Toyota Leads Strong July Sales Reports
Each of the six manufacturers reporting monthly U.S. sales to the Automotive News Data Center says volumes were up on a year-over-year basis in July, led by a 19.9% increase for Toyota and double-digit gains for Hyundai (14.4%), Mazda (13%) and Kia (11.9%).
Automotive News’s Jack Walsworth reports the RAV4 compact crossover helped dealers sell nearly 22% more Toyota-branded models. Sales of the factory’s premium Lexus brand improved by 9%.
Ford (9.4%) and Subaru (4.5%) also improved. Subaru’s sales had fallen in May and June after 33 consecutive months of year-over-year gains. Honda eked into the winner’s column with an 0.2% overall increase; dealers sold 1.3% more Honda units in July but Acura sales fell by nearly 10%.
“The effect of consumers rushing to purchase in March and April ahead of U.S. tariffs continues to be felt in the marketplace,” Walsworth writes. “Sales in July 2024 were affected by the CDK Global cyberattacks, which pushed deals that might have happened in June into July and August instead.”
Third-party analyses say reduced incentive spending — down to 6.1% after rising in June, according to J.D. Power and GlobalData — likely indicates factories are holding the line as they bear the brunt of increased tariffs on vehicles built or assembled outside the United States.
“After the sales surge in March and April, the new-vehicle market has dropped right back to where it started,” writes Cox Automotive Senior Economist Charlie Chesbrough in a release. “High prices and high interest rates are holding the market consistently below 16 million, despite improving inventory levels.”
