Auto Sales Contract In September
October 01, 2010 7:44 AM
In a recent note from Citi, the domestic auto market contracted YoY for the first time in 13 months in September as applications for new vehicle purchase subsidies ended on September 7.
Mazda and Honda suffered double digit YoY declines. At
Mazda, sales fell 22.9% YoY. At Honda, sales fell 11.7% YoY, which Citi attributes to high comparison bases for a number of models, including the Insight, Fit, and Freed. Daihatsu remained the biggest seller of minivehicles and
continued to increase its market share, which reached 37.1%.
Compared with the April-August average, September annualized registered vehicle sales declined 15%. For registered vehicles, Citi thinks the year-on-year decline in sales at Toyota (NYSE: TM) is likely to widen from October in reaction to large market share gains by Toyota starting last October.
Toyota shares were down 2% at $71.58 Thursday
