Steel Markets
August 2, 2019
U.S. Auto Sales Strong in July, But Down 2% in First Half
Written by Sandy Williams
U.S. auto sales appeared to do well in July despite some cooling of the market. Toyota, Honda, Subaru and Hyundai all posted gains for the month. Although Ford, General Motors and FCA no longer report monthly data, analysts suggest that the Big Three also saw sales increase in July.
Cox Automotive said the auto market remained strong last month. “July sales are coming in near where we expected – a slightly slower pace than the YTD average,” said Charlie Chesbrough, Cox senior economist. “Clearly, the market remains on solid ground and buyers are still in the new-car market even with higher prices. Strong sales of some small cars may suggest that affordability shoppers have not entirely abandoned the new-vehicle market. Given the strength of used-vehicle prices, and supply constraints limiting selection, more interest in lower priced new vehicles is not surprising.
