U.S. light-vehicle sales are projected to rise up to 10% for last month, forecasters say, vs. a weak November 2022, with higher retail demand offsetting lower fleet shipments.
Lexus gave a major boost to Toyota Motor last month while Hyundai and Kia continue to rack up U.S. sales gains as inventory improves and discounts rise across the industry. Each of the Korean automakers had record sales for November.
Sales rose 17% at Toyota Motor last month, with volume surging 70% at Lexus and 10% at Toyota. This was Toyota Motor’s biggest sales gain since deliveries rose 28% in October 2022. Light trucks were the big driver at Lexus, with combined sales of crossovers and SUVs jumping 99%.
Honda Motor’s rebound from chronic chip and inventory shortages continued last month with volume rising 33%. Light trucks were up 39% and car volume advanced 21%. Sales rose 32% at the Honda division and 38% at Acura.
Sales rose 11% to 70,079 vehicles last month at Hyundai, with a lift from fleet shipments, while volume advanced 3% to 58,338 at Kia. It was the 16th consecutive monthly increase for each brand.
Sales of electrified models and crossovers continue to boost both companies. Kia reported a 45% increase in sales of electrified models while Hyundai said combined sales of hybrids and EVs tallied 10,695 last month, a rise of 42%.
Kia said its November U.S. retail deliveries rose to 54,547 vehicles, with year-to-date volume jumping 12%. The record November results means Kia, with an 11-month U.S. tally of 722,176 vehicles sold, will easily surpass the record 701,416 vehicles it sold in 2021.
Subaru said November sales were up 6.4%, its 16th consecutive increase, behind big gains for two of its top sellers, the Crosstrek and Forester.
Mazda, after a dip in October volume, saw November sales bounce back and rise 3% to 27,715 behind strong demand for three core crossovers, the CX-90, CX-50 and CX-30.
Genesis also set a U.S. sales record with 5,987 vehicles sold, a gain of 20% for its 13th straight monthly increase.
Light-vehicle sales are projected to rise up to 10% for November, based on forecasts from J.D. Power, GlobalData, S&P Global Mobility and Cox Automotive, with higher retail demand offsetting weaker fleet volume.
The U.S. market is expected to finish 2023 at 15.3 million to 15.4 million vehicles, up from 13.86 million vehicles in 2022.