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Auto Roundup: Diving Into the 2022 US Sales Reports of GM, F, TM and HMC
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Last week, most of the auto biggies released their U.S. vehicle sales report for 2022. Per the Automotive News, U.S. light-vehicle sales in 2022 totaled 13.4 million units, falling to a decade low. It should be noted that the data doesn’t take into account the sales numbers of a few automakers like Mercedes-Benz, Porsche and Jaguar Land Rover, which didn’t report till the last week. The seasonally adjusted annual rate (SAAR) for December 2022 was 13.59 million. To put it in perspective, prior to COVID, SAAR had topped 17 million vehicles for five straight years from 2015 to 2019. Amid severe supply chain snarls and tight inventories, automakers couldn’t keep up with the demand for vehicles. Parts shortages choked supplies and low stockpiles impacted sales.
Below we offer a glimpse into the 2022 U.S. sales report of auto bigwigs, including General Motors (GM - Free Report) , Ford (F - Free Report) , Toyota (TM - Free Report) and Honda (HMC - Free Report) . Among these companies, General Motors was the only company to report a year-over-year increase in sales last year. GM managed to reclaim the U.S. auto sales crown from Toyota in 2022. Japan’s auto giant Toyota came in second, while Ford notched the third spot. Meanwhile, TM’s close peer HMC delivered less than a million units in the United States in 2022.
While F, TM and HMC carry a Zacks Rank #3 (Hold), GM is currently Ranked #4 (Sell).
General Motors sold 623,261 vehicles in the fourth quarter of 2022, jumping 41.4% year over year. While sales across its Cadillac, Chevrolet and GMC brands soared 74.8%, 43.3% and 42.3%, respectively, that of Buick tailed off 6.5%. The U.S. legacy automaker sold more than 2.27 million units in 2022, up 2.5% year over year. Full-year sales across its Cadillac, Chevrolet and GMC brands rose 13.9%, 5.6% and 7.3%, respectively. Meanwhile Buick deliveries in 2022 contracted 42.4% on a yearly basis.
General Motors notified that it would commence the production of 2023 Chevrolet Colorado and GMC Canyon pickups early this year. The 2024 Chevrolet Trax will be rolled out in spring with a base price of $21,495. Production of the refreshed 2024 Chevrolet Silverado HD and GMC Sierra HD models will begin in the current quarter. To meet the soaring demand for green vehicles, the production of Chevrolet Bolt EV and Bolt EUV (sales of which rose 53.5% in 2022) will be ramped up to more than 70,000 units this year.
Ford sold 179,279 vehicles last month, up 3.2% year over year. While truck sales during the month rose 10.9%, sales of cars and SUVs witnessed a year-over-year decline of 17% and 4.7%, respectively. December marked the best monthly sales of F-series trucks in 2022. Ford sold 75,076 F-Series last month. For the full year, F-Series sales totaled 653,957 units, making it America’s top-selling truck for 46 consecutive years. Ford’s F-Lightning Pro (launched in May) became the best-selling electric truck in 2022 in the United States, with 15,617 units sold.
For the full year, Ford’s sales totaled more than 1.86 million units, down 2.2% year over year. In 2022, while sales of cars and trucks slid 29.4% and 5.5% year on year, SUV sales witnessed 4.1% growth. Ford’s EV sales hit a record at 61,575 vehicles, rocketing 126% on a yearly basis. In fact, Ford emerged as the second largest maker of green vehicles in the United States, only behind EV king Tesla. Ford’s total market share in 2022 gained 0.7 percentage points from 2021.
Toyota sold 180,147 units last month, up 3.5% year over year. While sales of the namesake brand increased 6.6%, that of Lexus division fell 16.4%. For the fourth quarter of 2022, TM sold 536,740 vehicles in the United States, up 13.1% year on year. For the full year, Toyota delivered more than 2.1 million units last year. Sales contracted 9.6% from 2021 when TM defeated GM as the top-selling automaker in the United States. While sales of the namesake brand Toyota were down 8.8% in 2022, the Lexus division witnessed sales decline of 15% year over year.
Per Toyota, models including GR86, Corolla Hybrid, Corolla Cross, Tundra Hybrid, RAV4 Hybrid, LC Hybrid, IS 500, NX Hybrid and NX Plug-in Hybrid marked the best-ever sales in 2022. Importantly, RAV4 was U.S.’ best-selling SUV for the seventh straight year in 2022. Toyota sold 504,016 new energy vehicles in 2022, which represented roughly 24% of total sales volumes.
Honda sold 93,843 units in December, down 10.7% year over year. Sales of the namesake brand declined 11.3% to 83,407 units, while that of Acura division inched down 5.5% to 10,436 units last month. Honda Civic and Accord recorded their best sales in December. Sales of the all-new Acura Integra topped 2,100 units for the third straight month in December to lead the luxury gateway segment last year.
December and fourth-quarter sales marked the second-best monthly and quarterly sales in 2022 for the Honda unit, which finished 2022 with more than 880,000 units in annual sales. Acura sales in 2022 totaled 102,306 units. Cumulatively, the company sold 983,507 vehicles in the United States in 2022, implying a 32.9% year-over-year decline. Importantly, CR-V remained the best-selling vehicle of the firm for the 10th straight year in 2022.
Price Performance
The following table shows the price movement of some of the major automakers over the last week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the Auto Space?
Industry watchers will track China vehicle sales data for December and full-year 2022, which are likely to be released by the China Association of Automobile Manufacturers this week.
