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Auto industry analysts had predicted that US auto sales would decline by 15-18% in Q1. The supply shortage worsened in March, and the prediction was for a 36% decline in sales year-over-year. Now that March has concluded, automakers have released their performance numbers, and it’s not looking good. Here’s your one-stop resource for all automaker sales numbers for Q1 2022. Several automakers, including Ford, will release Q1 sales numbers next week. Check back for updates.
Ford sales were down 17% in Q1
The first quarter of 2022 saw worsening sales for Ford. While total sales were down 17% year-over-year, March sales dropped 26%. Ford’s brand was down 17% in Q1, however Lincoln sales fell 25%. Among popular models, the Lincoln Navigator took the greatest hit with sales plummeting 56%. Lincoln’s sales have declined for 10 consecutive months.
It wasn’t all bad news for Ford. The average transaction price rose to $47,621, up 5.5% from Q1 of 2021. Inventory rose to 268,000 at the end of March, up from 199,000 one month prior.
Ford’s EV, plug-in hybrid and hybrid sales were up 38% in the first quarter. Sales of the Mustang Mach-E were up 1.8% for the quarter, with supply chain woes and inventory being the limiting factor.
Remember that Ford recently split into two new divisions: Ford Model e and Ford Blue. Ford Blue vice president Andrew Frick said that the automaker sees a lot of positivity in the latest sales report.
“Our newest products continue to turn at a record pace, as Bronco, Bronco Sport, Mustang Mach-E and Maverick had their best combined sales performance yet, with 33,398 vehicles sold,” Frick said.
Toyota sales dropped 15 percent
The chip shortage has not been kind to Toyota. In Q1 of 2022, Toyota sold 514,592 vehicles in the United States. This is the second quarterly decline in a row for Toyota. Toyota’s sales numbers show that the chip shortage got worse as Q1 pressed on, with the worst result coming from March. Toyota’s U.S. sales dropped 24 percent in March to 194,178.
Lexus sales brought down Toyota of North America’s overall performance. The Toyota brand was down 23% in March and down 15% for the first quarter. Lexus fared worse, with sales down 29% for March and off 13% for the quarter.
TrueCar says that Toyota’s new car incentives have been on the decline for some time. In Q1, the average incentive was $1,060 per vehicle, down 60% from Q1 of last year.
Toyota’s new car inventory sits at 120,479, which translates to a 17-day supply. March was Toyota’s eighth consecutive month of sales declines.
Nissan sales are down 30 percent
In 2021, Nissan’s U.S. sales were down 8.7% as the chip shortage worsened. Today’s Q1 2022 sales numbers show that Nissan has given up a lot of momentum. Nissan’s Q1 2022 sales were 201,081 vehicles, down 30% versus a year earlier. Between the two brands, Nissan sales dropped 29%, and Infiniti sales plummeted 41% compared to one year prior.
AutoForecast Solutions says that in North America alone, Nissan lost roughly 228,000 vehicles from production schedules in 2021 because of the chip shortage.
Nissan of North America executive Judy Wheeler told automotive news that they had underestimated the magnitude of the supply shortage in 2022. “Production will continue to get better, but I don’t think it’s going to get back to normal, frankly, until 2023,” Wheeler said. “It’s going to take longer than what we originally expected.”
Hyundai fares better and takes market share
Hyundai of North America’s U.S. sales look wonderful compared to the competition. In Q1 of 2022, Hyundai’s total U.S. sales were down 4% from a year prior. Hyundai delivered 159,676 vehicles to American consumers between January and the end of March.
Hyundai is proud of their March sales performance, with good numbers all around. According to today’s quarterly sales report, Hyundai sold 59,380 vehicles in March, resulting in the third best March retail month ever for Hyundai. Month-over-month total sales were up 13%. Hyundai electrified vehicle retail sales grew 179% year over year.
Genesis sales climbed 53 percent in March compared to March of 2021.
