US new vehicle sales rebound in 2024, led by electrified models
(MENAFN) Sales of new vehicles in the United States saw a significant increase in 2024, continuing a strong recovery from the historic lows caused by the COVID-19 pandemic and ongoing supply chain disruptions that had plagued the industry over the past several years.
American automakers General Motors and Ford Motor both reported their best annual new vehicle sales in the US since 2019. This growth was largely driven by rising demand for electrified vehicles, including all-electric and hybrid models, which have become increasingly popular among consumers.
These results align with industry expectations, as market research firms had forecast that US automakers would report total sales nearing 16 million vehicles in 2024. This would mark the industry's strongest year since 2019, when approximately 17 million vehicles were sold.
“We got to just under 16 million units, it looks like, for 2024, with strengthening in the last quarter,” said Stephanie Brinley, associate director of AutoIntelligence at S&P Global Mobility. She further noted, “Given some of the affordability and inflationary headwinds, it’s probably a decent year... It’s moving in the direction we need to move.”
The recovery in vehicle sales comes as automakers have navigated challenges such as higher vehicle prices, inflation, and affordability concerns.
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