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Goldman: U.S. auto market experiences a divergence in February, with General Motors (GM.US) seeing an 8% increase in sales, Ford (F.US) experiencing a 9% decrease, and Tesla (TSLA.US) experiencing a 23% decline.

Market IntelWednesday, Mar 5, 2025 4:31 am ET
1min read

Goldman released a research report stating that according to Motor Intelligence, the seasonally adjusted annualized sales (SAAR) of light vehicles in the US in February was approximately 16.3 million units, a YoY decrease of about 1% (but with one less selling day than the same period last year), and a MoM increase of about 11%. Among them, the sales of sedans decreased by about 4% YoY, those of pickup trucks increased by about 10% YoY, and those of SUVs decreased by 4% YoY.Specifically, according to Motor Intelligence, ford motor (F.US) saw a YoY decline of 9% in February, while general motors (GM.US) saw a YoY growth of 8% in February. ford previously stated that some of its models were undergoing a refresh, and the sales of Super Duty, Navigator, and Expedition would be affected in the first quarter of 2025.The sales of electric vehicles in February grew by about 11% YoY, while those of hybrid vehicles grew by about 37% YoY; pure electric vehicles accounted for 8% of the total sales in the month. Specifically, Tesla (TSLA.US) saw a YoY decline of about 23% (consistent with the production interruption and delivery dynamics of Model Y), while Model 3 saw a YoY growth of 42%; General Motors saw the new models such as Optiq, Equinox EV, and Blazer EV continue to ramp up, but Lyriq saw a YoY decline of 28%; Ford Motor saw Mach-E grow 13% YoY, but F-150 Lightning declined 15% YoY.According to Motor Intelligence, incentive spending per vehicle in February was about US$3,385, up 20% YoY but down 3% MoM.In addition, the auto inventory in February was flat or slightly down from the previous month to about 2.77 million units, still slightly below the historical range of 3-4 million units, but on a daily basis, it has returned to normal levels. Among the three major US automakers, the inventory of General Motors and Stellantis changed little, while that of Ford Motor declined about 5% MoM, in line with its inventory adjustment plan (related to model refresh) in the fourth-quarter earnings call in 2024.goldman said that the report was in line with its forecast of maintaining the SAAR at a low level of 16 million units in 2025 (i.e., low single-digit growth YoY from 2024). Goldman added that the adjustment of inventory levels was a positive signal that would help limit price declines. However, Goldman noted that the industry still faced some short-term challenges, including the tariffs imposed by the Trump administration on imported vehicles from Mexico and Canada.

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Accomplished-Bill-45
03/05
$F I'll take it however I can get it
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_Ukey_
03/05
@Accomplished-Bill-45 How long you planning to hold F? Got any specific target in mind?
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AIONisMINE
03/05
$F is gone along with the fun from last night
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discobr0
03/05
Stellantis and GM keeping inventory steady, Ford adjusting—strategically managing their decks.
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JoinMySpaceship
03/05
SAAR holding steady, but 1% drop is a red flag. Time to buckle up for a bumpy ride?
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Luka77GOATic
03/05
GM's Optiq is a sleeper hit, watch this space.
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dantheman2108
03/05
@Luka77GOATic Think Optiq can hit 100k sales?
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Zurkarak
03/05
Incentives up, but inventory down. Market's playing a delicate balance game.
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Nichix8
03/05
Tesla's dip not worrying, growth on the horizon.
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that_is_curious
03/05
Tariffs still lurking, but inventory adjustments might cushion the blow. Keeping fingers crossed 🤞
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Anonym0us_amongus
03/05
Incentives up, but auto inventory's steady. Ford's adjusting, but tariffs still lurking. 🚗💰
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cuzimrave
03/05
EVs keep climbing, but Tesla's taking a hit. GM and Ford playing the long game. Who's holding $TSLA for the rebound?
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MarshallGrover
03/05
@cuzimrave Holding TSLA for the rebound? That's a risky play. What's your timeline looking like? Are you eyeing a quick flip or riding it out long-term?
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Really_Schruted_It
03/05
GM's diversity in EVs paying off. Lyriq might've slipped, but others are revving up.
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MasterDeath
03/05
@Really_Schruted_It GM's diversity in EVs paying off? Maybe. But watch out for Lyriq's nosedive.
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liano
03/05
Ford's refresh hurting short term, but long-term plays are solid. Holding $F for the win.
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twiggs462
03/05
@liano How long you planning to hold F? You think the refresh issues are temporary enough to ride out?
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2strange4things
03/05
Pickups leading, sedans trailing. Guess people prefer the rugged life over sedate rides.
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YungPersian
03/05
EV growth is cool, but 8% of total sales? Still a ways to full electrification.
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Lurking_In_A_Cape
03/05
Tesla's dip not surprising, Model Y drama's real. Gotta love the rollercoaster 🚀
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