US car sales surged to a five-year high in 2024, driven by replenished inventories, increased incentives, and strong demand for hybrid vehicles. While EV sales slowed, traditional gasoline-powered vehicles remained in demand.
A total of 15.9 million new cars (+2.2% year-on-year) found owners in the US in 2024 – a five-year high – amidst replenished inventories, higher incentives and surging hybrid vehicle demand. According to the news agency, most carmakers did well last year by adjusting to slowing EV demand and relying on their core business of petrol-powered trucks and SUVs. Some took advantage of rising interest in hybrid vehicles, sales of which soared 36.7% over 2023.
General Motors is still number one, with 2.7 million units sold in 2024 (+4.3% vs 2023), while Toyota managed a 3.7% YoY jump, helped by the likes of the For hybrids, we’re sold out – customers want them, we can’t get enough of them. Battery electric vehicles, even with the huge incentives we’re spending and the federal government’s incentives, are just not as in demand,” said Toyota North America sales and marketing head David Christ. Ford sold almost twice as many hybrids as it did EVs in 2024 – 187,426 versus 97,865 units – for a 4.2% YoY total sales growth, although its EV sales were in fact 34.8% better than the year before. Stellantis’ and Tesla’s sales slipped versus 2023 – the former, grappling with fallout from an aggressive pricing strategy that led toreports that Stateside EV sales are expected to approach 1.3 million units, or about 8% of total industry volume (TIV) – slightly better than 2023, when 1.2 million EVs were sold, representing 7.6% of TIV. The wild card for 2025 is of course president-elect Donald Trump’s proposed automotive policies – if he’s going to “If you take true demand for the car and you eliminate the $7,500 benefit… it’s really going to change who wants them and how they buy them. So we’re preparing for that,” Toyota’s Christ said
CAR SALES HYBRID VEHICLES ELECTRIC VEHICLES AUTOMOTIVE INDUSTRY US ECONOMY
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