In May 2024, the growth momentum of the US automotive market was good, with total sales reaching 1.429 million units, a year-on-year increase of 5.0%. Seasonally adjusted annualized sales (SAAR) reached 16.06 million vehicles, an increase from 15.6 million vehicles in the same period last year.
Let's continue to take stock of the total sales and the situation of the electric drive market.
Sales of American brands and models
In May 2024, the sales of new cars in the US market were 1.43 million units. The new energy vehicle market in the United States continues to grow, with 99000 pure electric vehicles and 26000 plug-in hybrid vehicles, with a penetration rate of 8.74%.
General Motors continues to hold the top spot in sales, which is still good from a product perspective.
Toyota achieved double-digit growth for the seventh consecutive month, consolidating its leadership position in the hybrid and traditional car markets.
Ford and Hyundai Motor Group (including Hyundai and Kia) also performed well.
The light truck market increased by 7.3% year-on-year, reaching 1.156 million vehicles;
The sedan market has slightly decreased by 3.4%, reaching 288000 units.
The total inventory of the US automotive market increased by 0.2% month on month, reaching 2.687 million vehicles, with 48 days of inventory. General Motors and Ford have higher inventory days, while Toyota and Honda have more precise control over inventory levels.
With the recovery of the US economy and the improvement of consumer confidence, the automotive market is expected to continue to maintain steady growth. Especially in the fields of electric vehicles and hybrid technology, consumer attention to environmental protection and fuel efficiency will drive the further popularization and growth of these models.
The differentiation of the electrification market
● Sales of hybrid vehicles
In May 2024, a total of 138118 hybrid vehicles were sold in the United States, including 34959 sedans and 103159 light trucks (LTs), a year-on-year increase of 33.0%. This month, Toyota accounted for 47.3% of the total sales of hybrid vehicles.
● Sales of new energy vehicles
In May 2024, a total of 124921 plug-in electric vehicles were sold in the United States, including 98797 pure electric vehicles and 26124 plug-in hybrid electric vehicles (PHEVs), a year-on-year increase of 3.2%. The penetration rate of new energy vehicles was 8.74%.
● Sales of hydrogen fuel cell electric vehicles
The sales of hydrogen fuel cell electric vehicles (FCEVs) are still relatively low. In May 2024, 18 Toyota Mirai and 6 Hyundai Nexo were sold in the United States, bringing the cumulative sales to 295 units. Since 2014, a total of 18262 FCEVs have been sold in the United States.
