Steel Markets
June 22, 2015
Total NAFTA Light Vehicle Production in May at 17.665 Million Annualized Rate
Written by John Packard
Light vehicle sales in the US skyrocketed in May to a seasonally adjusted annualized rate of 17.8 million units. This is the strongest pace in almost 10 years. Auto sales were 7.4 million in April and rose to 8.1 million in May. Light trucks rose from 9.1 to 9.7 million. Imports in May were 3.8 million and domestic 14.0 million. Year-to-date sales averaging 16.9 million units are in line with the expectations for the full year.
Driving forces behind the strong demand are steadily improving employment and wages and improved financing terms. Ford has announced its intention to shorten its annual two-week summer shutdown to one week (at five of its North American plants) and FCA has canceled its usual seasonal shutdown at four factories in the US and Mexico.
