Honda Says Painful U.S. Car Sales Slump May Be Bottoming Out
Honda Says Painful U.S. Car Sales Slump May Be Bottoming Out
(Bloomberg) -- The dramatic swing from passenger cars to trucks and SUVs among U.S. consumers may be close to petering out, according to a top Honda Motor Co. executive.
“We think we’re getting close to the limit in terms of the percentage mix of light trucks versus cars, which is very close to that 70-30 mix,” Henio Arcangeli Jr., senior vice president of automotive operations for Honda Motor Co.’s U.S. unit, said in a phone interview. “At least in the near term, that’s probably the limit.”
Strong sales of pickups and sport utility vehicles sent light trucks soaring to a record of about 70 percent of the U.S. market last year. Honda’s view contrasts with researcher IHS Markit’s forecast the light-truck mix will approach 75 percent in 2023 as the Detroit Three automakers drop many of their sedan offerings.
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