Affordability and inventory are challenges. The average price paid for a new U.S. vehicle...
Toyota said its U.S. sales declined by 17 percent in January from a year earlier, well below the industry-wide average of 3 percent gains last month. Low inventory of vehicles available for sale — Toyota reported less than 30 days’ supply versus the industry average of 58 days — probably constrained sales.
The redesigned Sequoia has sold well over the past three months compared with older models. Before November, Toyota hadn’t sold more than 1,200 Sequoias in any month since 2014 as its sales have lagged behind more popular domestic SUVs such as the Ford Expedition and Chevrolet Tahoe. The number of new vehicles for sale in the U.S. increased to 1.8 million in December, an increase of a half million vehicles since September — a signal of easing supply shortages and less demand from car shoppers. The inventory of new autos was 2.87 million in December 2020, so supplies are still tight by comparison, according to analysts with Cox Automotive.
Jonathan Smoke, chief economist with Cox Automotive, said auto sales are always “light” after the holidays. But going forward, he said high prices could continue to hamper sales.
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