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The US auto business is in a really fascinating place. On this US auto business gross sales report, I evaluate 1st quarter (Q1) gross sales going again 5 years. It’s been an fascinating curler coaster, particularly because of the COVID-19 pandemic, however now that we’ve gone previous that, it’s further fascinating to see what has modified since 2019 (the yr earlier than COVID-19 hit). Earlier than moving into all of that, although, let’s first have a look at the market leaders in Q1 2024.
You’ve nonetheless bought the large 4 of Toyota, Ford, Chevrolet, and Honda. Then you definately’ve bought the strong center of the highest 10 — Nissan, Hyundai, and Kia. After which, to spherical out the highest 10, you’ve bought Jeep, Subaru, and Tesla. It’s nonetheless a little bit of a shocking achievement that Tesla so shortly rose into the highest 10 of US auto gross sales, and much more so when you think about that it solely sells two genuinely mass-market fashions.
how auto business gross sales have modified yr over yr within the first quarter, we will see that gross sales had been up 5% in comparison with Q1 2023 and up 14% in comparison with Q1 2022. They’re down 4% in comparison with the large post-COVID rebound yr of 2021, and up 8% over Q1 2020, when the pandemic hit. What’s most fascinating to me, although, is the comparability to pre-COVID 2019. Auto business gross sales are down 5% in comparison with that quarter within the US.
For the remainder of this text, you may discover gross sales modifications by auto model by way of share change or quantity change in Q1 2024 versus Q1 2023, Q1 2024 versus Q1 2022, Q1 2024 versus Q1 2021, Q1 2024 versus Q1 2020, and Q1 2024 versus Q1 2019. I’m simply going to dive into the comparisons to Q1 2023 and Q1 2019.
Clearly, Rivian and Lucid are up quite a bit this yr in comparison with final yr as a result of they had been ranging from a low base final yr (and, really, are nonetheless at a low base). Most notable to me is that Toyota and Honda had large will increase in gross sales after not doing very nicely for the previous a number of years. Maybe rumors of their demise had been exaggerated….
Oh, sure, the opposite large word: Tesla gross sales dropping by about 24,000 gross sales and 15%! That stings, together with for the EV business as entire, the place many headlines about falling EV gross sales or EV gross sales progress attempt to generalize Tesla’s scenario throughout the remainder of the business.
The one that basically stunned me was RAM’s large drop in gross sales. With headlines abounding relating to the opposite firms famous above, I didn’t see something on RAM and its continued struggles. Fascinating…. We’ll should see what occurs with this large truck maker in coming quarters, particularly as (or if) gross sales of the Tesla Cybertruck, Rivian R1T, Ford F-150 Lightning, and Chevy Silverado EV develop.
Trying again 5 years, issues are rather more fascinating. Most notably, Tesla gross sales soared 336%, or by about 106,000 items. If there’s one clear winner within the “COVID era,” it’s Tesla. (Ironic, isn’t it?) Hyundai, Kia, and Mazda are different large climbers, rising by 25% (37,219 items), 31% (43,205 items), and 41% (29,270 items) respectively. Volvo Vehicles did notably nicely on a share foundation — up 40% — however was ranging from a reasonably small base, as indicated by its unit gross sales improve of simply 8,893.
Apart from these clear winners, a handful of luxurious manufacturers had been within the constructive — BMW, Lexus, Chrysler, and Mercedes — and Toyota was really up 2% regardless of some particularly harsh drops in gross sales in a number of the years in between. Skipping all these years in between, Toyota comes throughout as mainly as secure as might be — or, nicely, I assume Lincoln holds that title, however Toyota a minimum of had modest progress.
Total, many vehicle manufacturers noticed decrease gross sales in Q1 2024 than Q1 2019. The large canine actually dropping a ton of gross sales quantity sensible, although, had been Nissan, Ford, Dodge, Chevrolet, Jeep, and Ram. We’ll see what the approaching quarters and years convey, however the story proper now doesn’t look nice for US-based auto firms (and Nissan).
As one closing piece of this report, if you wish to have a look at an enormous grasp chart of Q1 US auto gross sales throughout these 5 years, right here’s an interactive chart to discover (a lot better executed on a pc somewhat than a cellphone):
Associated experiences:
Cadillac, Audi, & BMW Now Main in Share of US Gross sales Being 100% Electrical
Tesla Nonetheless Sells Extra EVs In USA Than Ford, Chevrolet, Hyundai, Kia, Audi, BMW, Chevrolet, & Toyota Mixed
US EV Gross sales Up 170% in 1st Quarter vs. 1st Quarter of 2021
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