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Nope. Other OEMs recognize revenue upon sale to the dealer, but they track and report end-user sales. Some are up, some down but overall Q1 sales grew a a few % y/y and are forecast to grow a couple percent for the full year to just under 16m vehicles. Tesla's sales slump is indeed Tesla-specific. 16m is a good year overall -- boom time peaks see 17-17.5m while the depths of the financial crisis in 2009 only saw 10m sales. Plain vanilla recessions are 13-14m. The "Covid years" of 2020-22 ranged from 13.7-14.9m.
makes sense as the dealer is the next owner, middle man, but all of that inventory sitting at the dealers is recorded as soldNope. Other OEMs recognize revenue upon sale to the dealer, but they track and report end-user sales. Some are up, some down but overall Q1 sales grew a a few % y/y and are forecast to grow a couple percent for the full year to just under 16m vehicles. Tesla's sales slump is indeed Tesla-specific. 16m is a good year overall -- boom time peaks see 17-17.5m while the depths of the financial crisis in 2009 only saw 10m sales. Plain vanilla recessions are 13-14m. The "Covid years" of 2020-22 ranged from 13.7-14.9m.
This article gives some summaries of other OEMs.
Hm. That guy owns a dealership (albeit used cars) and also talks with many other dealerships (new and used vehicles). Somebody is wrong.Nope. Other OEMs recognize revenue upon sale to the dealer, but they track and report end-user sales. Some are up, some down but overall Q1 sales grew a a few % y/y and are forecast to grow a couple percent for the full year to just under 16m vehicles. Tesla's sales slump is indeed Tesla-specific. 16m is a good year overall -- boom time peaks see 17-17.5m while the depths of the financial crisis in 2009 only saw 10m sales. Plain vanilla recessions are 13-14m. The "Covid years" of 2020-22 ranged from 13.7-14.9m.
This article gives some summaries of other OEMs.
Legally and financially the sale to the dealer happens when the factory loads the vehicle on the truck or trainHm. That guy owns a dealership (albeit used cars) and also talks with many other dealerships (new and used vehicles). Somebody is wrong.
Legally and financially the sale to the dealer happens when the factory loads the vehicle on the truck or train
GM immediately counts those sales as revenue on the income statements it files with the SEC
But these "2nd day after the quarter ends" press releases count sales to end users, not sales to dealers
Here is the US Q1 press release directly from GM. The headline is "Retail Deliveries Off to a Fast Start". It also talks about sales to government entities. There is nothing about sales to dealers, because that's not the point of this press release. It later says "534,479 vehicles in inventory". Dealers own those cars, not GM. This press release is all about dealer inventories, dealer sales to end customers, direct sales to fleet/government end customers, incentives end customers receive, etc. That's the stuff the stock market wants to know. The market doesn't care about GM sales to their dealers, because (as pointed out) that number lags too much and can be easily gamed.
Looks like there will be some disruption in the auto industry.
Dealer inventory is the collateral for the floorplan loan. GM, F, etc. know the minute that title transfers to the end customer.I didn’t know all their dealers would report so quickly.
Possibly… if the floor plan loan to the dealer is provided by the OEM. Which based on an article from a couple years ago, less than half are. Majority were provided by other banks. But maybe it’s higher now.Dealer inventory is the collateral for the floorplan loan. GM, F, etc. know the minute that title transfers to the end customer.
Ford plays accounting games. A classic MBA 101 method divides products into 3 groups: