NOT ON THEY SELL CARS: new collapse in car sales in the USA

It is not a Fourth of July to celebrate in the USA, for a variety of reasons, from the economy to public order.

Let's start with the first point: vehicle sales for major manufacturers such as Toyota, General Motors and Fiat proved to be a real bloodbath in the second quarter of 2020, also because the USA is facing the effects of Covid-19 in the half of what was already a real recession in auto sales.

Revenues from these manufacturers fell by more than 30% in the second quarter, all in line with Wall Street forecasts. Nissan, Hyundai and Porsche also experienced sharp drops in sales between April and June, according to CNBC. Not that sales expectations were positive, but when the first data arrived the frost spread among the manufacturers: the GMs saw a drop of around 34%, Fiat by 38.6% and Toyota fell by 34.6%. The other manufacturers were also devastated with a -49% for Nissan, -23% for Hyundai -29% for Volkswagen and -20% for Porsche.

Trucks are among the most successful models, but their advance has not been sufficient to revive or support the sector. What was completely or almost missed was the renewal of the commercial car rental fleets or of the large companies: they all postponed purchases to better times and the closure certainly did not favor sales to private individuals. A disaster that threatens to weigh heavily on the US and European economy and which risks tarnishing the promising employment data.


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The article DON'T SELL CARS: new collapse in car sales in the USA comes from ScenariEconomici.it .


This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/non-sui-vendono-auto-nuovo-crollo-nelle-vendite-di-auto-negli-usa/ on Fri, 03 Jul 2020 20:54:12 +0000.