With the ongoing shortages on just about everything, the 2022 Q2 sales results show just how bad things have got for the industry.
For months now, we have been hearing about parts shortages, empty sales lots, market adjustments (aka more profit for dealer) being added on most new trucks and tales of woe from customers who see their truck on a lot but can’t take delivery because the truck is waiting on a part.
The 2022 Q2 sales results chart below tells the story.
|2022 Q2 Pickup Truck Sales|
|Full-Size Truck Sales||Q2 Sales||Last Year Q2 Sales||Quarterly Change||Year-to-Date||Last Year-to-Date||Year-Over-Year Change|
|Chevy Silverado |
|GMC Sierra |
|Midsize Truck Sales||Q2 Sales||Last Year Q2 Sales||Quarterly Change||Year-to-Date||Last Year-to-Date||Year-Over-Year Change|
|Compact Truck Sales||Q2 Sales||Last Year Q2 Sales||Quarterly Change||Year-to-Date||Last Year-to-Date||Year-Over-Year Change|
|Hyundai Santa Cruz||9,803||n/a||n/a||18,203||n/a||n/a|
|Electric Truck Sales||Q2 Sales||Last Year Q2 Sales||Quarterly Change||Year-to-Date||Last Year-to-Date||Year-Over-Year Change|
|GMC Hummer EV pickup||272||0||n/a||371||0||n/a|
Looking at the sales charts, most trucks are down year over year for sales. This, again, is more about parts supplies than consumer demand. However, not every truck was down.
Starting with Ford Motor Co. F-series, we can see minimal growth for the second quarter. Ford has long touted the F-Series as the best-selling truck lineup in the country, and it could easily lose this title thanks to all the shortages.
General Motors trucks did OK year over year. While GM touts it is the best-selling truck manufacturer, until it combines GMC and Chevrolet in its sales numbers, we’ll treat them separately.
The Toyota Tundra comes in next. It is all-new for 2022; however, parts shortages and some early quality concerns have slowed sales.
Wrapping up the pack is the Nissan Titan, which continues to be on death watch.
For midsize trucks, the Frontier, Colorado and Canyon had surprise results with big gains while the Ford Ranger took a hit. The rest of the competitors had fairly consistent (and poor) results.
Next, the compact truck battle seems to be alive and well with both the Maverick and Santa Cruz selling at a good volume. The big question is who is going to join the compact truck party? Rumors have it Toyota has looked at it, but with Ford already in the game, GM and Ram would be silly not to play ball as well.
Finally, we are starting to see some electric truck sales reports, but the accuracy of the reports from Rivian will make this segment tough to report on in the short term. We do know both the Ford Lightning and GMC Hummer EV sales with some specificity thanks to their real-number reports.
Rivian, on the other hand, only said it has built around 5,000 vehicles. Unfortunately, this could be the R1T truck, R1S SUV or an EDV (electric delivery vehicle). This new EV automaker also said in an investor letter that it has more than 90,000 pre-orders for the R1 truck and more than 100,000 orders for the EDVs from Amazon. But until we see the actual sales numbers per vehicle type, we’ll believe it when we see it.
These 2022 Q2 sales results seem consistent with what we are hearing in the news and from company leaders. It is going to be months — and perhaps more than a year — until supply is rebuilt, and things normalize. Right now, we are looking at mid- to late-2023 for that to happen.