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US Auto Gross sales Up 5% in Q1 vs. Q1 2023, Down 5% vs. Q1 2019


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The US auto business is in a really attention-grabbing place. On this US auto business gross sales report, I examine 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 further attention-grabbing to see what has modified since 2019 (the yr earlier than COVID-19 hit). Earlier than entering into all of that, although, let’s first take a look at the market leaders in Q1 2024.

You’ve nonetheless obtained the large 4 of Toyota, Ford, Chevrolet, and Honda. Then you definately’ve obtained the strong center of the highest 10 — Nissan, Hyundai, and Kia. After which, to spherical out the highest 10, you’ve obtained Jeep, Subaru, and Tesla. It’s nonetheless a little bit of a surprising 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 attention-grabbing 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’ll be able to 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 so much 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 huge will increase in gross sales after not doing very nicely for the previous a number of years. Maybe rumors of their dying had been exaggerated….

Oh, sure, the opposite huge notice: Tesla gross sales dropping by about 24,000 gross sales and 15%! That stings, together with for the EV business as complete, the place many headlines about falling EV gross sales or EV gross sales development attempt to generalize Tesla’s state of affairs throughout the remainder of the business.

The one that actually shocked me was RAM’s huge drop in gross sales. With headlines abounding concerning the opposite corporations famous above, I didn’t see something on RAM and its continued struggles. Attention-grabbing…. We’ll need to see what occurs with this huge 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 huge climbers, rising by 25% (37,219 models), 31% (43,205 models), and 41% (29,270 models) respectively. Volvo Automobiles 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 few of the years in between. Skipping all these years in between, Toyota comes throughout as principally as secure as could be — or, nicely, I assume Lincoln holds that title, however Toyota not less than had modest development.

Total, many vehicle manufacturers noticed decrease gross sales in Q1 2024 than Q1 2019. The large canines actually dropping a ton of gross sales quantity smart, 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 corporations (and Nissan).

As one closing piece of this report, if you wish to take a look at a large grasp chart of Q1 US auto gross sales throughout these 5 years, right here’s an interactive chart to discover (significantly better executed on a pc quite 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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