Cox Automotive: 10 Takeaways from U.S. Auto Sales in Q1 2022 – Dealer Ops

COX AUTOMOTIVE – New-motor vehicle income last quarter came in at 3.3 million, according to the most recent Kelley Blue Guide counts, a fall from 3.9 million in the to start with quarter of 2021. Gross sales in the quarter ended up down 15.7% year over yr, but as the Cox Automotive Sector Insights team has frequently mentioned: There is NOT a need trouble in the current market proper now.  

There are loads of interested—and able—buyers out there, regardless of report higher transaction prices. There is expanding desire for electrical autos (EVs) as well, and developing availability of superior product. EV revenue grew 76% 12 months around yr in Q1, in line with our January prediction for EV expansion to outpace industry expansion in 2022. EV share jumped from 2.5% of revenue in Q1 2021 to 5.2% in Q1 2022.

Our workforce at Kelley Blue Ebook has assembled two wide reviews from the 1st quarter. Just one is a glance throughout field-huge U.S. income in Q1, the other a narrow evaluate of electrified motor vehicle gross sales in the U.S., the blended profits of hybrids, plug-in hybrids and EVs. Hunting at the figures, right here are 10 takeaways from the quarter.

1. Toyota is still on top. After outpacing the business in 2021, the Toyota-Lexus crew outsold GM yet again in Q1 2021. It was closer than forecast, however, and even Toyota executives will confess they do not have the capability or products line to preserve the guide. Look for GM to regain its top rated-location in Q2.
2. EVs profits carry on to increase promptly. Sales in Q1 of 173,561 were a history for any quarter, and an raise of 76% from Q1 2021. There were being 32 EV models with at the very least 1 sale in Q1, an improve from 18 versions very last yr.
3. In a down current market, only four proven brands shipped yr-about-12 months sale gains last quarter: BMW, Genesis, Mini, and Tesla. 
4. Ford’s F-Collection is continue to king, as it always would seem to be. With numerous designs and configurations, the full-measurement pickup from Ford was #1 in Q1, with revenue of 140,701.  An all-electrical F-150 is officially launching in Q2, stretching an by now big vehicle line even additional. It’s really hard to visualize any situation exactly where F-Series is not king, but few of us considered Toyota would outpace GM.
5. Fiat marketed only 340 motor vehicles in Q1, and was beat by newcomers Lucid and Rivian.
6. Luxury makes grabbed additional share in Q1, at 16.1% of full profits, up from 15.6% a 12 months ago. Better luxurious share is a person reason industry-huge transaction prices remain elevated—the average luxury car bought for $65,123 in March.
7. Tesla is nevertheless the dominate participant in the EV market—very dominant. In Q1, Tesla’s share of the EV section rose to 75%, up from 70% in Q1 2021. The two greatest-selling EVs in the U.S. are the Product 3 and the Design Y. Mixed, these two designs make up practically 70% of all EVs income.
8. Compact beats More substantial, but not Largest. The hot new Ford Maverick compact pickup outsold the Ford Ranger midsize pickup in Q1. But Maverick is a prolonged, extended way from catching the most significant pickup from Ford, the F-Series.
9. In luxury, new is crucial. The new Mercedes-Benz S-Course experienced a stellar quarter, with profits up more than three-fold from 2021. The S-Class commanded 42% of the higher-close luxurious car or truck phase last quarter with 3,800 bought. Ordinary value for an S-Course: North of $130,000.
10. In the sector right now, three segments make any difference: Compact SUV, Entire-Sizing Pickups, Mid-Sizing SUVs. Blended, those three segments account for 49% of U.S. car product sales.

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