The Q3 results for 2020 showed signs of a rebound to pre-pandemic levels in the near future even though most manufacturers Year-To-Date (YTD) auto sales are still in the red.
According to the research data analyzed and published by Finaria, auto sales in the US declined by 9.2% Year-Over-Year (YoY). Overall sales went from 4.3 million vehicles in Q3 2019 to 3.9 million in Q3 2020. However, there was an increase of 33.3% quarter-over-quarter (QoQ).
Passenger car sales in the country also dropped by 21.7% to 904,864 units from 1.16 million in Q3 2019. However, the decline was less steep for trucks, SUVs and minivans whose sales fell from 3.15 million in Q3 2019 to 3 million, a 4.7% YoY drop.
In Q3 2020, only three out of the top 12 automakers ranked by US sales registered gains. These included Tesla Inc, which posted a 154.7% increase YoY, Mazda with 6.9% and Kia with 3.9%. Nissan Motor Corp which was the sixth best-seller in the US saw the highest drop of 32.4%, followed by Toyota at 11% and Fiat Chrysler at 10.2%.
READ ALSO: Pension Industry and the Nigerian Economy: 8 Takeaways From Eric Fajemisin
GMC Leads US Brands with $4 Billion Profit Despite 9.9% Sales Decline
General Motors Co. (GMC) saw a 9.9% drop in sales, reaching 665,192 during the quarter. Its Cadillac brand posted the highest YoY decline on record. It shed a massive 17.5% with total unit sales reaching 32,965.
However, in terms of revenue and profit, the Detroit-based company was not too badly off. Revenue totalled $35.5 billion, with a $4 billion profit. In comparison to Q3 2019, profit jumped by 74% on equal revenue.
Fords’ Profit in Q3 2020 Increases By $2 Billion
Sales at Ford Motor Co. dropped by 4.9% YoY to 551,796 vehicles in Q3 2020. One of its worst-performing brands was Fiesta, which sold only 135 units in the entire duration. It marked a 99.1% YoY decline.
On the bright side though, its profit for the period was $2.5 billion, an increase of $2 billion YoY. Revenue rose from $37 billion in Q3 2019 to $38 billion in Q3 2020.
Furthermore, the Michigan-based automaker announced that this was its best quarter of pickup truck sales since 2005.
 auto sales are still in the red.){kind=link}