General Motors, Fiat Chrysler, and Toyota see vehicle sales fall about 10% for the 3rd quarter of 2020, but that decline is smaller than analyst estimates.
, and Toyota saw vehicle sales fall about 10% for the quarter ending September 30, but that decline was smaller than analyst estimates and a big improvement from the 2nd quarter when coronavirus restrictions were at their most severe.
GM pointed to strong demand for its fleet of sport utility vehicles and trucks. US sales came in at 665,192 during the quarter, down 9.9% from last year, but better than the 13.5% projected by Cox Automotive and a big improvement on the 34% plunge in the 2nd quarter. FCA also pointed to strength in large vehicles with strong trends for Ram pickup trucks and some Jeep models.
"Jeep and Ram are hot and we continue to prioritize deliveries to our dealers who are asking us to ship as many vehicles as we can build." The shutdown reduced inventory by about 3.3 million vehicles and delayed production of 2021 vehicles. Only about 3% of the models now in dealerships are 2021 versions, compared with 25% a year ago, Chesbrough said.
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