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The US auto trade is in a really attention-grabbing place. On this US auto trade gross sales report, I evaluate 1st quarter (Q1) gross sales going again 5 years. It’s been an attention-grabbing curler coaster, particularly as a result of COVID-19 pandemic, however now that we’ve gone previous that, it’s additional attention-grabbing to see what has modified since 2019 (the yr earlier than COVID-19 hit). Earlier than stepping into all of that, although, let’s first have a look at the market leaders in Q1 2024.
You’ve nonetheless acquired the massive 4 of Toyota, Ford, Chevrolet, and Honda. Then you definitely’ve acquired the stable center of the highest 10 — Nissan, Hyundai, and Kia. After which, to spherical out the highest 10, you’ve acquired Jeep, Subaru, and Tesla. It’s nonetheless a little bit of a shocking achievement that Tesla so rapidly 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.
Taking a look at how auto trade gross sales have modified yr over yr within the first quarter, we will see that gross sales have been up 5% in comparison with Q1 2023 and up 14% in comparison with Q1 2022. They’re down 4% in comparison with the massive post-COVID rebound yr of 2021, and up 8% over Q1 2020, when the pandemic hit. What’s most attention-grabbing to me, although, is the comparability to pre-COVID 2019. Auto trade gross sales are down 5% in comparison with that quarter within the US.
For the remainder of this text, you possibly can discover gross sales adjustments by auto model when it comes to 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 loads this yr in comparison with final yr as a result of they have 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 properly for the previous a number of years. Maybe rumors of their loss of life have 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 trade as entire, the place many headlines about falling EV gross sales or EV gross sales development attempt to generalize Tesla’s scenario throughout the remainder of the trade.
The one that actually stunned me was RAM’s large drop in gross sales. With headlines abounding concerning the opposite firms famous above, I didn’t see something on RAM and its continued struggles. Fascinating…. We’ll need to 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.
Wanting again 5 years, issues are rather more attention-grabbing. Most notably, Tesla gross sales soared 336%, or by about 106,000 models. If there’s one clear winner within the “COVID period,” it’s Tesla. (Ironic, isn’t it?) Hyundai, Kia, and Mazda are different large climbers, rising by 25% (37,219 models), 31% (43,205 models), and 41% (29,270 models) respectively. Volvo Vehicles did notably properly on a share foundation — up 40% — however was ranging from a fairly small base, as indicated by its unit gross sales enhance of simply 8,893.
Except for these clear winners, a handful of luxurious manufacturers have 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 principally as steady as might be — or, properly, I suppose Lincoln holds that title, however Toyota no less than had modest development.
General, many vehicle manufacturers noticed decrease gross sales in Q1 2024 than Q1 2019. The massive canines actually shedding a ton of gross sales quantity smart, although, have been Nissan, Ford, Dodge, Chevrolet, Jeep, and Ram. We’ll see what the approaching quarters and years carry, however the story proper now doesn’t look nice for US-based auto firms (and Nissan).
As one last 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 (significantly better performed on a pc quite than a telephone):
Associated experiences:
Cadillac, Audi, & BMW Now Main in Share of US Gross sales Being 100% Electrical
US EV Gross sales Up 170% in 1st Quarter vs. 1st Quarter of 2021
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