U.S. Auto Sales To Rise In Q2 As Outlook For Full Year Improves; These 2 EV Stocks Soar

U.S. auto sales are set to cap off a stronger-than-expected first half of 2023 with rising June sales, analysts project. GM stock and Ford stock gained Monday, while Tesla stock and Rivian stock surged.

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General Motors (GM) is teeing up to report Q2 new vehicle sales in the U.S. on Wednesday, following the Fourth of July holiday.

Ford (F), Toyota Motor (TM) and Honda (HMC) will also report U.S. Q2 sales. Stellantis (STLA) on Monday reported a 6% year-over-year increase in Q2 new vehicle sales in the U.S. Its Q2 sales came in above analyst estimates.

Rivian Stock, Tesla Jump

EV startup Rivian (RIVN) on Monday reported Q2 sales well above views. So did EV giant Tesla (TSLA) on Sunday.

That is likely to bring more attention to Q2 EV sales from legacy automakers making a costly and ambitious shift to electric vehicles. Their generally lackluster Q1 EV sales showed the scale of challenges.

RIVN stock rocketed 17.4% Monday. TSLA stock shot up 6.9%.

Q2 Auto Sales To Grow, EV Sales

The annualized sales pace of U.S. new vehicle sales for June is set to reach 15.8 million units. That would be up 4.6% from 15.1 million in May and a 22.5% jump from 12.9 million units in June 2022, J.D. Power and GlobalData estimate.

In unit terms, U.S. new vehicle sales are expected to reach almost 4.1 million during the second quarter, up 13.2% from Q1 and up 15.3% from Q2 2022, Cox said. Low vehicle inventories amid snarled supply chains curbed sales in the year-ago quarter.

Here is how automakers are expected to perform in Q2, according to analysts at Cox Automotive. The estimates show auto sales volume, as well as sales growth or decline vs. a year ago.

General Motors Auto Sales

Q2 sales estimate: 675,417 vehicles, up 16.7% vs. Q2 2022. That would also be up from 603,208 vehicles sold in Q1.

Results: Check back Wednesday.

GM stock rose 1% to 38.96 in Monday’s stock market action.

Toyota Motor

Q2 sales estimate: 555,402 vehicles, up 4.6% vs. a year ago. That would also be up from 469,558 auto sales in Q1.

Results: Check back Wednesday.

Toyota Motor stock eased 0.2% Monday.

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