Initial third-quarter data shows that sales of new vehicle are finally trending up again. It’s a welcome change for the auto industry, which suffered from massive low sales earlier this year.
Since the first quarter of 2020, the global pandemic has taken a substantial toll on vehicle sales. Sales from January through March fell 12.8 percent. The second quarter was even worse. Sales from April to June fell 33.7 percent, according to the Federal Reserve Bank. However, vehicle sales have been recovering and moving higher since the beginning of July.
Toyota’s sales in September were up 16.2 percent. Their SUV and truck sales were up big, rising 24 percent and 19.5 percent respectively. They saw real gains led by the Highlander and Tacoma vehicles.
General Motors’ Chevrolet Silverado and GMC Sierra pick-up trucks saw sales increases this past quarter too. GM also received an uptick in sales from their crossovers, including the Chevy Blazer and the Buick Envision.
Hyundai’s September sales reveal that the automaker has nearly completely recovered from the impact of the pandemic. Their sales increased 5.5 percent. The surge was led by the Palisade, Sonata, and Kona.
The positive third-quarter sales figures bode well for the automotive industry heading into the fourth quarter. The final quarter of the year features the lucrative holiday shopping season.