US Monthly (June)

Research evidence excerpt

US Monthly (June)

J P M O R G A N Asia Pacific Equity Research

02 July 2026

Despite concerns about high gasoline prices, demand

remains solid

Autodata reported a June US new vehicle sales SAAR of 16.67 million, higher Japan Equity Research

than our forecast of 16.2 million. SAAR has remained above 16.0 million since

Autos & Auto Parts

March, which suggests that demand is solid despite concerns about the impact

of high gasoline prices. Among Japanese automakers, Honda’s sales Akira Kishimoto AC

remained strong and Toyota’s market share (single-month basis) fell amid a (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

cautious switchover to the new RAV4, while at mid-tier maker Subaru there

Wencong Zhang

were signs of a recovery in Outback sales. HEV penetration was 16.1% in (81-3) 6736-8627

June, down slightly compared with May, although the strong trend was wencong.zhang@jpmorgan.com

unchanged. Amid ongoing concerns about how Middle East risk will affect JPMorgan Securities Japan Co., Ltd.

demand, we think confirmation of solid demand in the US will foster a certain

level of reassurance in the market.

• US SAAR continues to exceed 16.0 million amid lingering Middle East

concerns: Based on Autodata’s announcement, June new vehicle sales SAAR

in the US was 16.67 million, up from 16.21 million in May. SAAR has

remained above 16.0 million since March 2026, which suggests solid demand.

On a single-month basis, June sales were 1.38 million units (+3.4% YoY on a

daily selling rate (DSR) basis), comprising 0.24 million sedans (+1.2%) and

1.14 million light trucks (+3.9%). While there are concerns about how the rise

in gasoline prices caused by tensions in the Middle East will affect demand in

the US, we think the apparent absence of a meaningful decline in demand will