US new car sales reached a five-year high in 2024, driven by hybrid vehicle demand

From Investing.com: 2025-01-03 17:45:53

U.S. new-car sales surged in 2024, reaching 15.9 million, up 2.2% from the prior year, with strong demand for hybrids. GM retained top spot, selling 2.7 million vehicles. Toyota saw a 3.7% sales increase boosted by hybrids, while Ford’s hybrid sales helped total vehicle sales rise 4.2%.

Sales of traditional hybrids increased by 36.7% in 2024 compared to the previous year. Toyota reported a 3.7% sales gain in the U.S., driven by smaller vehicles like the Camry and RAV4 SUV, with increasing demand for hybrids. Ford also saw a rise in hybrid sales, selling almost double the number of hybrids compared to EVs.

Despite the rise in hybrid sales, automakers are still aiming to attract more EV buyers. U.S. electric vehicle sales are expected to approach 1.3 million, or about 8% of all new vehicles purchased. Automakers are adjusting their strategies to support EV sales, with Ford extending a program for free chargers and installation at home.

Stellantis and Tesla saw slipping sales in 2024. Stellantis sold 15% fewer vehicles in the U.S. compared to 2023, facing challenges across its Ram, Jeep, and Dodge brands. Tesla experienced slowing sales due to competition in China and a stale lineup, reporting a rare decrease in yearly deliveries.



Read more at Investing.com: US new car sales rose to five-year high in 2024, helped by hybrids By Reuters