American industry has no shortage of buyers at the moment – just inventory to satisfy them.
With factory problems on three continents continuing to disappoint efforts to capture what analysts say is pent-up hot consumer demand, US auto sales fell 16 percent in the first quarter for the 11 automakers reported last week.
“We have a huge incentive on our part to build and ship,” said David Crest, president of Toyota at Toyota Motor North America. Car News. “With consumer demand where it is now, even if we start building cars at full capacity today, it will take us a while to get past those demands.”
When announcing its sales results, Toyota thanked its customers “for their patience and we are working around the clock to ensure their needs are met.”
Industry totals will not be available until all automakers report. Most companies released US sales results for March and the first quarter on Friday, April 1. Ford Motor Co, Volvo, Daimler, Volkswagen, Audi and Jaguar Land Rover will report results this week or later in the month.
Toyota Motor Corp. outperformed General Motors in the first quarter by 5,484 vehicles, despite Toyota’s sales down 15%. Toyota replaced General Motors as the largest US automaker last year.
But it is hardly a stagnant market. Many retailers were selling vehicles on a one-on-one basis. Once the vehicle arrives at a dealer’s location, the customer appears to deliver it.
In this market, “Our production speed equals our sales pace,” said Tyson Gomini, vice president of data and analytics at J.D. Power. Car News.
The compressed sales tally led forecasting firms to revise their full-year sales forecasts. LMC Auto and JD Power We expect US light vehicle sales to total 15.3 million for 2022, down from the previous forecast of 15.9 million. Cox Automotive It also cut its 2022 forecast to 15.3 million from 16 million.
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