Summary
- Q1 2024 has shown a 4.5% increase in year-over-year sales
- Import vehicles have had a massive surge in sales, with Hyundai, KIA, and Toyota all being the major winners
- Domestic vehicles have stayed pretty level, with only Ford making any real headway
- Hybrids are the trend that consumers are wanting: Reliability and familiarity of gas power, fuel savings of electric power
- Import EVs are seeing good sales as they are high quality and in demand, riding on the coattails of the hybrid demand
- We think that any manufacturer that has a “full spread” of pure gas, PHEV/HEV, and EV offerings is looking to have a stellar 2024
The first quarter of 2024 has witnessed a small surge in new vehicle sales across the United States year-over-year to the tune of about 4.5%, underscoring the industry’s resilience as it is still feeling the lingering effects of the global pandemic.
Some brands experienced minor dips, but most brands have shown significant upticks in both deliveries as well as production numbers.
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