US Auto Gross sales Up 5% in Q1 vs. Q1 2023, Down 5% vs. Q1 2019

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The US auto trade is in a really attention-grabbing place. On this US auto trade gross sales report, I examine 1st quarter (Q1) gross sales going again 5 years. It’s been an attention-grabbing curler coaster, particularly as a result of COVID-19 pandemic, however now that we’ve gone previous that, it’s further attention-grabbing to see what has modified since 2019 (the 12 months earlier than COVID-19 hit). Earlier than entering into all of that, although, let’s first have a look at the market leaders in Q1 2024.

You’ve nonetheless acquired the massive 4 of Toyota, Ford, Chevrolet, and Honda. You then’ve acquired the strong center of the highest 10 — Nissan, Hyundai, and Kia. After which, to spherical out the highest 10, you’ve acquired Jeep, Subaru, and Tesla. It’s nonetheless a little bit of a shocking achievement that Tesla so shortly rose into the highest 10 of US auto gross sales, and much more so when you think about that it solely sells two genuinely mass-market fashions.

how auto trade gross sales have modified 12 months over 12 months within the first quarter, we are able to see that gross sales had been up 5% in comparison with Q1 2023 and up 14% in comparison with Q1 2022. They’re down 4% in comparison with the massive post-COVID rebound 12 months of 2021, and up 8% over Q1 2020, when the pandemic hit. What’s most attention-grabbing to me, although, is the comparability to pre-COVID 2019. Auto trade gross sales are down 5% in comparison with that quarter within the US.

For the remainder of this text, you’ll be able to discover gross sales adjustments by auto model when it comes to share change or quantity change in Q1 2024 versus Q1 2023, Q1 2024 versus Q1 2022, Q1 2024 versus Q1 2021, Q1 2024 versus Q1 2020, and Q1 2024 versus Q1 2019. I’m simply going to dive into the comparisons to Q1 2023 and Q1 2019.

Clearly, Rivian and Lucid are up so much this 12 months in comparison with final 12 months as a result of they had been ranging from a low base final 12 months (and, really, are nonetheless at a low base). Most notable to me is that Toyota and Honda had huge will increase in gross sales after not doing very nicely for the previous a number of years. Maybe rumors of their dying had been exaggerated….

Oh, sure, the opposite huge be aware: Tesla gross sales dropping by about 24,000 gross sales and 15%! That stings, together with for the EV trade as complete, the place many headlines about falling EV gross sales or EV gross sales development attempt to generalize Tesla’s scenario throughout the remainder of the trade.

The one that basically stunned me was RAM’s huge drop in gross sales. With headlines abounding relating to the opposite corporations famous above, I didn’t see something on RAM and its continued struggles. Attention-grabbing…. We’ll must see what occurs with this huge truck maker in coming quarters, particularly as (or if) gross sales of the Tesla Cybertruck, Rivian R1T, Ford F-150 Lightning, and Chevy Silverado EV develop.

Trying again 5 years, issues are rather more attention-grabbing. Most notably, Tesla gross sales soared 336%, or by about 106,000 models. If there’s one clear winner within the “COVID period,” it’s Tesla. (Ironic, isn’t it?) Hyundai, Kia, and Mazda are different huge climbers, rising by 25% (37,219 models), 31% (43,205 models), and 41% (29,270 models) respectively. Volvo Vehicles did notably nicely on a share foundation — up 40% — however was ranging from a fairly small base, as indicated by its unit gross sales improve of simply 8,893.

Apart from these clear winners, a handful of luxurious manufacturers had been within the constructive — BMW, Lexus, Chrysler, and Mercedes — and Toyota was really up 2% regardless of some particularly harsh drops in gross sales in a few of the years in between. Skipping all these years in between, Toyota comes throughout as principally as secure as may be — or, nicely, I suppose Lincoln holds that title, however Toyota no less than had modest development.

Total, many vehicle manufacturers noticed decrease gross sales in Q1 2024 than Q1 2019. The large canine actually dropping a ton of gross sales quantity sensible, although, had been Nissan, Ford, Dodge, Chevrolet, Jeep, and Ram. We’ll see what the approaching quarters and years carry, however the story proper now doesn’t look nice for US-based auto corporations (and Nissan).

As one remaining piece of this report, if you wish to have a look at a large grasp chart of Q1 US auto gross sales throughout these 5 years, right here’s an interactive chart to discover (significantly better accomplished on a pc slightly than a telephone):

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