U.S. Automakers Start 2024 with Strong Vehicle Sales Boost
Automakers in the U.S. kicked off 2024 with a boost in vehicle sales, despite January typically being a slow month. Higher inventories and attractive buyer incentives drove the increase.
New vehicle sales in January 2024 were on pace for a seasonally adjusted annual rate of 15.8 million units, a slight dip from December 2023 but up by about 0.7 million units compared to January 2023. Despite an estimated 21.3% decline in unadjusted sales from December to January, year-over-year sales rose by 8.3%.
Looking ahead, fleet sales are expected to rise by 7% in 2024 compared to 2023, outpacing retail sales growth. Major automakers like Ford, General Motors, and Stellantis anticipate a 20% increase in fleet sales, which should make up a significant portion of total new vehicle sales this year.
January's sales figures suggest a positive start to 2024 for automakers, despite the usual January slowdown. With fleet sales expected to rise, the industry appears poised for a strong year.
