toyota motor (TMElectric vehicle sales on Tuesday reported a stronger-than-expected jump in third-quarter auto sales, capping a strong September and boosted by demand for electric vehicles. But Toyota shares hit a key level.
General Motors (GM) And ford motor (F) is scheduled to report US auto sales for the third quarter, while auto workers strike over a new labor contract.
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Chrysler parent Stellantis (STLA) And Honda (Hamad Medical Corporation) It is also scheduled to announce new car sales in the American market.
GM stock hit a multi-month low on Tuesday. Strike costs are said to be approaching $4 billion, with the United Auto Workers strike against the Detroit Three now for a third full week.
Growth in US car sales
Despite the UAW strike and steep interest rates, analysts said U.S. new vehicle sales should continue to recover in the third quarter on the back of improving inventories and fleet demand.
Here’s what to expect. Cox Auto estimates show sales volume for the quarter, as well as sales growth or decline compared to last year.
General Motors
Third quarter sales estimate: 658,433 vehicles, an increase of 19.3% compared to the third quarter of 2022.
results: Check back on Tuesday.
General Motors stock fell 2.8% on the stock market today. GM stock hit its lowest level since May during the day.
When GM reports auto sales on Tuesday, investors may be particularly watching electric vehicle sales. Both GM and Ford are trying to boost electric vehicle sales after headwinds. In the previous second quarter, GM’s electric vehicle sales disappointed many investors.
Globally, automakers are turning to electric vehicles, in the wake of Tesla’s success.
This week, GM and Ford ramped up layoffs in response to an expanded worker strike.
on monday, Tesla (TSLA) on disappointing third-quarter global electric vehicle sales. Starting the electric car Rivian (Raven) reported better-than-expected deliveries in the third quarter.
toyota motor
Third quarter sales estimate: 572,764 vehicles, an increase of 8.9% compared to the third quarter of 2022.
results: Toyota sold 590,296 vehicles in the third quarter, an increase of 12.2%.
A strong September ended the quarter. Toyota sold 203,904 vehicles for the month, an increase of 13.9% over last year. Toyota said “electric” sales accounted for nearly a third of total September sales. The term includes battery electric vehicles, as well as fuel cell vehicles, hybrid vehicles, and plug-in hybrid vehicles.
The company said it expects strong sales momentum to continue for the rest of 2023. Toyota pointed to improved inventory at dealers and the launch of new products, including the fourth-generation Tacoma truck.
But Toyota stock fell 3.1%, weakening its 50-day moving average intraday.
ford motor
Third quarter sales estimate: 493,373 vehicles, an increase of 6.9% compared to the third quarter of 2022.
results: Check back later.
Ford stock lost 1.5% on Tuesday.
Stellantis
Third quarter sales estimate: 384,371 vehicles, a decrease of 0.3% compared to the third quarter of 2022.
results: Check back on Tuesday.
Shares of Stellantis stock fell nearly 1% on Tuesday.
Honda Motor
Third quarter sales estimate: 331,608 vehicles, an increase of 49.3% compared to the third quarter of 2022.
results: Check back on Tuesday.
US car sales forecast
Cox Automotive analysts said the annual pace of September sales should reach 15.5 million, up from August’s pace of 15 million. Given the strong sales momentum in the third quarter, the company also raised its full-year forecast.
For 2023, Cox Auto now expects to sell between 15.3 million and 15.4 million new vehicles in the U.S. market.
This is higher than its forecast of 15 million at the end of June.
“The year-over-year sales gains were really surprising,” Cox analyst Charlie Chesbrough said.
Consumers face high interest rates and persistent inflation, which has put new cars out of reach for many.
However, pent-up demand has been fueling the auto market this year. Consumers, especially fleet customers, are buying as the supply of new vehicles improves.
The UAW strike over the new labor contract has had little impact so far, analysts said. But they warned that a prolonged strike could reverse the gains the industry has made in inventory this year.
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