From NASDAQ:

Honda is anticipating a surge in demand for its hybrid and gas-powered models in 2024, which is expected to drive its sales in the United States. The automaker aims to sell 1.4 million vehicles this year, following a robust sales performance in 2023.

In 2023, Honda’s sales in the US soared by 33% to 1.3 million units, with one-fourth of the total sales coming from hybrid models, including CR-V and Accord hybrid versions. Last year, the CR-V and Accord hybrids were the best-selling hybrid models in the US.

Honda is still recovering from a sales dip in 2022, but according to Mamadou Diallo, the sales executive at Honda’s US subsidiary, the automaker plans to maintain its momentum in 2024. Production and pent-up demand have led to normalized growth this year.

The upcoming Honda Prologue and Acura ZDX are on track for their initial deliveries early this year, with both vehicles expected to help Honda meet its sales target.

Honda currently carries a Zacks Rank #2 (Buy), indicating positive momentum for its stock. Other competitors such as Volvo and Toyota are also poised for growth, each sporting a Zacks Rank #1 (Strong Buy) at present.

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Read more: Honda (HMC) Expects 2024 US Sales to Rise on High Hybrid Demand