In the US, sales of internal combustion cars and light trucks are on the decline, with a noticeable shift towards electrified vehicles as prices for battery electric vehicles fall, partly due to significant reductions in lithium costs, and charging networks expand. This trend is complemented by record sales growth for brands like Kia, indicating a broader market shift. The car industry is also seeing its best January performance since 2021, marking the fifth consecutive month of growth, driven by global demand for British-built brands. Additionally, used car prices have dropped for the ninth consecutive month, reaching their lowest point since May 2021, a 14% decrease from the peak in July 2022. The vehicle leasing market is expected to see a rise in lease maturities in the first half of 2024, attributed to strong sales three years prior. New car inventory has reached its highest level since June 2020, with an 80-day supply available in February. This inventory increase is expected to lead to more competitive deals across most brands. Automakers have reported solid gains in February, with increased incentive spending and high demand for hybrids contributing to these gains. Toyota, in particular, has seen record sales in hybrids and EVs. Meanwhile, companies like Mack Trucks are investing in green technology, rolling out electric heavy-duty garbage trucks across the U.S. However, electric vehicle companies, including major players like Ford, Tesla, and Rivian, are experiencing cooler-than-expected demand for EVs.
Electric vehicle companies large and small, from Ford to Tesla to Rivian, are dealing with cooler-than-expected demand for EVs. https://t.co/ZzsxQGI3oG
Mack Trucks' future is looking green. ♻ The company is slowly rolling out its LR Electric heavy-duty garbage truck across the U.S. https://t.co/Ycuysqv6mt
Increased incentive spending, high demand for hybrids helped automakers report solid gains in February. Toyota sees record hybrid/EV sales. https://t.co/Rq2EquufUs
Sales of internal combustion cars and light trucks are declining in the US in favor of electrified cars and light trucks. Prices in battery electric vehicles keep declining (due in part to big drops in lithium costs), & charging networks keep expanding. https://t.co/IkU2bzhcdq https://t.co/MsoBmqOyEB
People just like Kia. If Kia is experiencing record overall sales growth ofc EVs will be a boat in the rising tide. https://t.co/IlaLIn1Rbe https://t.co/Soygl42Ymy
Vehicle lease maturities expected to rise in 2024's first half due to strong sales three years prior. J.D. Power data shows increase. #JDPower #lease #vehiclelease https://t.co/xpqd4imauy
New car inventory hit its highest level since June 2020, in February - with 80 days of new car supply available
Used Car prices declined in February for the 9th month in a row. Now at their lowest levels since May 2021, down 14% from the peak in July 2022. Video: https://t.co/eewq4mFxP2 https://t.co/prsNBZt7RU
New car inventory is rising fast 📈 February started with 80 days of new vehicle supply: The *highest* level since June 2020. Expect the deals to sweeten up for most brands. https://t.co/y2nsogRmkZ
US auto sales rebound in February. +6.3% y-o-y & back to 15.4-15.5 SAAR trend of the back half of 2023. Should be good for retail sales number in Feb & CPI (as some of this recovery is price-driven). https://t.co/XqudddAKiw
Some positive news in the car industry...🚘📈 "...best January performance since 2021 and the fifth straight month of growth as global demand for British-built brands continued to grow" https://t.co/LIENrWz0bQ