Last week, major players in the auto industry unveiled their U.S. vehicle sales data for the first quarter of 2024. The figures showed a 5.1% increase to 3.75 million units based on GlobalData’s analysis. In March, the seasonally adjusted annual rate is expected to reach 15.5 million units, up from 15.02 million in March 2023. According to J.D. Power and GlobalData, there was a 4.2% increase in light-vehicle retail inventory in March compared to February 2024 and a significant uptick of 39% from March 2023, surpassing a total of 2.5 million units for the first time since 2021. In the same period, average transaction prices for vehicles decreased by 3.6% year over year to $44,186, reflecting an improvement in inventory and pricing, which subsequently boosted demand.
Major global auto companies reported impressive sales in the U.S. during the first quarter of 2024. Japanese automakers such as Honda, Toyota, Nissan, and Mazda experienced year-over-year sales increases. Meanwhile, German manufacturers Volkswagen and BMW also observed sales growth for the quarter. In the United States, Ford saw a 7% rise in vehicle sales, whereas its rival General Motors experienced a 1.5% drop in deliveries. Italian-American automaker Stellantis witnessed a 10% decline in its first-quarter U.S. deliveries.
Exploring the Key Updates
General Motors delivered 594,233 vehicles in the U.S. in Q1 2024, reflecting a 1.5% decline year over year primarily due to decreased fleet deliveries. GM’s decision to phase out the Chevrolet Bolt EV also had a negative impact on sales. Despite this, the company reported a 6% year-over-year increase in retail sales, with notable growth in retail sales for brands like Buick, Chevrolet, Cadillac, and GMC. In China, GM delivered over 441,000 vehicles during the same period, with new energy vehicle sales witnessing a remarkable 42.6% surge year over year.
Ford recorded a 7% year-over-year increase in U.S. vehicle sales in Q1 2024, driven by growing demand for hybrid trucks and SUVs. The company achieved its highest-ever quarterly hybrid sales, with a 42% year-over-year increase in hybrid vehicle sales and an 86.1% rise in EV sales. Ford plans to introduce a three-row electric SUV in 2027, while focusing on developing its next-generation electric truck by 2026 and providing hybrid options for its entire internal combustion engine lineup in North America by 2030.
Toyota delivered 565,098 vehicles in the first quarter of 2024, marking a substantial 20.3% increase from the previous year. The company’s electric vehicle sales soared by 74% year over year, constituting 36.6% of its total sales volume. Toyota plans to introduce over 20 new or refreshed vehicles this year, including hybrid versions of popular models such as the 2024 Tacoma, 2024 Land Cruiser, and 2025 Camry.
Honda sold 333,824 units, up 17.3% year over year, with record-breaking sales of hybrid-electric vehicles. The automaker aims to expand its electrified vehicle lineup further to meet the increasing demand for hybrid options in the market.
Stellantis reported 332,540 units sold in the U.S. in Q1 2024, a 10% decline from the previous year. Despite this, the company noted a significant surge in plug-in hybrid electric vehicle sales, with models like Jeep Wrangler 4xe and Dodge Hornet R/T leading the way. STLA plans to launch eight EV models in the U.S. market by the end of 2024, including the Jeep Recon and Ram 1500 REV.
Performance Overview
A comparative analysis of the price movement of major auto industry players was conducted over the past week and a six-month period.
Future Outlook in the Auto Sector
The focus in the auto industry will shift towards monitoring vehicle sales in China for March and Q1 2024, as industry experts keep a close eye on the evolving market trends.