PSA Autos: US Auto Sales December 2017 - First Annual Sales Decline since 2009
US auto sales declined by 5.2% YoY to 1.6 mil vehicles in December, as particularly weak passenger car sales (-17% YoY) hurt the market. December 2017 had one selling day less than December 2016: on a dsr-adjusted basis, sales fell by 1.5% YoY. SAAR came in at 17.85mil, slightly above last month’s level of 17.53mil. Total sales (TIV) in 2017 were down 1.8% YoY to 17.23 mil (PSA estimate in early 2017 was -2% YoY to 17.2mil), roughly in line with expectations. The market was negatively impacted by lower replacement demand, in particular for passenger cars, as well as by higher financing costs due to rising interest rates. So far, transaction prices have remained firm, partly offsetting higher incentives. There is a risk that further monetary tightening and softer demand for light trucks will negatively impact sales in 2018. Market consensus for 2018 TIV currently lies at around 16.7mil units, which would represent a decline of 3% YoY.
· We discuss the December performance for the Japanese OEMS and provide an overview of the full CY2017 trends.
· Included in this report is a table showing the performance for all automakers and a chart of SAAR trends
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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