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Home»Finance»U.S. Auto Sales To Rise In Q2 As Outlook For Full Year Improves; These 2 EV Stocks Soar
Finance

U.S. Auto Sales To Rise In Q2 As Outlook For Full Year Improves; These 2 EV Stocks Soar

July 3, 2023No Comments3 Mins Read
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U.S. Auto Sales To Rise In Q2 As Outlook For Full Year Improves; These 2 EV Stocks Soar
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U.S. auto sales are set to cap off a stronger-than-expected first half of 2023 with rising June sales, analysts project. GM stock and Ford stock gained Monday, while Tesla stock jumped and Rivian stock soared.




X



General Motors (GM) is teeing up to report Q2 new vehicle sales in the U.S. on Wednesday, following the Fourth of July holiday.

Ford (F), Stellantis (STLA), Toyota Motor (TM) and Honda (HMC) will also report U.S. Q2 sales.

Rivian Stock, Tesla Jump

Rivian (RIVN) announced Monday it delivered 12,640 vehicles in Q2, up nearly 60% from Q1. The EV startup reaffirmed it’s on track to deliver 50,000 EVs in 2023. Its Q2 deliveries easily outpaced analyst estimates for 11,000. RIVN stock rocketed 17.3% Monday.

A day earlier, EV leader Tesla (TSLA) reported global Q2 sales well above views on Sunday. TSLA stock shot up 6.2% Monday.

Q2 Auto Sales To Grow, EV Sales

The annualized sales pace of U.S. new vehicle sales for June is set to reach 15.8 million units. That would be up 4.6% from 15.1 million in May and a 22.5% jump from 12.9 million units in June 2022, J.D. Power and GlobalData estimate.

In unit terms, U.S. new vehicle sales are expected to reach almost 4.1 million during the second quarter, up 13.2% from Q1 and up 15.3% from Q2 2022, Cox said. Low vehicle inventories amid snarled supply chains curbed sales in the year-ago quarter.

Here is how automakers are expected to perform in Q2, according to analysts at Cox Automotive. The estimates show auto sales volume, as well as sales growth or decline vs. a year ago.

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General Motors

Q2 sales estimate: 675,417 vehicles, up 16.7% vs. Q2 2022.

Results: Check back Wednesday.

GM stock rose 0.99% to 38.94 in Monday’s stock market action.

Toyota Motor

Q2 sales estimate: 555,402 vehicles, up 4.6% vs. a year ago.

Results: Check back Wednesday.

Toyota Motor stock eased 0.1% Monday.

Ford

Q2 sales estimate: 523,717 vehicles, up 9% vs. a year ago.

Results: Check back later.

Ford stock gained 0.8% Monday.

Stellantis

Q2 sales estimate: 433,992 vehicles, up 6.2% vs. a year ago.

Results: Check back Wednesday.

Stellantis stock advanced 1.6% Monday.

Honda

Q2 sales estimate: 350,220 vehicles, up 46.1%.

Results: Check back Wednesday.

Honda stock rose 1.2% Monday.

U.S. Auto Sales, EV Sales Outlook

Higher vehicle production — after years of constrained auto supply — is driving growth for U.S. auto sales, analysts say. Along with markedly improved inventories, pent-up consumer demand and rising fleet sales are seen underpinning growth.

After an unexpectedly strong first half, Cox Automotive last Tuesday raised its sales forecast for the full year to 15 million units. That would be up almost 8% from 13.9 million in 2022.

Sales of all-electric or battery electric vehicles (BEVs) are forecast to reach nearly 500,000 units in the first six months of 2023, Cox Auto said. That would be an increase of 41% from 355,000 a year ago.

In 2023, U.S. EV sales are on track to surpass 1 million units for the first time, Cox said.

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