Home Electric Vehicle US Auto Industry Rose 8% in 4th Quarter, While EV Industry Grew 29%

US Auto Industry Rose 8% in 4th Quarter, While EV Industry Grew 29%

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US Auto Industry Rose 8% in 4th Quarter, While EV Industry Grew 29%

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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 car (BEV) gross sales rose by 29%. So, regardless of the narrative about folks 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 may see that Toyota, Ford, Chevrolet, and Honda proceed to prime the charts, however there’s a bit extra of a diffusion between every of them than there’s in lots of quarters. Tesla is holding its personal in eighth, a formidable place for a younger, absolutely electrical automobile firm. Moreover, it’s very shut behind #7 Kia, #6 Nissan, and even #5 Hyundai. Might Tesla rise to fifth place in 2024? One can dream! And as a rule, Tesla has achieved its goals.

Additional down beneath, 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. Possibly even in 2024? After which there’s Lucid … properly, I’m much less bullish about it. The Saudi-backed firm simply wants a extra mass-market possibility.

Going again to This fall 2019, pre-pandemic, we get a glance from the charts above at which auto manufacturers have improved and which haven’t previously 5 years. Naturally, Tesla is way 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 properly amongst bigger automakers, whereas MINI, Volvo, and Porsche did properly amongst smaller automakers.

We’ve additionally go comparisons to This fall 2020 and This fall 2021 which you can see beneath, however given the worldwide disruptions within the auto market and financial system as an entire, I don’t suppose there’s a lot to take from these, so I’ll leap again right into a dialogue of the developments after the This fall 2022 comparability charts.

In comparison with the 4th quarter within the 12 months earlier than, Rivian had essentially the most share progress in the whole auto business! Although, that additionally got here from having a relatively low start line. In quantity phrases, 15 different auto manufacturers grew sooner than Rivian. A type of manufacturers was Tesla, fifth in general quantity gross sales progress and twelfth in share gross sales progress.

Wanting on the general market, you may see above that general US auto gross sales had been up in comparison with This fall within the two years earlier than, however had been down in comparison with This fall 2019 and This fall 2020.

Right here’s a big-picture take a look at how totally different manufacturers trended previously 5 years within the 4th quarter (a static picture model of the chart adopted by an interactive model that exhibits nice on computer systems however might not show properly on a telephone):

 


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