Summary
- February’s year-over-year sales compared to 2023 show a snapshot of an automotive industry facing significant struggles, with a few standout winners
- Toyota is posting sales increases across the board, from SUVs to family cars
- Ford is facing a tentatively good 2024, with January being an “off-month” as almost all models have bounced back from slow sales
- GM has taken a strategic gamble to wind down non-hybrid trims of many models, with the goal of gaining more sales due to the market shift towards EVs and hybrids as a whole.
- BMW has focused on executive utility and executive luxury, as well as introducing more EV and hybrid models, seeing strong sales in each of those segments
- Tesla, unsurprisingly, continues to dominate the EV market overall
- We think that while the whole industry is facing less growth than 2022 to 2023, these five manufacturers show a good overall picture of the state of the industry year-over-year
February’s new car sales figures provide plenty of insights into the automotive market, with each automaker facing a unique blend of triumphs and challenges. Against the backdrop of an 8.8% increase in total vehicle sales overall year-over-year in the US, a thorough analysis shows that domestic brands are facing some challenges while foreign brands are growing in popularity and sales. Let us look at the biggest winners and losers of February’s new car sales.
Toyota’s Triumph
At the forefront of February’s winners stands Toyota, posting a remarkable 16% year-over-year increase in sales. The driving force behind this success lies in Toyota’s wide model selection, with a vehicle for pretty much everyone and anyone.
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