HOUSTON, Feb. 3, 2021 /PRNewswire/ -- BBVA Research
published its January auto sales chartbook, noting vehicle sales
went up 5 percent in the fourth quarter of 2020. Sales for the year
declined 14.7 percent to 14.5 million units, the lowest since
2012.
According to the report, demand has been supported by fiscal
stimulus, low interest rates, and increasing preferences for car
ownership. The pandemic has disrupted new vehicle production,
tightening supply and allowing manufacturers to reduce incentives
and increase profits. As a result, resilient demand and tighter
supply has significantly boosted prices in both the used and
new-vehicle segments.
Retail auto sales are expected to continue recovering while
conversely, the commercial fleet segment will remain subdued until
vaccination becomes more widespread and business and leisure travel
resumes. Higher prices and weaker commercial fleet sales may
prevent new auto sales from returning to the 17 million units
threshold in the near term.
The chartbook, authored by BBVA Research Principal Economist
Marcial Nava, forecasts that, going
forward, U.S. automakers are likely to release more electric and
hybrid options to comply with fuel economy standards, while
continuing to focus on the more profitable light truck segment.
Electric vehicles increased 11 percent in 3Q20, and the outlook for
EVs is positive as the Biden administration is expected to bet
heavily on clean energy.
Read the full auto sales chartbook here.
See the complete library of BBVA Research publications here.
For more BBVA news visit, www.bbva.com and the U.S.
Newsroom.
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Instagram.
For more financial information about BBVA in the U.S., visit
bbvausa.investorroom.com.
BBVA Group
BBVA (NYSE: BBVA) is a customer-centric
global financial services group founded in 1857. The Group has a
strong leadership position in the Spanish market, is the largest
financial institution in Mexico,
it has leading franchises in South
America and the Sunbelt Region of the United States. It is also the leading
shareholder in Turkey's Garanti
BBVA. Its purpose is to bring the age of opportunities to everyone,
based on our customers' real needs: provide the best solutions,
helping them make the best financial decisions, through an easy and
convenient experience. The institution rests in solid values:
Customer comes first, we think big and we are one team. Its
responsible banking model aspires to achieve a more inclusive and
sustainable society.
BBVA USA
In the U.S.,
BBVA is a Sunbelt-based financial institution that operates 641
branches, including 330 in Texas,
89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25
largest U.S. commercial banks based on deposit market share and
ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been
recognized as one of the leading small business lenders by the
Small Business Administration (SBA) and ranked 8th nationally in
terms of dollar volume of SBA loans originated in fiscal year
2018.
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SOURCE BBVA USA