- Edmunds forecasts U.S. auto sales will edge up 0.3% in December to 1,607,724 new vehicles for an estimated seasonally adjusted annual rate of 17.4M. Fleet transactions are expected to account for 16% of sales.
- "Automakers are really pulling out all the stops in December to close the year on a high note, and car shoppers seem to be in a buying mood," notes Edmunds manager Jeremy Acevedo, although he does caution on reading too much into the positive month. "Automakers continue to rely heavily on upping fleet sales to mask eroding retail demand, and that's not a sustainable place to be. A record number of lessees returning to the market should help give dealers a boost in the New Year, but rising interest rates and vehicle costs are going to continue to give car shoppers pause and create uncertainty in the market," he notes.
- Edmunds December forecast by manufacturer: General Motors (NYSE:GM) -3.6% Y/Y to 298K units, Toyota (NYSE:TM) -1.3% to 220K, Ford (NYSE:F) -9.5% to 218K, Fiat Chrysler Automobiles (NYSE:FCAU) +16% to 200K, Honda (NYSE:HMC) -1.9% to 147K, Nissan (OTCPK:NSANY) -6% to 130K, Hyundia/Kia (OTCPK:HYMLF) +8% to 115K, Volkswagen/Audi (OTCPK:VWAGY) -4.0% to 55K, Tesla (NASDAQ:TSLA) 19K.
- Auto sales are due to be reported on January 3.
- Related ETF: CARZ.
- Now read: Tesla Q4 2018 Delivery Preview
Original article