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Auto Roundup: Diving Into the 2022 US Sales Reports of GM, F, TM and HMC
Last week, most of the auto biggies released their U.S. vehicle sales report for 2022. Per the Automotive News, U.S. light-vehicle sales in 2022 totaled 13.4 million units, falling to a decade low. It should be noted that the data doesn’t take into account the sales numbers of a few automakers like Mercedes-Benz, Porsche and Jaguar Land Rover, which didn’t report till the last week. The seasonally adjusted annual rate (SAAR) for December 2022 was 13.59 million. To put it in perspective, prior to COVID, SAAR had topped 17 million vehicles for five straight years from 2015 to 2019. Amid severe supply chain snarls and tight inventories, automakers couldn’t keep up with the demand for vehicles. Parts shortages choked supplies and low stockpiles impacted sales.
Below we offer a glimpse into the 2022 U.S. sales report of auto bigwigs, including General Motors (GM - Free Report) , Ford (F - Free Report) , Toyota (TM - Free Report) and Honda (HMC - Free Report) . Among these companies, General Motors was the only company to report a year-over-year increase in sales last year. GM managed to reclaim the U.S. auto sales crown from Toyota in 2022. Japan’s auto giant Toyota came in second, while Ford notched the third spot. Meanwhile, TM’s close peer HMC delivered less than a million units in the United States in 2022.
While F, TM and HMC carry a Zacks Rank #3 (Hold), GM is currently Ranked #4 (Sell).
You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Inside the Headlines
General Motors sold 623,261 vehicles in the fourth quarter of 2022, jumping 41.4% year over year. While sales across its Cadillac, Chevrolet and GMC brands soared 74.8%, 43.3% and 42.3%, respectively, that of Buick tailed off 6.5%. The U.S. legacy automaker sold more than 2.27 million units in 2022, up 2.5% year over year. Full-year sales across its Cadillac, Chevrolet and GMC brands rose 13.9%, 5.6% and 7.3%, respectively. Meanwhile Buick deliveries in 2022 contracted 42.4% on a yearly basis.
General Motors notified that it would commence the production of 2023 Chevrolet Colorado and GMC Canyon pickups early this year. The 2024 Chevrolet Trax will be rolled out in spring with a base price of $21,495. Production of the refreshed 2024 Chevrolet Silverado HD and GMC Sierra HD models will begin in the current quarter. To meet the soaring demand for green vehicles, the production of Chevrolet Bolt EV and Bolt EUV (sales of which rose 53.5% in 2022) will be ramped up to more than 70,000 units this year.
Ford sold 179,279 vehicles last month, up 3.2% year over year. While truck sales during the month rose 10.9%, sales of cars and SUVs witnessed a year-over-year decline of 17% and 4.7%, respectively. December marked the best monthly sales of F-series trucks in 2022. Ford sold 75,076 F-Series last month. For the full year, F-Series sales totaled 653,957 units, making it America’s top-selling truck for 46 consecutive years. Ford’s F-Lightning Pro (launched in May) became the best-selling electric truck in 2022 in the United States, with 15,617 units sold.
For the full year, Ford’s sales totaled more than 1.86 million units, down 2.2% year over year. In 2022, while sales of cars and trucks slid 29.4% and 5.5% year on year, SUV sales witnessed 4.1% growth. Ford’s EV sales hit a record at 61,575 vehicles, rocketing 126% on a yearly basis. In fact, Ford emerged as the second largest maker of green vehicles in the United States, only behind EV king Tesla. Ford’s total market share in 2022 gained 0.7 percentage points from 2021.
Toyota sold 180,147 units last month, up 3.5% year over year. While sales of the namesake brand increased 6.6%, that of Lexus division fell 16.4%. For the fourth quarter of 2022, TM sold 536,740 vehicles in the United States, up 13.1% year on year. For the full year, Toyota delivered more than 2.1 million units last year. Sales contracted 9.6% from 2021 when TM defeated GM as the top-selling automaker in the United States. While sales of the namesake brand Toyota were down 8.8% in 2022, the Lexus division witnessed sales decline of 15% year over year.
Per Toyota, models including GR86, Corolla Hybrid, Corolla Cross, Tundra Hybrid, RAV4 Hybrid, LC Hybrid, IS 500, NX Hybrid and NX Plug-in Hybrid marked the best-ever sales in 2022. Importantly, RAV4 was U.S.’ best-selling SUV for the seventh straight year in 2022. Toyota sold 504,016 new energy vehicles in 2022, which represented roughly 24% of total sales volumes.
Honda sold 93,843 units in December, down 10.7% year over year. Sales of the namesake brand declined 11.3% to 83,407 units, while that of Acura division inched down 5.5% to 10,436 units last month. Honda Civic and Accord recorded their best sales in December. Sales of the all-new Acura Integra topped 2,100 units for the third straight month in December to lead the luxury gateway segment last year.
December and fourth-quarter sales marked the second-best monthly and quarterly sales in 2022 for the Honda unit, which finished 2022 with more than 880,000 units in annual sales. Acura sales in 2022 totaled 102,306 units. Cumulatively, the company sold 983,507 vehicles in the United States in 2022, implying a 32.9% year-over-year decline. Importantly, CR-V remained the best-selling vehicle of the firm for the 10th straight year in 2022.
Price Performance
The following table shows the price movement of some of the major automakers over the last week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the Auto Space?
Industry watchers will track China vehicle sales data for December and full-year 2022, which are likely to be released by the China Association of Automobile Manufacturers this week.