Summary
- US auto industry saw growth in Q4 2024 compared to previous years
- Fossil fuel vehicle sales increased, but EV sales had strong growth
- Tesla, Toyota, Ford, and Chevrolet were top auto brands in Q4 2024
- Genesis showed significant growth, while some traditional brands saw losses
- Chevrolet, GMC, Ford, Kia, and Honda had notable sales growth in Q4 2024, while electric brands showed strong percentage growth.
Article
The US auto industry has shown steady growth post-COVID, with auto sales increasing in the past three years. However, the industry has not yet fully recovered to its pre-COVID levels, with Q4 2024 seeing 2% fewer sales than Q4 2019. Fossil fuel vehicle sales have also been growing, although at a slower rate compared to electric vehicles (EVs). Non-electric automobile sales were down 7% compared to Q4 2020 and 9% compared to Q4 2019.
EV sales have seen significant growth over the past five years, with pure battery-electric vehicles experiencing increases of 15% in Q4 2024 compared to Q4 2023, and up to 480% compared to Q4 2019. In terms of sales by auto brand in Q4 2024, Toyota, Ford, and Chevrolet were the top performers, with Tesla ranking 10th. Other fully electric brands like Rivian, Lucid, Polestar, Brightdrop, and Fiat were also present in the market but had lower sales volumes.
Looking back at the changes in the market from 2019 to 2024, Tesla showed significant growth of 203%, while Genesis beat that with 265% growth. On the other hand, some auto brands experienced losses during this period, including Jeep, Dodge, Ford, Nissan, Ram, Alfa Romeo, Fiat, and Infiniti. Despite the disruptions caused by COVID, some brands like Chevrolet, GMC, Ford, Kia, and Honda showed growth in Q4 2024 compared to the previous year.
Small players, especially electric ones, showed strong growth in Q4 2024, with Fiat, Brightdrop, Chrysler, Lucid, and Cadillac all experiencing notable increases. Fiat and Brightdrop, both 100% electric brands, grew by 317% and 227% respectively. Cadillac, a legacy auto brand, also performed well in terms of the percentage of its sales that were electric. Overall, the quarterly comparisons and auto industry changes over the past five years highlight the increasing presence and growth of EVs in the market.
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