May US light truck sales highest since July 2005

Domestic light truck sales in the US rose to a seasonally adjusted rate of 9.92mn units in May, the highest rate since July 2005, according to the US Bureau of Economic Analysis (BEA).

Light truck units sold the month prior, in April, were at a 9.20mn rate, while May 2018 light truck sales were an 8.99mn unit rate.

Sales of domestic light trucks and automobiles rose to a seasonally adjusted annual rate of 17.3mn units in May, tying the 2019 high mark set in February. The monthly truck and car sales rate was up from a 16.3mn unit rate in April and a 17.2mn unit rate in May 2018.

Non-seasonally adjusted, total light vehicle sales increased to 1.58mn units in May from 1.32mn units in April, and were down slightly from 1.59mn units in May last year. Light truck sales were up to 1.13mn units in May from 931,600 units the prior month, while car sales rose to 452,200 units from 392,400 units in April.

Major US producers Ford and General Motors are focusing on producing light trucks, including SUVs and electric vehicles (EVs), as they move away from the less profitable sedans. GM said 80pc of its first quarter 2019 sales consisted of trucks and crossover vehicles.

Light truck sales including SUV's rose after a one-month decline to a seasonally adjusted pace of 12.53mn units, up from 11.60mn in April. Sales were up from an 11.81mn unit pace recorded in the previous May.

Domestic auto sales were down to a 3.52mn unit rate in May from the 3.55 unit pace in April and a 4.08mn unit pace in May 2018.

US sales of foreign autos increased to a 1.26mn unit rate in May from a 1.20mn unit rate the previous month but were down from the 1.31mn unit rate in May 2018.

Foreign light truck sales rose to a 2.61mn unit rate in May from a 2.40mn unit rate in April and were down from a 2.82mn unit rate in May 2018.

Seasonally adjusted US auto output was recorded at 203,400 units in April — the most recent date for adjusted data — down slightly from a 203,400 units in March.