North American light-vehicle production reached 1,296,397 units in July, 4.5% above like-2014 and a record high result for the month.
Despite the increase in production, inventory of domestically produced LVs at month-end was 6% less than the prior month and remained below year-ago levels by 1.5%. However, the shortfall in domestic inventory will not necessarily result in an upward bump in planned production, as stock of imported vehicles has grown in recent months to meet demand. Q3 2015 LV output is expected to finish 5% higher than like-2014.
Light trucks led the market with a 6.7% gain to 786,513 units. CUVs were the primary factor in the light-truck growth with 379,140 units, a 16.3% gain on last year. Pickup builds slipped 0.6% in the month but were up 0.3% year-to-date. The only segment well below last year was vans, which accounted for only 6% of LV output this year.
Car production also was up, following a small dip in June, with 1.2% growth. All segments showed small gains in July, but midsize and large cars were slightly behind year-ago over the 7-month period.
U.S. production saw its best improvement of 2015, soaring 8.2% from July 2014 to 893,800 LVs, a best-ever July result. Year-to-date, production was 3.4% above like-2014.
Mexico recorded its first year-over-year production drop in 19 months, slipping 1.7% to 253,028 units in July. It remained the most improved country for January-July, up 7.2%.
Canada experienced a sixth consecutive year-to-year decline in July, dropping 5.2% to 149,569 LVs. Over the first seven months of the year, output fell 7.6%.
Several automakers hit record July results, including Honda (+19.7%), Hyundai (+17.3%) and Nissan (+4.4%). FCA (-9.8%) and Toyota (-2.6%) were among the few to post results lower than last year.
North American LV production through July totaled 10,068,678 units, the first 10 million-plus outcome for the period since 2000.
