Declining auto sales in the United States in April has seen seasonally adjusted annualized sales estimates tumble to 16.41 million units, Auto News reports.
Last month, auto sales across the U.S. fell to 1,328,649 units, down 2.3 percent over April 2018 (1,359,672), with the Detroit Big 3 and Toyota all posting lower volumes than last year. Toyota, for example, sold 162,506 vehicles last month across the country while last year, it shifted 170,706 units. Similarly, sales for Fiat Chrysler Automobiles fell from 185,099 units in April 2018 down to 173,825 last month.
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On the back of these results, annual sales estimates fell to 16.41 million. That is far below the 17.42 million estimated back in March and the 17.25 million forecast back in April 2018. The 16.41 million forecast is the lowest since 15.54 million in February 2014.
“Forecasters have been expecting the market to slow as higher vehicle prices and higher borrowing costs squeeze many potential buyers,” senior economist for Cox Automotive Charlie Chesbrough said. “And indeed, the sales lion that surprised many in March became a much weaker lamb in April, as revealed in today’s numbers. Robust employment conditions and a strong stock market didn’t seem to be enough to lift sales last month.”
Unsurprisingly, it was sales of cars which were hit particularly hard last month with sales dropping by 7.9 per cent. This was reflected in sales of Ford models which fell by 4.7 per cent, GM sales which dropped by an estimated 2.6 per cent, Jeep by 24 per cent, Chrysler by 37 per cent, and Fiat by 34 per cent. Sales of FCA’s Ram brand rose by 25 per cent, highlighting the increased popularity of pickup trucks across the country.
