Big Three US Auto Manufacturers Q3 Profits Surpass $9B Amid 9% Sales Slump
Though for most manufacturers year-to-date (YTD) auto sales are still in the red, Q3 results showed signs of a rebound to pre-pandemic levels in the near future.
According to the research data analyzed and published by Finaria, auto sales in the US declined by 9.2% year-over-year (YoY). Overall sales went from 4.3 million vehicles in Q3 2019 to 3.9 million in Q3 2020. However, there was an increase of 33.3% quarter-over-quarter (QoQ).
Passenger car sales in the country also dropped by 21.7% to 904,864 units from 1.16 million in Q3 2019. However, the decline was less steep for trucks, SUVs and minivans whose sales fell from 3.15 million in Q3 2019 to 3 million, a 4.7% YoY drop.
Looking at the quarterly performance from the start of 2018, Q2 2020 is the worst on record. It is closely followed by Q1 2020 and Q3 2020 comes third.
In Q3 2020, only three out of the top 12 automakers ranked by US sales registered gains. These included Tesla Inc, which posted a 154.7% increase YoY, Mazda with 6.9% and Kia with 3.9%.
Nissan Motor Corp which was the sixth best-seller in the US saw the highest drop of 32.4%, followed by Toyota at 11% and Fiat Chrysler at 10.2%.