Kia sales are down, but EVs see strong growth
In March, Kia delivered 59,524 new vehicles in the U.S., which is a 10.5% decrease year-over-year. For Q1, Kia sold 151,194 vehicles, which is a 5.2% decline compared to Q1 of 2021. Electrified car sales grew 55% year-over-year and reached a record level in March.
General Motors sees large declines across brands
Overall, GM’s sales were down 20% in the first quarter of 2022. GM reports that 509,108 vehicles were sold in the first three months of the year. GM’s brands all posted declines in Q1. Chevrolet declined 20%, GMC declined 7.5%, Buick was down 58%, and Cadillac sales were down 24% year-over-year. The average transaction price at GM was $50,717 in the first quarter, down 2% since Q4 2021, but up 18% year-over-year.
Toyota surpassed General Motors in total U.S. sales by just 5,484 vehicles.
Stellantis sales down 14 percent
Stellantis (which includes Jeep, Chrysler, Dodge, Ram, Fiat, Maserati, Alfa Romeo and several European brands) sold 405,221 vehicles in the first quarter of 2022. Overall, total U.S. sales for the first quarter declined 14%.
All of Stellantis’ brands declined year-over-year.
Jeep’s sales dropped 2%
Ram was down 15%
Chrysler fell 27%
Dodge dropped 36%
Alfa Romeo decreased 29%
Jeep says that the Jeep Wrangler 4xe is now the best-selling plug-in vehicle in the U.S. Almost one out of every five Wranglers sold last quarter were plug-in hybrids.
Honda sales are down 23%
In the United States, Honda’s total sales were down 23% in the first quarter YoY. American sales settled at 266,418 vehicles in Q1. Honda and Acura’s car and truck sales were down between 20% and 27% compared to last year. On the bright side, American Honda says that March was their best overall sales month since August of 2021.
Subaru sales dropped significantly in Q1
In March, Subaru sales were down 34% YoY, and Q1 sales slid 18% versus a year earlier. Subaru sold 132,346 vehicles in the first quarter. In a press release, Subaru cited the severity of the supply and chip shortage for the dismal sales numbers. Year-to-date sales of the popular Subaru Forester are down -34.3% YoY, and the Outback was down 20.6%. Sales of the Crosstrek, BRZ and Ascent were all up last quarter.
Incentives continue to disappear, and transaction prices keep rising
Analysts at J.D. Power and LMC say that auto incentives are set to reach an all-time low of $1,044 in March, a 69% drop year-over-year. Across all brands, the average transaction price in the first quarter is expected to be $44,129, an 18% increase from Q1 of 2021.
CarEdge’s Take
It’s not looking good for automakers. The demand is certainly there, but the ongoing supply shortage just keeps dragging on. The war in Ukraine and even an earthquake have added insult to injury for automakers in 2022. It appears that several automakers are beginning to recognize the reality we live in – sales are likely to remain suppressed until 2023. It’s more important than ever to play it smart when buying a car. Be sure to join the CarEdge Community, where auto experts help you make smart decisions to save time, hassle, and money.
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Buying from a dealership can be a stressful, painful experience in 2023. If you’re on the hunt for a good deal, chances are you have experienced this frustration firsthand.
What if there was a way to rate and review car dealers so that buyers can cut through the clutter (and rip-offs) and reward honest, fair dealers with their business? The CarEdge team saw the need for a one-stop shop for dealer reviews, so we made it a reality. We’re thrilled to introduce CarEdge Dealer Reviews.
CarEdge Dealer Reviews Uses Crowdsourcing to Empower Car Buyers
With thousands of dealer and deal reviews and counting, consumers are eager to have their voices heard, and even more determined to help others navigate today’s hectic car buying process.
When submitting your own dealer rating, CarEdge’s Dealer Reviews will ask basic questions about the vehicle you’ve purchased. In addition to sharing the make and model of your new auto, you can tell the world if the dealer is charging above MSRP, requiring dealer add-ons, and simply treating customers with respect and good business practices.
