VW Takes Own Road
Hyundai set a November sales
record with volume of 56,005 units, a gain of 5%. John Krafcik, CEO
of Hyundai Motor America,
said in a Twitter posting earlier today the gains were led by the
Santa Fe, Accent and Elantra.
Nissan North America sold 106, 528 light vehicles last month, a
record for November and up 11% from a year earlier.
November was another tough month for Volkswagen of America. The
VW brand's sales fell 16% as sales of the Jetta sedan, Passat sedan
and Tiguan crossover all declined, leaving the brand's year-to-date
sales 5% below last year.
One contributing factor: VW has cut incentives 13% since
September. That partly reflects the changeover to the 2014 model
year, but Volkswagen Group of America CEO Jonathan Browning told
reporters today he is determined that VW will not follow the "super
aggressive" incentives and the generous financing deals being
offered this holiday season.
Subaru, meanwhile, extended its lead over VW in the U.S. sales
charts with a 30% November increase.
Audi of America sales rose 13% on continued strong demand for
the Q5 and Q7 crossovers. The luxury brand has sold 141,048 units
through November, besting last year's record total of 139,310 units
with a month to spare, and putting Audi well on track to beat its
volume target of 150,000 units.
U.S. car and light-truck sales for November were projected to climb
5% from a strong year-earlier month to 1.2 million units, according
to the average of seven analysts' estimates compiled by
The November volume included deliveries tallied through Monday
and five weekend sales periods. Volume was driven by early holiday
promotions, attractive financing offers and pent-up demand.
"Sales in November tend to be heavily skewed toward the end of
the month because of Black Friday sales events," said Alec
Gutierrez, senior analyst for Kelley Blue Book.
TrueCar estimated the industry spent an average of $2,507 per unit
on incentives last month, a slight increase over November 2012, but
down 2% from October 2013.
GM and Ford, locked in a battle over big pickups, each spent
more than $3,000, on average, on discounts per model last month,
Hyundai, Kia and the Volkswagen Group
also raised discounts sharply last month compared with November
Industry executives seemed confident the sales burst would
continue. "We feel good about the direction of the economy and our
own momentum," Kurt McNeil, head of U.S. sales operations for GM,
said in a statement. "The economy is creating jobs and household
wealth. Energy costs are dropping and credit is available and
affordable. All of this bodes well for future growth."
Gabe Nelson and Nick Bunkley contributed to this