The US auto industry is in a very interesting place. In this US auto industry sales report, I compare 1st quarter sales going back 5 years. It’s been an interesting roller coaster, especially due to the COVID-19 pandemic, but now that we’ve gone past that, it’s extra interesting to see what has changed since 2019 . Before getting into all of that, though, let’s first look at the market leaders in Q1 2024.
Looking at how auto industry sales have changed year over year in the first quarter, we can see that sales were up 5% compared to Q1 2023 and up 14% compared to Q1 2022. They are down 4% compared to the big post-COVID rebound year of 2021, and up 8% over Q1 2020, when the pandemic hit. What is most interesting to me, though, is the comparison to pre-COVID 2019. Auto industry sales are down 5% compared to that quarter in the US.
Clearly, Rivian and Lucid are up a lot this year compared to last year because they were starting from a low base last year . Most notable to me is that Toyota and Honda had big increases in sales after not doing very well for the past several years. Perhaps rumors of their death were exaggerated…. The one that really surprised me was RAM’s big drop in sales. With headlines abounding regarding the other companies noted above, I didn’t see anything on RAM and its continued struggles. Interesting…. We’ll have to see what happens with this big truck maker in coming quarters, especially as sales of the Tesla Cybertruck, Rivian R1T, Ford F-150 Lightning, and Chevy Silverado EV grow.Looking back five years, things are much more interesting.
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