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.
US auto sales
October Auto Sales Rebound – Driven by Surging Korean Brands
U.S. auto sales rebounded from a September lull. Though, with an uncertain election looming over the country, automakers posted relatively modest gains in October, largely driven by surging South Korean automakers.
Hybrids, EVs Helped Prop Up March Sales – Except for Tesla
It’s become something of conventional wisdom that the EV market is slowing down. And there’s no question that, on a percentage basis, the growth rate for battery-electric vehicles has slowed over the last 12 months. But the market does continue to grow, Kia’s EV sales jumping 151% in March. Ironically, it was the 800-pound gorilla of the battery-electric market, Tesla, where sales fell well short of expectations.
March Auto Sales Look Strong – But Affordability Remains an Issue
After an uncertain start, U.S. auto sales showed solid momentum in March, with big gains by Japan’s big three and record numbers from Hyundai – which was charged up by EV demand. But Tesla posted a rare sales slid and GM lost ground during the first quarter. Meanwhile, high transaction prices continue to keep many buyers out of the market.