made light trucks rose 5.0% (19.2% y/y) to 9.70 million units after declining in each of the prior five months. Sales of imported light trucks fell 1.6% (+20.8% y/y) to 3.08 million units after rising 2.6% during November and 1.7% in October.

Trucks' share of the light vehicle market edged lower to 79.5% last month compared to 79.6% in November. Nevertheless, it roughly matched their record share.

Auto sales rose 4.1% (7.1% y/y) last month to 3.30 million units (SAAR) following a 0.6% November dip. During all of 2023, sales totaled 3.22 million units versus 2.97 million in 2022. Purchases of domestically-produced cars rose 6.8% (7.8% y/y) in December to 2.36 million units after declines in five of the prior six months. Sales of imported autos fell 2.1% (+5.6% y/y) to 0.94 million after rising 2.1% in November.

Imports' share of the U.S. vehicle market fell to 25.0% in December from 26.6% in November, but remained above a May 2023 low of 22.3%. Imports' share of the passenger car market fell to 28.5% in December from 30.3% in November. It reached a high of 37.9% in September 2021. Imports' share of the light truck market eased to 24.1% in December from the record 25.3% in November.

U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.

The minutes from the latest FOMC meeting can be found here.

  • Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio.   Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984.   He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C.   In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists.   Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.

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