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Multiple sources have told major news outlets that President Biden is days away from announcing that he will invoke the Defense Production Act to accelerate domestic production of raw materials essential for manufacturing batteries. The move comes as much of the world’s lithium, nickel, cobalt, iron and aluminum supplies remain offline due to the war in Ukraine. Will the authorization of the DPA finally bring electric cars closer to price parity? Here’s what we know so far.
The Defense Production Act Is About More Than Electric Cars
Sources say that the authorization of the Act would apply to raw materials needed to make both electric vehicle batteries and high-capacity batteries used for electric grid stability, usually in conjunction with renewable energy. Domestic energy is seeing renewed interest as reliance on unstable international relations throws a wrench in American energy stability yet again.
High-capacity batteries like the Tesla Megapack are similar in nature to EV batteries, but they require even more lithium, nickel, cobalt and iron than car batteries do simply because of the massive size and capacity. In the near future, energy experts warn that electric vehicle manufacturing and grid-scale battery production could be forced into fierce competition for limited raw material supplies. Accelerated raw material production may be the remedy that both industries need to continue growing in the 2020s.
Cobalt has fallen out of favor for battery manufacturers in recent years, not because of its effectiveness as an ingredient, but because of the dangers of cobalt mining in Africa. The DPA could bring about a resurgence in the use of cobalt, among other market changes.
What Is the Defense Production Act of 1950?
This three-pronged law authorizes the president to require businesses to accept and prioritize contracts for materials deemed necessary for national defense. The law also gives the authority to establish mechanisms to allocate materials, services and facilities to promote national defense. Furthermore, the Defense Production Act authorizes the president to exert control over the economy so that critical materials are available for national defense.
The Act does specify that it can apply to the production of basic resources, such as raw materials that are important in the nation’s economy. You can read the full text of the DPA here.
When Was the Last Time the Defense Production Act Was Invoked?
The law is invoked more often than one might suspect. Past presidents have used the law’s three major sections to address matters of national security, public safety, and the economy.
Here are the the most recent uses of the Defense Production Act:
September 2021: President Biden invoked the DPA to increase the production of supplies needed for fighting wildfires across the American West.
January and March 2021: President Biden authorized the DPA twice for causes related to the COVID-19 pandemic.
April 2020: President Trump invoked the DPA to accelerate the production of N95 masks.
March 2020: President Trump used the DPA to speed up production of respirators.
Will the Defense Production Act Lower Electric Car Prices?
It’s certainly possible that President Biden’s use of the DPA could lower electric car prices, but don’t expect this anytime soon with current inflation and chip shortages. What’s more likely is that the additional raw material supplies will deter additional electric car price increases once nickel, lithium, cobalt and other important materials are substantially produced domestically.
Tesla recently cited nickel’s tenfold price increase when raising prices in early 2022. Raw materials are becoming the limiting factor for affordable electric cars in America and across the world, as we explained in our recent article on soaring EV prices.
CarEdge’s Take
For years now, electric vehicle proponents have pointed towards a not-so-distant future when electric cars reach price parity with combustion vehicles. When EVs cost the same as an equivalent gas vehicle, the masses would convert to electric mobility. As time has shown, EV price parity has been a lot harder to accomplish than many, including Elon Musk, had hoped.
The use of the Defense Production Act to spur development of American-based raw material sourcing is big news. American battery manufacturers (and EV makers) have always sourced the vast majority of their raw materials from international suppliers, many of which are based in Russia and China. As the pandemic and recent war have shown, global supply chains have their limits. In due time, EV prices may finally reach price parity if their most expensive component, the battery, becomes a lot less expensive to make.
Trucks are somehow an appreciating asset in 2022. Not a single truck is getting more affordable. With inflation, supply shortages, and transportation backlogs, truck inventory remains at record lows in the US. Here’s just how much truck prices have increased in 2022.
Be sure to bookmark this page and check back for updates!
