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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 autos or shopping for electrical autos, EV gross sales progress has been a lot stronger than regular auto gross sales progress. 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 prime the charts, however there’s slightly extra of an expansion between every of them than there’s in lots of quarters. Tesla is holding its personal in eighth, a powerful place for a younger, absolutely electrical automotive firm. Moreover, it’s very shut behind #7 Kia, #6 Nissan, and even #5 Hyundai. May Tesla rise to fifth place in 2024? One can dream! And as a rule, Tesla has achieved its goals.
Additional down under, 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. Perhaps even in 2024? After which there’s Lucid … nicely, I’m much less bullish about it. The Saudi-backed firm simply wants a extra mass-market choice.
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 progress and share gross sales progress. In any other case, Kia, Hyundai, and Mazda did fairly nicely amongst bigger automakers, whereas MINI, Volvo, and Porsche did nicely amongst smaller automakers.
We’ve additionally go comparisons to This autumn 2020 and This autumn 2021 you could see under, 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 leap again right into a dialogue of the traits after the This autumn 2022 comparability charts.
In comparison with the 4th quarter within the 12 months earlier than, Rivian had probably the most share progress in your complete auto business! Although, that additionally got here from having a moderately low start line. In quantity phrases, 15 different auto manufacturers grew quicker than Rivian. A type of manufacturers was Tesla, fifth in total quantity gross sales progress and twelfth in share gross sales progress.
Wanting on the total market, you’ll be able to see above that total US auto gross sales had been up in comparison with This autumn within the two years earlier than, however had been down in comparison with This autumn 2019 and This autumn 2020.
Right here’s a big-picture have a look at how completely 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 could not show nicely on a cellphone):
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