Analysis: May Auto Sales a Positive Sign for Industry
June 4, 2020
While May auto sales were certainly worse than usual, the uptick from a month earlier might represent hope for the auto industry amid the lingering COVID-19 pandemic.
June 4, 2020—Multiple OEMs have noted fairly strong U.S. sales rebounds for the month of May, due in part to communities allowing businesses to reopen after COVID-19 retail restrictions, as noted in a post by autoblog.com. Some numbers of note include the following:
While Hyundai's overall U.S. sales in May decreased 13 percent, that was significantly better than experts had forecast. Hyundai also noted a 5 percent increase in retail sales.
Toyota's overall U.S. sales reportedly decreased by nearly 25 percent in May, but retail demand rebounded to 86 percent of levels from one year earlier. And, a company spokesperson said that OEM's retail sales nearly doubled from April to May.
Mazda rebounded to just a 1-percent decline in May.
Also of note, the University of Michigan's Surveys of Consumers indicated that 64 percent of those polled in May said it was a good time to buy a car. That was up from 57 percent in April. Those saying times were bad or the future was uncertain fell to 28 percent, compared to 38 percent one month earlier.
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