Consumers boosted 2024 U.S. new-car sales to five-year high

Automotive and TransportationAutomotive and Transportation

Fri, January 3, 2025

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[ Fri, Jan 03rd ] - Reuters

Consumers boosted 2024 U.S. new-car sales to five-year high

^{Published on 2025-01-03 07:01:30 - Reuters}

U.S. new-car sales in 2024 continued to rise from their pandemic lows, bolstered by replenished inventories and higher incentives, analysts estimated.

In 2024, U.S. new car sales reached a five-year high, driven by strong consumer demand and improved vehicle availability, according to a Reuters report. Despite high interest rates and economic uncertainties, sales of new vehicles increased by 12% from the previous year, totaling 15.6 million units. This surge was supported by pent-up demand from previous years when supply chain issues and chip shortages constrained production. Major automakers like General Motors, Toyota, and Ford reported significant sales growth, with electric vehicles (EVs) also seeing a notable uptick, although still representing a small fraction of total sales. The industry's recovery was further bolstered by incentives and promotions from manufacturers aiming to clear out inventory and stimulate sales.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/consumers-boosted-2024-us-new-car-sales-five-year-high-2025-01-03/ ]

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