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The US auto business continues to develop following its lengthy restoration from the COVID-19 epidemic and financial shutdown of 2020–2021. Within the 4th quarter of 2023, US auto gross sales rose 8% in comparison with the 4th quarter of 2022. In the meantime, pure electrical automobile (BEV) gross sales rose by 29%. So, regardless of the narrative about individuals not wanting electrical automobiles or shopping for electrical automobiles, EV gross sales development has been a lot stronger than regular auto gross sales development. Don’t imagine all of the EV anti-hype.
On to the charts.
Wanting on the chart for auto gross sales by model, you’ll be able to see that Toyota, Ford, Chevrolet, and Honda proceed to high the charts, however there’s somewhat extra of a selection between every of them than there’s in lots of quarters. Tesla is holding its personal in eighth, a powerful place for a younger, totally electrical automotive firm. Moreover, it’s very shut behind #7 Kia, #6 Nissan, and even #5 Hyundai. Might Tesla rise to fifth place in 2024? One can dream! And as a rule, Tesla has achieved its desires.
Additional down beneath, Rivian must greater than double its gross sales to get into the highest 20, however I’m assured the corporate will have the ability to do this. Possibly even in 2024? After which there’s Lucid … effectively, I’m much less bullish about it. The Saudi-backed firm simply wants a extra mass-market possibility.
Going again to This autumn 2019, pre-pandemic, we get a glance from the charts above at which auto manufacturers have improved and which haven’t prior to now 5 years. Naturally, Tesla is much out within the lead when it comes to quantity of gross sales development and proportion gross sales development. In any other case, Kia, Hyundai, and Mazda did fairly effectively amongst bigger automakers, whereas MINI, Volvo, and Porsche did effectively amongst smaller automakers.
We’ve additionally go comparisons to This autumn 2020 and This autumn 2021 you can see beneath, however given the worldwide disruptions within the auto market and economic system as a complete, I don’t assume there’s a lot to take from these, so I’ll bounce again right into a dialogue of the tendencies after the This autumn 2022 comparability charts.
In comparison with the 4th quarter within the 12 months earlier than, Rivian had probably the most proportion development in the whole auto business! Although, that additionally got here from having a reasonably low start line. In quantity phrases, 15 different auto manufacturers grew sooner than Rivian. A type of manufacturers was Tesla, fifth in total quantity gross sales development and twelfth in proportion gross sales development.
Wanting on the total market, you’ll be able to see above that total US auto gross sales have been up in comparison with This autumn within the two years earlier than, however have been down in comparison with This autumn 2019 and This autumn 2020.
Right here’s a big-picture take a look at how totally different manufacturers trended prior to now 5 years within the 4th quarter (a static picture model of the chart adopted by an interactive model that reveals nice on computer systems however might not show effectively on a telephone):
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