May 2022 Truck Price Increases
Chevrolet Silverado HD
The 2022 model year Chevrolet Silverado HD has seen FOUR price increases since going on sale last year. GM Authority details the latest Silverado price increases:
“The latest price increase for the 2022 Chevy Silverado HD is a flat $1,000 for all trim levels and configurations, including both the 2022 Chevy Silverado 2500HD, and the 2022 Chevy Silverado 3500HD. The Destination Freight Charge also increased from $1,695 to $1,795. As it stands now, the least-expensive 2022 Chevy Silverado HD model is the Silverado 2500HD WT Regular Cab / Long Bed with 2WD and the 6.6L V8 L8T gasoline engine, priced at $41,295, while the most-expensive model is the Silverado 3500HD High Country Crew Cab / Long Bed DRW with 4WD and the 6.6LV8 L5P turbodiesel Duramax engine, priced at $81,345.”
See how much every variant of the Silverado 2500 and 3500 HD costs now here.
Rivian R1T
Just a few months after the first deliveries crawled out of Rivian’s factory in Normal, Illinois, the electric truck maker fumbled a sudden price increase. All trims of the Rivian R1T saw prices increase, and some specs are up by 20%. The most ‘affordable’ R1T, originally $67,500, now costs $79,500. The catch is that the base spec of the R1T is not even close to being available. Rivian produced 2,500 electric trucks in the first quarter of the year, and delivered 1,200 of them.
All R1Ts being delivered in 2022 are the quad-motor Adventure package with the large battery pack. If you’re lucky enough to take delivery this year, this R1T configuration costs $85,000.
This is Rivian’s delivery timeline as of Spring 2022:
Is there any such thing as an affordable truck any more? Affordability is in the eye of the beholder, however the last few months have raised the bar even further. Here’s the latest data on truck MSRPs for base trims:
The best-selling truck in America, the Ford F-150, has seen a 2.6% increase in base MSRP since December 2021. The F-150 now starts at $29,990. The only truck to fare better (for the consumer) is the Toyota Tacoma, which has gone up 2.1% to a current MSRP of $26,700.
On the other end of the spectrum, General Motors has sent truck prices through the roof. Four months ago, a 2021 Silverado 1500 started at $29,300. A few price hikes later, the base 2022 Silverado now costs $33,800 before destination fees. That’s a staggering 15% price jump in a few short months.
GM’s massive price increases for the 2022 Silverado are especially shocking considering that GM posted record profits in 2021, despite selling 500,000 fewer vehicles than the year before.
The 2022 Nissan Titan now has a base MSRP of $38,310, up 4.8% since late last year. The Ram 1500 has seen a similar price hike, now listing for $33,975 at a minimum. Good luck finding one for MSRP.
Luxury And High-End Trucks See The Biggest Price Hikes
If you thought the base models were bad, wait until you see how expensive fully-loaded trucks have gotten. Check out the data for yourself:
Yes, a 2022 Ford F-150 Raptor now starts at $68,675 (over $70,000 after taxes and fees) after Ford bumped the price by 7% this year. That almost makes the F-150 Lariat look like a steal at $48,140. It’s actually Ram that takes the trophy for biggest MSRP jump in 2022. Following a 9.1% price increase, the Ram 1500 TRX now starts at $76,780. The GMC Sierra AT4X has seen the smallest price increase, but it’s still an expensive truck at an MSRP $77,395.
Are There Any Affordable Trucks?
The short answer is no. If you’re looking to buy new, you’ll have to find a Ford Maverick, Ford Ranger, Hyundai Santa Cruz or maybe even a Tacoma at MSRP (somehow) to stay around $25,000 for a new truck. Most are far beyond $35,000 once all fees are tallied.
Bear in mind that we’re talking about MSRPs here. These are merely suggestions by the manufacturer. You know as well as I do that buying any popular vehicle at sticker price in 2022 is like finding a pot of gold at the end of the rainbow. It’s technically possible, but quite rare. And no one will believe you.
