{"id":225888,"date":"2022-06-01T15:36:10","date_gmt":"2022-06-01T19:36:10","guid":{"rendered":"https:\/\/www.thedetroitbureau.com\/?p=225888"},"modified":"2022-06-01T23:07:08","modified_gmt":"2022-06-02T03:07:08","slug":"new-vehicle-sales-tumble-in-may","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2022\/06\/new-vehicle-sales-tumble-in-may\/","title":{"rendered":"New Vehicle Sales Tumble in May"},"content":{"rendered":"\n

The growing popularity of electrified vehicles wasn\u2019t enough to offset shortages of key products and depleted inventories in May with Toyota, Honda, Subaru, Kia and Hyundai reporting sales declines for the month.<\/p>\n\n\n\n

\"2022
Another strong sales month for electrified vehicles couldn’t offset parts shortages and low inventory levels.<\/figcaption><\/figure><\/div>\n\n\n\n

Toyota Motor North America reported May sales dropped 27.3% on a volume basis. Toyota Division sales for the month totaled 154,223 vehicles, down 27.4%, while Lexus Division sales for the month totaled 21,767 vehicles, down 26.8 percent. <\/p>\n\n\n\n

TMNA\u2019s May 2022 electrified sales dropped slightly less, 21.8%, but still represent 26.2 % of total TMNA sales versus 24.3% in May 2021. So far this year, total electrified vehicle sales represent 25.9% of total TMNA sales versus 23.4% in last year.<\/p>\n\n\n\n

According to David Christ, head of Toyota division, U.S. dealers have an average of only six vehicles in inventory. \u201cWe\u2019re selling them as fast as we can build them,\u201d he said.<\/p>\n\n\n\n

Second half rally?<\/h2>\n\n\n\n

Bob Carter, TMNA vice president, added, \u201cThe factor suppressing sales is a lack of inventory. None of us have ever seen anything like this,\u201d he added. \u201cWe estimate it will take until we\u2019ll into 2023, maybe into the third quarter, before inventories begin to normalize.\u201d\u00a0<\/p>\n\n\n\n

Carter\u2019s estimate echoes forecasts by Thomas King, president of J.D. Power\u2019s data and analytics division, who said last week the second half of the year<\/a><\/u><\/strong> should see some stability return.<\/p>\n\n\n\n

\"Honda-Dealership\"
Honda may have had the toughest go in May with sales dropping 57.3% for the company.<\/figcaption><\/figure><\/div>\n\n\n\n

Honda also blamed the lack of inventory for a steep sales decline during May, dropping 57.3%. Honda brand sales dropped 56.5% and Acura sales dropped 64.4 percent.<\/p>\n\n\n\n

American Honda May sales top 75,000 units, with supply constrained and inventories at historic lows, but added strong retail demand yields record high turn rates of over 80% for Honda brand.<\/p>\n\n\n\n

More than half of Civics and CR-Vs are pre-sold before they reach Honda dealer lots. Strong pre-sales of the next-gen Integra creates positive energy at Acura dealers ahead of June 2 sales launch.<\/p>\n\n\n\n

Lack of inventory continues to hurt sales<\/h2>\n\n\n\n

Subaru of America reported 42,526 vehicle sales for May 2022<\/a><\/u><\/strong>, a 24.8% decrease compared with May 2021. <\/p>\n\n\n\n

\u201cOur retailers continue to set the standard for an exemplary customer experience, and we\u2019re proud of their efforts to make our customer\u2019s ownership experience the best in the industry,\u201d said Thomas J. Doll, president and CEO of Subaru of America Inc. <\/p>\n\n\n\n

\"2022
A strong month by the EV6 couldn’t stop Kia from seeing sales slide 28% last month.<\/figcaption><\/figure><\/div>\n\n\n\n

\u201cWe\u2019re continuing to see supply chain challenges across the industry, and we are focused on delivering the top-notch vehicles and standout customer experience that Subaru is renowned for,\u201d said Jeff Walters, senior vice president of Sales. <\/p>\n\n\n\n

Meanwhile, South Korean carmakers, Kia and Hyundai reported increased sales of electrified vehicles.<\/p>\n\n\n\n

\u201cKia\u2019s electrified vehicle sales remain strong and are contributing to the brand\u2019s path to another successful year,\u201d said Eric Watson, vice president, sales operations, Kia America. \u201cWith the continued popularity of the EV6 and Niro, coupled with early robust interest in the Sportage hybrid, we are confidently \u2018on target\u2019 and expect to see momentum continue throughout the summer sales season.\u201d <\/p>\n\n\n\n

Overall, though Kia sales dropped 28% in May<\/a><\/u><\/strong>.<\/p>\n\n\n\n

Hyundai Motor America reported May retail sales of 59,432 units, a 30% decrease compared with May 2021. May was an all-time record month for Santa Cruz retail sales. Hyundai had no fleet sales in May 2022.<\/p>\n\n\n\n

\u201cThere continues to be extraordinary consumer demand for Hyundai vehicles, with dealers selling every vehicle they get,\u201d said Randy Parker, senior vice president, national sales, Hyundai Motor America. \u201cWe expect demand to remain strong and inventory levels to improve later in 2022.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The growing popularity of electrified vehicles wasn\u2019t enough to offset shortages of key products and depleted inventories in May as companies reporting monthly sales results were all down by double-digit totals. Get the tough results at TheDetroitBureau.com.<\/p>\n","protected":false},"author":20009,"featured_media":214979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[1347,7,8,5,10],"tags":[6317,2200,6232,417,6316],"make":[],"post-state":[],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/225888"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/20009"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=225888"}],"version-history":[{"count":3,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/225888\/revisions"}],"predecessor-version":[{"id":225939,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/225888\/revisions\/225939"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/214979"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=225888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=225888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=225888"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=225888"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=225888"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=225888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}