U.S. Auto Sales make surprise recovery after initial Covid-19 slump
US auto sales recovery continues after initial pandemic slowdown
Back in March, when the virus was starting to take hold, automakers must have been clutching their balls in fear because it seems logical that during a worldwide pandemic, the last thing anybody would want to go out and do is buy a shiny new Kia.
But fast forward five months, and the last thing you could call the U.S. auto market is stagnant.
Despite an initial sales slump towards the beginning of 2020, auto sales have all but recovered from what many predicted would bring about a global collapse of the automotive market.
Recent U.S. sales figures for July of 2020 show only a very slight decline compared to the same month last year, with some brands such as Volvo and Hyundai seeing a year-over-year gain of as much as 10%!
"This pandemic has strengthened our confidence that our strategic ambitions are the right ones and that an accelerated transformation of our business will lead to long-term growth," said Mr. Samuelsson, a Volvo executive. "We will continue to focus on and invest in electrification, online sales, and connectivity."
Small and midsize SUVs mostly pushed sales with Volvo's XC40 and Kia's ever-successful Telluride, making the strongest showings this month.
While certain luxury brands such as BMW, Genesis, and even Tesla have not been so lucky with a decrease in sales of 39.3%, 20.7%, and 5%, respectively.
However, as always, these companies are adamant that the last two quarters of 2020 should show significant recovery, and that we should expect sales to be back in full force by as soon as 2021 in some cases.