Recent estimates from the Bureau of Economic Analysis (BEA) showed that more car buyers bought domestic vehicles than their foreign counterparts. This comes as the U.S. auto market is attempting to recover from the lockdown as a result of the COVID-19 pandemic.
Based on its seasonally adjusted numbers, BEA estimated 242,000 U.S.-made cars were sold in the month of October, with a seasonally adjusted annual rate (SAAR) of 2,904,000 units sold. (SAAR is the number of units sold over the last 12 months.) Since a year-low of 124,700 sales in April, domestic car sales saw six consecutive months of gains.
Foreign-made autos did not fare as well last month. According to the BEA, only 75,000 vehicles made outside the U.S. were sold in this country, with a SAAR of only 901,000 units sold. The last time the SAAR for foreign autos hit 1 million was in February 2020, when it was 1,045,000.
Last month’s domestic light truck sales were estimated at 816,000, according to BEA data. It was lower than it was in September (826,900), snapping a five-month winning streak. The same thing happened with October’s SAAR of 9,792,000 units sold, a drop compared to September’s SAAR of 9,923,000.
However, U.S.-made light trucks outsold non-domestic light trucks. Only 217,700 foreign light trucks were sold, and the SAAR was only 2,612,000. Since April, the numbers fluctuated, with month-to-month increases being followed by declines.
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