Light Vehicle Sales Plunge As Dealer Inventories Collapse To Record Lows, EV And Hybrid Sales Soar

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US light vehicle sales tumbled in August, sliding to just 13.1 million (SAAR) per both Wards and Motor Intelligence, down in the mid-teens percent range from about 15.3 million in August 2020 and down sharply from the July SAAR of about 14.6 million.
Car sales were down about 18% yoy, SUV sales were down about 15% yoy, and pickup truck sales were down about 24% yoy. Pickups and SUVs as a percent of total units were 19% and 53%, respectively (vs. 20% and 51% in August 2020).
Per Motor Intelligence, Ford sales were down about 33% yoy and GM sales were down about 39% yoy in August. Ford's market share in August declined yoy to 11% from 14%, and GM's market share declined yoy to 12% from 17%. We believe that Ford and GM have faced more difficult supply chain challenges than some of their competitors YTD.