Michigan Economy Blog

November Light Vehicle Sales Reach Seven Year High

December 11, 2013

U.S. light vehicle sales for November jumped to 16.3 million units on a seasonally adjusted annual rate (SAAR) basis. This makes November the largest sales month on a SAAR basis since February, 2007. Some analysts attribute November’s strong performance to a month-end surge in sales and to the fact that Black Friday landed on the final weekend of the month. Among the automakers, GM remained in the lead with an 18.0% market share year-to-date. The remaining leaders were Ford (15.7%), Toyota (14.4%), Chrysler (11.5%) and Honda (9.8%). Chrysler Y/Y sales increase of 15.8% was the largest of top five manufactures. Fuel prices fell again in November; down 6.1% for regular fuel all grades on a year over year basis, helping to keep pickup truck and SUV sales strong. Lower fuel prices also helped push the YTD combined Detroit Three market share up to 45.2%, its highest level since calendar year 2007. In addition, the YTD share of domestically produced light vehicles (those produced in North America) increased to 78.0%, its highest level since calendar year 2005.

The views expressed in this post are our own and do not reflect those of the Federal Reserve Bank of Chicago or the Federal Reserve System.

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