Hybrid Sales Plummet in May as Earthquake After-Effects Roil Automakers
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Hybrid vehicle sales have hit the skids, so to speak, according to a report from Edmunds.com Friday.
Sales of the hybrid-leader Toyota (NYSE: TM) Prius slipped 51 percent to 6,924 in May, while its effective cost increased $2,500 per unit compared with three months ago. Honda's (NSE: HMC) Insight fell 25 percent to 1,435 units, Ford's (NYSE: F) Fusion Hybrid dropped 49.5 percent to 1,256 and its Escape Hybrid slipped 14 percent to 1,118 units.
Total volume fell 31 percent to 17,852 units, as models like Honda's CR-Z and Nissan's LEAF were counted for the first time. Market share also fell from just above 2.5 percent last May, to about 1.6 percent this May.
As factories began to restart production following the March 11th earthquake in Japan, Toyota and Honda were clearly hit the hardest. From Edmunds: "Increased demand during the month for fuel efficient vehicles was unmet by hybrids due to actual and perceived hybrid inventory shortfalls and that, in turn, led buyers "to look at and find alternatives among conventional vehicles," said Edmunds.com Chief Economist Lacey Plache."
Notably, EIA data has gasoline prices for regular unleaded up 27.6 percent at the end of Ma:, from $2.741 to $3.788 on a national average.
Sales of the hybrid-leader Toyota (NYSE: TM) Prius slipped 51 percent to 6,924 in May, while its effective cost increased $2,500 per unit compared with three months ago. Honda's (NSE: HMC) Insight fell 25 percent to 1,435 units, Ford's (NYSE: F) Fusion Hybrid dropped 49.5 percent to 1,256 and its Escape Hybrid slipped 14 percent to 1,118 units.
Total volume fell 31 percent to 17,852 units, as models like Honda's CR-Z and Nissan's LEAF were counted for the first time. Market share also fell from just above 2.5 percent last May, to about 1.6 percent this May.
As factories began to restart production following the March 11th earthquake in Japan, Toyota and Honda were clearly hit the hardest. From Edmunds: "Increased demand during the month for fuel efficient vehicles was unmet by hybrids due to actual and perceived hybrid inventory shortfalls and that, in turn, led buyers "to look at and find alternatives among conventional vehicles," said Edmunds.com Chief Economist Lacey Plache."
Notably, EIA data has gasoline prices for regular unleaded up 27.6 percent at the end of Ma:, from $2.741 to $3.788 on a national average.
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