The semiconductor shortage caused sales to plunge in June. June 2021 sales of 1.30 million vehicles were down 14.2% from June 2019,
Automakers shifted production to high profit-margin models, cut incentives, and dealers are charging record prices, sometimes over sticker price.
The average transaction price and average per-unit gross profits hit records in June.
Consumers are paying the price.
Ford’s sales in June fell 26.9% year-over-year to 115,789 vehicles, with retail sales down 32.5%.
The only “car” Ford still manufactures is the Mustang. Its former car line sales went to Toyota, Honda, Nissan, Kia, etc. So total car sales collapsed 82% in June year-over-year, to just 2,868 Mustangs and a handful of leftover Fusions sitting on dealer lots.
Ford in June 2021 versus June 2020:
F-150 sales down 30% year-over-year, to 45,673 trucks.
Escape sales plunged 40% y-o-y to 8,871 units
Explorer sales plunged 38% y-o-y to 9,445 units
Expedition sales plunged 43% y-o-y to 7,453 units.
On June 30, Ford announced further production cuts for July and August. The culprit is semiconductor shortages and parts shortages.
Toyota blew everyone away by having stockpiled chips. Following the Fukushima disaster in 2011, Toyota demanded from its suppliers that they stockpile two to six months of semiconductors of all kinds for Toyota to deal with supply shocks. When semiconductor shortages hit, suppliers were obligated to prioritize Toyota’s orders.
In June, Toyota’s total sales exploded by 40%. Toyota sold 68,771 cars, up 57% year-over-year. Ford sold 2,868 cars in June.
Toyota also sold 77,944 SUVs, up 19% year-over-year. And it sold 138,560 trucks, up 33% year-over-year.
General Motors doesn’t report monthly sales. GM reported Q2 sales of 688,236 vehicles, up 40% year-over-year, but fewer than Toyota (688,813 units in Q2) for the first time ever.
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