Toyota’s RAV4 gained momentum in November after a couple weak months.
With sales of electrified sales climbing, even as inflation and interest rates fall, Ford, Toyota, and Honda all reported strong sales in November. General Motors also hinted it had a big month while Tesla pulls back on Cybertruck.
As more automakers follow up with sales numbers in the wake of Thanksgiving sales, it’s clear November was a good month for the auto industry. Several manufacturers, including Hyundai and Kia, set all-time records, and Ford, Toyota and Honda now say they also had a solid month.
While General Motors won’t officially weigh in until the end of the quarter it also suggested November was a good month, especially in the EV market.
Ford and GM both are dueling it out in the battery electric-market sales as sales continue to defy those who thought the bubble was getting ready to burst.
Ford has a big month, but so does GM
The 2025 Mustang Mach-E helped Ford gain ground.
Driven by increased sales of electric vehicles, trucks, and hybrids, Ford increased 14.3% in November to 166,373. Notably, the automaker sold 20.8% more EVs during the month, 18.5% more hybrids, and 13.4% more vehicles with an internal combustion engine.
Ford also sold 22.5% more trucks last month, with SUV sales increasing 8.0%. Car sales – meaning the Mustang coupe — however, were down 45.1%.
General Motors does not report monthly sales figures, but CFO Paul Jacobson told a conference in New York that GM saw solid numbers on both the retail and fleet side of the business during November. GM’s market share remained stable, and GM EV sales topped 15,000 units, topping Ford, which reported sales of 10,821 EVs.
Tesla may be running into trouble
Cybertruck unplugged? There are signs demand is flagging as assembly workers are sent home.
It’s been a tough year for Tesla, the leading EV maker. It had a weak first half of the year, both in terms of sales and earnings. It rebounded during the third quarter and analysts are waiting to see what will happen during the final months of 2024.
One worrying note: despite the automaker’s efforts to position its newest model as a success, there are signs Cybertruck may be running out of steam and won’t come near to fulfilling the original surge of advance reservations Tesla once claimed had topped 1 million.
The automaker does not disclose monthly tales reports. But news outlets in Austin, Texas – home of Tesla’s second U.S. Gigafactory — report workers there staffing the Cybertruck line were told to stay home for part of this week to reduce mounting inventory. Tesla offered no explanation.
More Industry News
- Tesla Sends Workers Home, Cuts Cybertruck Production
- Koreans Set November Sales Records
- Big Surprises in Latest Consumer Reports Automotive Report Card
Toyota, Honda has a big month
Honda’s electrified CR-V packages were strong sellers in November.
American Honda sales increased by 14.5% to 121,419 units in November, driven by strong sales of light truck and electrified models for both the Honda and Acura brands.
Honda brand November sales of 110,020, were up 15.9% keeping the brand on course for a 10% annual increase. CR-V sales were on track for an all-time annual sales record, topping 34,300 and over 54% of those were hybrids. The recently refreshed Civic recorded sales of over 18,300 with hybrid models logging 32.5% of that number.
Acura brand sales total 11,399 units in November with strong demand despite supply issues due to retooling of both the Marysville and East Liberty auto plants in preparation for EV production set to begin in late 2025. Overall sales were up 2.6%.
Toyota Motor North America reported its sales increased by 4.8%. Toyota is now the best-selling brand in the U.S. from a retail volume perspective – and by a wide margin. Toyota brand sales increased by 4% while Lexus Division sales jumped 9.8%. Toyota’s sales of electrified vehicles increased more than 48% in November.
Trump-related inflation fears boost vehicles sales
Some folks are hoping for a Trump “bump” for new vehicle sales in the U.S. But others fear talk of tariffs and the elimination of EV tax credits could slam auto sales next year.
Overall, new vehicle sales of 1.32 million in November worked out to an annualized sales pace of 16.0 million. The final number actually is expected to finish near 15.7 million, according to Cox Automotive, the best total since before the COVID pandemic.
Several factors have helped, starting with the Federal Reserve’s recent reduction in interest rates. And, with inventories back to more normal levels, automakers have upped incentives while leveling off the price hikes seen during the pandemic.
But there’s a potential dark side to increased demand.
Trump bump or Trump dump?
An uptick in retail momentum, Cox chief economist Jonathon Smoke said in a statement, is likely driven in part by “a post-election, consumer mindset shift” — a move from “it’s better to wait” to “better buy now.”
“If experience is our teacher,” he continued, “the future Trump administration will sound a lot like the prior Trump administration, where ongoing trade skirmishes roil the markets and stress the when-to-buy calculation that in-market shoppers face every day.”
“I think the consumer may surprise us a bit in the coming months,” said Cox economist Charlie Cheesebrough. “There may be more pent-up demand than we imagined, as consumers put the national election behind them and take stock of the better loan rates, improved financing deals and a lot more incentives. After a relatively slow summer, the retail market seems to be coming alive at year’s end.”
But the future also could bring a new surge in vehicle prices – and even some product shortages with tariffs on vehicles coming in from Mexico and Canada. Trump also is expected to eliminate federal tax credits and the leasing loophole for EVs, Smoke noted, which could short-circuit demand.
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