Ford (F) joined General Motors (GM) in missing estimates for second-quarter U.S. auto sales, as the chip shortage weighed on vehicle inventories, offsetting strong demand. Ford stock rose, and GM stock eased. X Stellantis (STLA), Toyota (TM), Honda (HMC) and Volkswagen (VWAGY) also reported Q2 sales. Analysts at J.D. Power and LMC Automotive forecast that
Ford (F) joined General Motors (GM) in missing estimates for second-quarter U.S. auto sales, as the chip shortage weighed on vehicle inventories, offsetting strong demand. Ford stock rose, and GM stock eased.
Analysts at J.D. Power and LMC Automotive forecast that the annualized rate for U.S. auto sales will reach 15.8 million units in June. That would be up 2.6 million units from pandemic-hit June 2020, but down from 17.1 million units in both May 2021 and June 2019, with the sales pace cooling amid low inventories from the semiconductor shortage. The analysts expect a stronger selling pace in the second half of the year.
Here is how automakers performed vs. the expectations of Cox Automotive analysts. The results show Q2 unit volumes as well as sales growth or decline vs. both Q2 2020 and Q2 2019, with the latter avoiding pandemic-influenced comparisons.
Q2 auto sales estimate: 519,007; up 20.1% vs. Q2 2020 and down 19.5% vs. Q2 2019.
Results: Ford sold 475,327 vehicles, up 9.6% from a year ago. Mustang Mach-E sales fell to 6,361 units from 6,614 in Q1. The Mach-E is a challenger to Tesla’s Model Y and a critical new product in Ford’s shift to electric vehicles.
Ford stock reversed early losses to close up 0.1% on the stock market today.
Q2 auto sales estimate: 700,978; up 43.3% vs. Q2 2020 and down 5.8% vs. Q2 2019.
Results: 688,236; up 39.7% vs. the year-ago, pandemic-hit quarter. Sales of profitable Silverado and Sierra pickups rose 35% and 40%, respectively. Bolt EV sales jumped 351% year over year and rose 25% quarter over quarter. GM began selling a refreshed Bolt EV and a new Bolt compact SUV in Q2.
Global automakers are making an ambitious and costly shift to electric vehicles, so EV sales will be closely watched.
GM stock fell 0.25%. The auto giant announced Friday that it will source U.S.-based lithium for EV batteries.
“Consumer demand for vehicles is also strong, but constrained by very tight inventories” due to the chip shortage, GM chief economist Elaine Buckberg said in a release. “We expect continued high demand in the second half of this year and into 2022.”
GM sees increasing truck production and shipments as it manages through supply constraints.
Estimates: Reliable Q2 estimates are not available.
Results: Volkswagen sold 120,520 vehicles, up 72% . The German auto giant sold 5,756 ID.4 EVs last quarter, up from 474 in Q1.
The electric crossover, a rival to Tesla’s Model Y and Ford’s Mustang Mach-E, went on sale in late March.
Q2 sales estimate: 698,838; up 75.6% vs. Q2 2020 and up 14.9% vs. Q2 2019.
Results: Toyota sold 688,813 vehicles last quarter. EVs, including hybrids, made up nearly a quarter of total sales, the company said.
Stellantis, formerly Fiat Chrysler
Q2 auto sales estimate: 504,638; up 37.5% vs. Q2 2020 and down 15.6% vs. Q2 2019.
Results: Stellantis sold 485,312 vehicles, up 32%.
Q2 auto sales estimate: 483,758; up 64.8% vs. Q2 2020 and up 18.8% vs. Q2 2019.
Results: Honda sold 486,419 vehicles, up 65.7%. The company touted record hybrid EV sales.
Find Aparna Narayanan on Twitter at @IBD_Aparna
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