Dealer markups are one of the many novel trends of the past few pandemic years that no one’s excited about. Except for dealers of course. Jalopnik reported on six-figure Ram TRXs and Ford Mavericks going for fifty grand.
Dealers are raking in the profits every time a shopper agrees to pay over MSRP for any truck. Don’t believe me? American dealerships reported all-time record profits in 2021. You know, the year with the worst inventory shortages ever. As one dealer told me, they’re just ‘dying for inventory’. Approach dealerships with caution, truck buyers.
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The semiconductor chip shortage has forced General Motors to halt production of the Chevrolet Silverado and GMC Sierra during the weeks of April 4 and April 11. GM makes these high-margin models at a plant in Fort Wayne, Indiana. Dealers sold 530,000 Chevy Silverados and 249,000 GMC Sierras in 2021. Silverado sales were down 11% in 2021 compared to the year before, and Sierra sales slipped 1.6%.
Premature Optimism Meets 2022
GM President Mark Reuss told CNBC that chip supplies were “getting a little better” but the crisis is not over. “We’re not through this, we’re doing the best we can.” The latest CarEdge chip shortage update shows that 308,700 vehicles have been removed from North American production schedules across all manufacturers, and the pace of cancellations remains steady. In 2021, General Motors canceled nearly one million vehicles from production because of the chip shortage.
In February, GM CEO Mary Barra voiced optimism, with perhaps a hint of wishful thinking. “We’ve said the improvements in the first quarter will pull through the year. Definitely, by the second half of this year we’ll be able to get closer to full capability.” The semiconductor chip shortage shows no signs of slowing down. Asian production hubs have been rattled by more COVID shutdowns, and even earthquakes. On top of the chip shortages, the war in Ukraine is affecting European operations.
Trucks Are GM’s Big Money-Makers
GM’s announcement of a production stop in Fort Wayne is particularly notable considering that the Sierra and Silverado are higher margin vehicles for the automaker. If these two money-making models are temporarily removed from production, the chip shortage may be worse than company executives make it seem.
There may be a chip shortage, but GM’s bank accounts are as healthy as ever. In 2021, GM’s profits surged 55% to $10 billion, an all-time high for the legacy automaker. GM’s record profits coincided with a sharp decline in sales as inventory plummeted and new car prices skyrocketed. The company sold 2.9 million vehicles in 2021, down from 3.4 million in 2020. Sales slumped so much that Toyota took the crown for most U.S. sales for the first time ever.
Lockdowns in Shanghai Have GM’s Workforce Sleeping On Floors
China has resisted calls to recognize the COVID-19 virus as an endemic illness, and China continues its zero-COVID policy at all costs. China’s ‘closed loop’ economic approach permits businesses to remain in operation, but only if all workers remain onsite. The same ‘closed loop’ policy was in place for the entirety of the 2022 Winter Olympics in Beijing.
GM’s partnership with Chinese state-owned automaker SAIC has been fruitful for bringing the Chevrolet, Buick, and Cadillac brands to China. Over 10,000 people are employed by the SAIC-GM joint venture in China. During the latest COVID lockdown in Shanghai, Automotive News reports that the SAIC-GM production plant has remained open with workers sleeping on floors inside of the facility. GM has declined to comment on the situation.
Continuing operations at the Shanghai facility may give General Motors an upper hand in the struggle to produce higher volumes of vehicles given the current supply shortages. Tesla’s Giga Shanghai factory was forced to close this week. Tesla failed to prepare enough food and other accommodations for the 2,000 employees. Volkswagen has also been impacted by the Shanghai lockdowns, but VW’s factories remain open for now.
CarEdge’s Take
Where does General Motors go from here? The now #2 automaker in America managed to score record profits in 2021, despite the severity of the chip shortage. As MSRPs rise and automaker incentives disappear, it’s entirely plausible that GM will see positive outcomes yet again, even with empty dealer lots.
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