Steel Markets

Auto Sales Mixed in February

February 28, 2018

Automotive sales declined for all three Detroit automakers in February. Ford and General Motors reported that year-over-year sales declined 6.9 percent and FCA U.S. was down 1.0 percent.

In contrast, Toyota sales jumped 4.5 percent year-over-year, and Mazda and Volkswagen made gains of 12.7 and 6.0 percent, respectively. BMW-Mini also saw sales increase in February by 7.5 percent.

WardsAuto reported February sales at 1.29 million units, down from 1.32 million units a year ago. The seasonally adjusted annual rate of 17 million slid from 17.2 million in January and 17.3 million in February 2017.

February is considered a weak month for auto sales and consumers faced tighter credit and higher interest rates.

“This year is going to be a bitter but necessary pill for the auto industry to swallow,” Jessica Caldwell, Edmunds’ executive director of industry analysis, said in a statement. “Auto makers are slowing production of passenger cars to react to declining demand, and are also trying to find the right balance between keeping sales strong and becoming too dependent on costly incentives. The industry is still in a fairly healthy place, but it may not feel like it since the last few years have been in record territory.”