DETROIT: U.S. new automobile sales in July continued to point out indicators of recovery from the COVID-19 pandemic, as Toyota Motor Corp on Monday posted its lowest sales decline because the virus outbreak slammed the sector in mid-March.
The Japanese automaker said its sales in July fell 19% versus the identical month in 2019, to 169,484 items. That was Toyota’s best month since earlier than the pandemic shuttered North American manufacturing for 2 months and led to closed showrooms throughout quite a few U.S. states.
The rebound in U.S. auto sales since hitting a backside in April has seen main automakers scramble to ramp up manufacturing and enhance weak inventories at dealerships, particularly in states the place they remained open all through the shutdowns.
The rebound in sales, although, could possibly be threatened by surging circumstances in southern and southwestern U.S. states, which have elevated uncertainty over the U.S. financial recovery.
Hyundai Motor Co reported a year-on-year acquire of 0.6% in U.S. sales for July, promoting 57,677 items.
“Achieving an overall sales increase despite the ongoing pandemic is a tremendous accomplishment and speaks to the depth and quality of our product lineup and resiliency of our dealers,” Hyundai’s North American sales chief, Randy Parker, said in an announcement.
The seasonally adjusted annualized rate for light autos bought in July was estimated at 14.52 million items, in line with Wards Intelligence.
General Motors last week said its potential to repay loans relied on a continued financial recovery and the idea that U.S. new automobile sales would end the year at round 14 million items.
Pandemic revs up race for US online automotive sales