Staking Out the Stats
Total vehicle sales fell from 10.5 million annualized units in October to 10.1 million. Over the past 12 months, sales were down by 37%.
Car sales dropped from 5.5 million annualized units in October to 4.9 million in November. Light truck sales increased from 5.0 million annualized units to 5.2 million.
While all of the six large automakers reported a decline in year-over-year sales in November, Chrysler experienced the biggest decline in sales with 47%. Ford reported the smallest year-over-year decline with 30%.
Month-over-month General Motors sales remained flat at 2.1 million units in November on a seasonally adjusted annualized basis. Ford saw a vehicle sales increase of 0.1 million annualized units. Honda, Toyota and Nissan all saw a decline in November with a loss in sales of 0.1 million annualized units.
"U.S. vehicle manufacturers are cutting back production in an attempt to align sales with output. Unfortunately, they cannot sustain such low sales figures without some government assistance," said Tun Wai, NAFCU chief economist.