In line with the preview published here last week, auto sales numbers for September are in and, as expected, it has been an extremely ugly month for car makers. Results from Ford, Honda, Nissan, Toyota and Fiat all tell the story of an industry that had a terrible month, with few silver linings. Three of these names posted double digit percentage declines in YOY sales and three of them missed analyst estimates.
Here are the low lights from across the industry:
Ford posted an 11% drop, missing analyst estimates of 9.1%. The F-Series pickup line ended a 16-month streak of sales gains. Mustang sales were down 1.3%.
Nissan posted a 12.2% drop in September. Nissan and Infiniti brand car sales fell by 36%, including a 28% drop for the Altima sedan as the company prepared to start selling an all-new version this week.
Toyota sales were down 10.4%, far below estimates of 6.7% for the month. Combined sales for Toyota and Lexus brand cars fell 25.3%.
Fiat posted the only true “beat”, as sales rose 15% versus analyst estimates of 8%. However, the Chrysler brand fell 7% to 14,683 vehicles and the Fiat brand fell 46% to 1,185 vehicles. The deficit was made up on Jeep sales, which were up 14%, as well as sales of Ram pickups and minivans.
Volkswagen of America car sales were down 4.8%
GM third quarter total sales were down 11%. The company stopped reporting monthly numbers earlier this year, with many suspecting that weakness in the production pipeline is responsible; they were right.
Ford also posted an astounding drop in car sales, which fell 25.7% as a segment.
As we had previously published here last week, the lack of incentive outlays seemed to be the primary driver for the poor numbers.
The impact of shrinking incentives was best observed in many of the “mainstay” sedan models among U.S. households, as many are switching to trucks and SUVs:
