U.S. Vehicle Sales Surge Past Expectations Once Again
U.S. vehicle sales rose 3.1% month-on-month (m/m) in April, increasing to 18.5 million (SAAR) units, defying consensus expectations for a modest pull-back to 17.6 million.
Unadjusted volumes totaled 1.51 million in April, 111.4% above year ago levels, which would have represented the peak shutdown period due to COVID-19 restrictions. Relative to April 2019, sales were up a healthy 13.9%.
Passenger cars (+5.1% m/m) saw stronger growth than light trucks, which still posted a +2.4% gain on the month. Light trucks accounted for 77.6% of sales in April, down 0.2 percentage points from its share a year ago but still 6.8 percentage points higher than April 2019.