"U.S. Auto Sales Surge in 2023 Despite Challenges, Outlook Cautious for 2024"

Toyota and Hyundai have reported increases in US new vehicle sales in Q4 2023 despite high interest rates and vehicle prices. Toyota's sales were boosted by hybrid models like the Corolla and RAV4, while Hyundai saw growth with the Palisade SUV and Ioniq 5 EV. The overall demand for new vehicles remained strong, particularly among more affluent buyers, even as the average vehicle price hovered around $48,000. However, industry experts predict a modest increase in US auto sales for 2024, with affordability issues potentially limiting the market to higher-income consumers.