Despite the Coronavirus challenges, no fewer than 1.03million used vehicles valued at $3.4billion ( N1.632trillion) were imported into the country in 2020.
Data by the International Trade Administration (ITA) explained that the United States exported more than 500,000 units into the country in the period under review.
It was learnt that automobile importers have shifted importation of used vehicles from Europe to America and India since 2017.
It was gathered that United States vehicle specifications are more in line with the demand and taste of Nigerian consumers which is not always met by entry-level models from Europe.
Meanwhile, data from the Nigerian Ports Authority (NPA)’s shipping position revealed that a total of 2,900 units of used vehicles would be off-loaded at the Port and Terminal Multi-services Limited (PTML), Tin Can Island Port.
They were ferried by eight vessels with Grande Cameroon leading with 450units; Grande Lagos, 300units; Grand Mercury, 250units; Grande Congo, 350 units; Grande Costa D”avorio, 350units; Gral. Sal Martin, 400 units; Grande Sierra Leone, 400units and Grande Luanda, 400units,
However, 2,200 units were offloaded in February 2021 by Grande Tema with 400 units; Grande Dakar, 400units; Grande Abidjan, 400units and Grande Senegal, 300 units, Grande Lagos, 400 units and Grande Argentina, 300units.
Others are Ford Edge 2007, N900,000; Ford Focus 2012, N1,400,000; Hyundai Elantra 2013 – 2016, N1,3million; Hyundai Sonata, N350,000; Kia Optima 2012,N1.2million; Kia Spectra, N500,000; Land Rover R/Sport 2006, N1.5million; Lexus RX 300, N420,000 and Mazda 3 SV, N2million.
Data by Deloitte revealed that the number of vehicles in the country has surge from1.34million in 2015 to 1.62million in 2019.
Until 2014, the market grew steady, hitting the 57.000 units record for new vehicles as the domestic market collapsed to 11.743 units in 2017 due to the deep economic crisis generated by poor domestic demand.
Toyota dethrones GM as number one US automaker
The Detroit-based company lost its crown to Japanese rival Toyota Motor Corp., which boosted sales 10% last year despite a 28% decline in the fourth quarter. With 2.3 million units sold in the U.S. in 2021, Toyota narrowly outpaced GM’s 2.2 million.
The Japanese carmaker said outselling GM likely isn’t sustainable. “That is not our goal,” Jack Hollis, a senior vice president in charge of U.S. sales for Toyota, said on a conference call with reporters.
The change at the top reflects the volatility of a year many carmakers will be happy to leave behind. From snarled shipping lines to semiconductor shortages, the challenges of 2021 left manufacturers struggling to keep up with demand. While industrywide sales likely rose modestly from 2020, supply constraints shattered any hope of a quick recovery from the early pandemic slump.
Carmakers likely sold a seasonally adjusted annual rate of about 12.5 million new vehicles in December, down 23% from a year earlier, according to the average forecast of six market researchers surveyed by Bloomberg.
The extent of the issues became more clear on Tuesday as most major automakers reported U.S. sales for the fourth quarter and a full year. Ford Motor Co. is expected to release its figures Wednesday.
For the full year, auto sales likely came to 14.9 million vehicles, a 2.5% jump from the coronavirus-stricken days of 2020, according to Cox Automotive.
The year wasn’t without its bright spots. The inventory challenges helped push some buyers to more-profitable, option-laden models, while the mainstream embrace of electric vehicles accelerated. Indeed, Tesla Inc. on Sunday blew past Wall Street’s expectations with record quarterly global deliveries.
Other automakers will be hard-pressed to match that kind of performance. We’ll take a look at the results as the major manufacturers report throughout the day.
GM Loses Ground
GM’s sales for the year declined 13%, weighed down by a 43% plunge in the final quarter. Chevy Silverado sales fell more than 30% and GMC Sierra sales tumbled 21% in the quarter. The auto giant was quick to blame chip constraints for its woes, saying they put a 13% drag on sales.
That forced GM to be strategic about where it dedicated supplies. In a dismal quarter, sales of the Chevy Tahoe and Suburban, GMC Yukon and Cadillac Escalade large sport utility vehicles all were up. Those are the most profitable vehicles the company sells.
Crucially for investors, GM said semiconductor supplies got better toward year-end, and the company forecast further improvements in 2022.
Toyota Takes Over
Toyota’s strong 2021 performance was buoyed by sales of sedans such as the Corolla and Camry. While the automaker’s top-selling vehicle remained the RAV4, the compact SUV’s sales actually dropped 5% for the year. Sales of the Corolla and Camry rose 5% and 6.6%, respectively.
While final tallies for the industry are still to come, Toyota likely gained one point of market share in the fourth quarter, giving it 15.5% of sales and the top spot. It’s the first time GM hasn’t been No. 1 since 1931 when it beat out Ford.
Honda Crossover Leads Deliveries
Much like Toyota, Honda Motor Co. managed to boost sales for the year despite a sharp drop at the end. December’s tally fell 23% to 105,068 vehicles, while 2021 sales rose 8.9% to 1.47 million.
Honda’s plucky CR-V compact crossover led deliveries, rising 8.3%. The Civic compact and Accord midsize sedans also did well, continuing the dominance of Asian brands in the segment. Among Honda’s biggest gainers: its Ridgeline pickup and Passport midsize SUV, both of which were redesigned to showcase a more “rugged” look.
Hyundai’s Cheap Chic
Hyundai Motor Co.’s namesake brand was one of the big winners last year, logging a 19% increase in sales from a year earlier. The Korean automaker did lose some steam in the waning months of 2021, however, with a 15% drop in fourth-quarter deliveries to 152,446 vehicles. For the month of December alone, its sales fell 23%.
U.S. retail sales were the company’s highest ever, buoyed by demand for the budget-friendly Venue subcompact crossover model, which starts at less than $20,000, as well as for the Kona subcompact SUV and Tucson compact SUV.
Hyundai had comparable inventory levels as Toyota and other Japanese competitors, but availability fell late in the year, said Randy Parker, senior vice president of sales at Hyundai Motor America. The company adapted by pushing dealers to sell more cars they didn’t yet have.
“You get better at online retailing and get better at pre-selling your pipeline,” Parker said in an interview. “That’s exactly what we did, and that helped fuel our success in a very difficult year.”
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