U.S. Car sales after March 2024 have seen a dip of 8.1% and an overall decrease of 2.4% when compared to April 2023. New Car sales were at 1, 327, 976 units in the month of April 2024.
While the trucks and SUVs hold a market share of 80 percent, the sales growth was at fall of 0.1%. The passenger car sales which were seeing a new light decrease by 10.7% to 264,482 units.
Optimistic Sales Prediction
The seasonally adjusted annualized sales (SAAR) for light vehicles in April 2024 was at 15.9m which was 15.77m units, a year ago. Major manufacturers are feeling a brunt of the season still, GM & Ford monthly sales decrease by 2.2%, while Stellantis experience a drop of 25.9%.
EV Sales Go Down
EVs which were at an onslaught saw a major slowdown. Tesla sales decreased by 17.4% with sales of 47,300 units in the month of April. Rivian sales were down by 5.9%, Polestar by 45.1%. Growth was only experienced by Lucid Motors, Fisker and Ineos, all of which only did 3 digit sales numbers.
Japanese & Koreans had Mixed Reactions
Toyota, Honda, Subaru held their head high with 13.7%, 0.4% and 9.5% growth, respectively. While Mazda were down by 3.8%, Mitsubishi down by 19.1% and Nissan by 11.2%. Hyundai and Kia also experienced a slippery slide of 3.3% and 3.6% decrease in sales growth.
The car sales rose from the slumber of the pandemic and showed a healthy growth in the first quarter of 2024 but sales in April saw a dip when compared to March and April 2023. The roller coaster ride is still on but the trends are clear. Fewer takers of EV, lesser acceptance of the full-sized SUV and pickups and passenger car sales is buoyant again.
