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It’s time for one more take a look at how the US auto trade has modified in recent times, on this report focusing in on the 4th quarter and lengthening from 2024 again by way of 2019. Let’s dive in and see how issues have modified throughout the trade first, earlier than narrowing all the way down to the auto model stage.
As you possibly can see in these first two charts, post-COVID, the auto trade has been rising steadily and fairly strongly previously three years. Auto gross sales grew 7% in This autumn 2024 versus This autumn 2023, 16% in comparison with This autumn 2022, and 27% in comparison with This autumn 2021. Nevertheless, that mentioned, the trade has not recovered to its pre-COVID stage. This autumn 2024 had 2% fewer gross sales than This autumn 2019, or about 85,000 fewer gross sales.
Zooming in on fossil gas automobile gross sales, we will see that the story is a bit worse for these “old-school automobiles.” Non-electric cars nonetheless had 7% extra gross sales than within the 4th quarter of 2023, however had 13% greater than This autumn 2022 (in comparison with 17% extra within the total market) and 21% greater than This autumn 2021 (in comparison with 27% extra within the total market). That’s nonetheless progress, after all, however then in comparison with This autumn 2020, gross sales have been down 7%, and in comparison with This autumn 2019, gross sales have been down 9%.
What does that imply? Naturally, meaning EVs have seen sturdy progress over the previous 5 years. EV (pure battery-electric automobile) gross sales have been up 15% within the 4th quarter of 2024 versus the 4th quarter of 2023, up 61% in comparison with the 4th quarter of 2022, up 146% in comparison with the 4th quarter of 2021, up 284% in comparison with the 4th quarter of 2020, and up 480% in comparison with the 4th quarter of 2019.
Simply taking a look at 4th quarter 2024 gross sales by auto model, Toyota, Ford, and Chevrolet sit effectively above the remaining. Absolutely electrical auto model Tesla was down in tenth, at lower than a 3rd of Toyota and Ford gross sales and roughly a 3rd of Chevrolet gross sales. Different absolutely electrical manufacturers are additionally in the marketplace after all — Rivian, Lucid, Polestar, Brightdrop, and Fiat — however they’re all down at or close to the underside of the gross sales chart (for now).
In the event you actually need to spend quarter-hour or so taking a look at a chart, the one above has an infinite quantity of element. There’s additionally an interactive model of it on the underside of this text.
The subsequent 10 charts look in additional element on the modifications by model quarter over quarter going again to 2019 (modifications in each proportion phrases and quantity phrases). I’ll begin by trying again additional (to This autumn 2019) to focus on extra dramatic modifications out there, however there are additionally notable modifications in recent times.
In fact, Tesla grew a ton from 2019 to 2024, by 203%. Considerably surprisingly, Genesis truly beat that with with 265% progress (however at a a lot decrease quantity). In the meantime, there are massive losses amongst numerous auto manufacturers (Jeep, Dodge, Ford, Nissan, Ram, Alfa Romeo, Fiat, and Infiniti most notably).
It’s an identical story in comparison with This autumn 2020, however Genesis had a good larger progress proportion! (352%) On a quantity foundation, it’s Kia and Hyundai which might be proper behind Tesla by way of enchancment over This autumn 2019 and This autumn 2020.
COVID clearly threw the market right into a whirlwind for a couple of years. Nevertheless, trying again to final yr, we will get a extra regular, steady-state market comparability. On this case, Chevrolet stands out with progress of almost 69,000 gross sales in This autumn 2024 in comparison with This autumn 2023. GMC, Ford, Kia, and Honda additionally did fairly effectively.
Nevertheless, on a proportion progress foundation, it was small gamers — particularly electrical ones — doing very effectively. Fiat, which is now 100% electrical within the US, grew 317%. Brightdrop, a 100% electrical model from GM, grew 227%. Them after Chrysler rising 166%, 100% electrical Lucid grew 79% yr over yr. In fact, these are all ranging from very small ranges, but it surely’s progress nonetheless. Curiously, Cadillac was excessive up on that listing as effectively and it’s been main the legacy auto marketplace for the share of its gross sales that are actually electrical automotive gross sales.
Some other massive takeaways from these quarterly comparisons and the auto trade modifications of the previous 5 years?
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