U.S. light-vehicle sales rose again in August at Toyota Motor Corp., Ford Motor Co., Honda, Hyundai, Kia and Mazda, helped by the industry's highest inventory levels in two years and increasing incentives that are helping to offset rising consumer interest rates.
The overall market rose 17 percent to 1.33 million last month, GlobalData said in a preliminary report Tuesday, with retail sales of 1.099 million and 230,000 fleet shipments. Analysts expected August sales to rise between 15 and 20 percent year over year.
The seasonally adjusted, annualized rate of sales for August tallied 15.17 million, Motor Intelligence said, below forecasts and down from July's 15.9 million pace but far above the August 2022 SAAR of 13.4 million.
GlobalData suggested August sales were adversely affected by extreme weather in southerm California and Florida, two of the nation's biggest markets, as well as consumers that held out for Labor Day holiday deals, which will be included in September's results. In another sign the market cooled in August, GlobalData said the daily selling rate dropped to 49,200 last month from 52,200 in July.
Volume rose 15 percent at Toyota Motor, with sales up 16 percent at the Toyota division and 9.4 percent at Lexus. The automaker's gains were driven nearly all by a 21 percent increase in light-truck deliveries.
Toyota Motor said it ended August with 174,567 light vehicles in U.S. stock, or a 24-day supply, with 50,936 units on the ground at stores and 123,631 at ports or in transit. The Toyota brand had 142,257 vehicles in stock, or a 23-day supply, to start September while Lexus has a stockpile of 32,320 cars and light trucks, or a 37-day supply.