Automakers in the US saw a 13.6% increase in vehicle sales in March, totaling almost 1.6 million. This brought the sales for the first quarter to over 3.9 million vehicles. Electric vehicle sales surged for most automakers.
The future for automakers is uncertain due to President Donald Trump's announcement of 25% tariffs on auto imports starting on 3 April, with further tariffs on auto parts by 3 May. This could lead to increased costs and lower sales, although Trump argues it may prompt more factories to open in the US.
The March sales were expected to be higher by industry analysts as a result of pre-buying before the tariffs took effect. However, affordability and high interest rates likely limited this pre-buying to some extent.
In terms of recent performance:
General Motors: - Overall US sales increased by 17% in the first quarter, driven by strong sales of full-size pickups and SUVs. - Chevrolet and GMC both experienced significant sales growth, with Chevrolet posting its best quarter since 2019 and GMC achieving its best quarter ever, with a notable increase in electric vehicle sales.
Ford Motor: - Total sales rose 10% in March due to robust sales of the F-150 pickup and electric vehicles, compensating for a decline in SUV sales. - However, total sales for the first quarter dropped by 1% mainly due to reduced sales to rental car companies and discontinuation of two models. - Sales of all-electric and hybrid vehicles increased, accounting for approximately 15% of total sales in the first quarter.
Toyota: - Toyota Motor North America witnessed a 7.7% increase in US sales in March. - Electric vehicle sales surged by 44.1% in March, contributing significantly to the overall monthly sales. - Total sales for Toyota Motor North America rose by 0.9% during the first quarter.
Honda: - American Honda's total sales rose by 13.2% in March, driven by strong performances in light trucks. - Electrified vehicle sales increased by 89.1% in March, comprising nearly a third of all vehicle sales. - Total sales for the first quarter grew by 5.3%, as a rise in truck sales offset a decline in car sales.
Nissan: - Total sales increased by 5.7% in the first quarter, led by notable gains in the Sentra sedan and Kicks compact crossover sales. - Sales of the Leaf electric vehicle doubled in the quarter.
Hyundai: - Hyundai Motor America's total sales surged by 13% in March, with strong performances from the Tucson, Santa Fe SUVs, and the Elantra Sedan.