Sales of Large SUVs surged 32% in the third quarter of 2016, which brings the year-to-date increase to 15%, up from 5% in the first half of the year. With 92,630 sales, the volume in Q3 was so impressive that it accounts for 40% of the segment volume so far this year (233,971 sales), compared to 35% last year. And the sudden spike in popularity of these juggernauts of the streets can’t be attributed to a single model, as only one of the segment’s eight players shows a loss of volume in the quarter, and all but one of the rest improves with double digits.
Highlights for January – September 2016:
The segment leader Chevrolet Tahoe remains undisputed, even if it was the second-slowest growing model of the segment in Q3, with an 18% increase. Its larger sibling Suburban added a third to its volume and their cousins GMC Yukon and Yukon XL showed increases of 27% and 32% respectively. So the bigger the car, the bigger the sales growth in Q3 apparently. At least as far as General Motors goes. A sign that consumers expect gas prices to remain low for a longer term?
One of the biggest winners of the segment both in Q3 and year-to-date is the Ford Expedition, with an 84% gain in the third quarter and adding almost 50% to its volume in the first nine months of the year, which is pretty impressive considering the basic design of the model is already more than 20 years old by now.
The Toyota Sequoia is the only large SUV to lose volume in Q3 with a loss of 12%, pulling the model in the red year-to-date with a 2% loss. The Sequoia outsells the Nissan Armada by just 5 units in Q3 as the latter rebounds with a 9% growth thanks to sell-out pricing as the new model will arrive in showrooms soon.
The biggest gainer of the segment, but still in a distant last place is the facelifted Toyota Land Cruiser, up 89% in the quarter and +45% YTD.
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