Pricier Vehicles Seen Driving Rebound in U.S. Auto Market

Bloomberg (01/04/2021)
  • 2020 US auto sales totaled an estimated 15.9 million vehicles, down (-4.7%) from 2019.
  • Overall vehicle sales hit 40-year lows in April (2020), dragged down by a sharp decline in fleet sales to car rental services.
  • SUVs and pick-up trucks increased to 79% of total sales; sedans have declined from 50% (2010) to 20% of total sales.
  • Industry declines were partially offset by higher demand for premium brands (eg Tesla, Audi, Mercedes), which benefitted from many higher-income Americans being economically sheltered from coronavirus.