All articles tagged with #autosales
Tesla is expected to beat Wall Street earnings estimates in Q3 due to record vehicle deliveries and increased energy storage deployment, despite challenges like the removal of EV tax credits and cautious outlooks on robo-taxi expansion. The stock has shown strong year-to-date gains, driven by AI developments and positive earnings surprises, though investor focus remains on future product timelines and demand signals.
Ford (F) experienced a significant increase in vehicle sales in the US for 2023, with a 7.1% year-over-year growth, selling nearly 2 million vehicles. The company saw a substantial rise in electric vehicle (EV) sales, with the F-150 Lightning and Mustang Mach-E leading the charge. Ford's F-Series maintained its position as America's best-selling truck for the 47th consecutive year and the best-selling vehicle for the 42nd year. The automaker also plans to launch new versions of popular models in 2024. Ford holds a Zacks Rank #3 (Hold), while other auto companies like Volvo, NIO, and Toyota Motor Corporation are also highlighted for their rankings and projected sales and earnings growth.
Major automakers like GM, Toyota, Ford, and Stellantis have experienced a decline in new vehicle sales, with figures falling short of peak years and showing an ugly trend over recent years. This is attributed to decades of price increases and a shift towards upscale models, making new vehicles less affordable for the average American. Hyundai-Kia, however, set a record in sales, surpassing Stellantis. Tesla has shown significant growth and is now considered among the major US automakers, with the Model Y becoming the second bestselling vehicle in the US. Meanwhile, Honda and Nissan are facing challenges, with Honda relying on GM's Ultium platform for its upcoming EV and Nissan's sales still significantly below their peak.
In 2023, full-size pickup trucks continued to lead U.S. auto sales, with Ford's F-Series topping the charts at 750,789 units sold, a 15% increase from 2022. Chevrolet Silverado followed with 555,148 units, and combined with GMC Sierra sales, GM sold 850,886 trucks. Ram sales dipped by 5%, while Toyota Tundra and Nissan Titan saw sales jumps of 20% and 27%, respectively. The GMC Hummer EV also saw a significant increase in sales. Despite environmental and safety concerns, the trend towards larger vehicles persists in the U.S. automotive market.
Ford Motor reported a 7.1% increase in U.S. new vehicle sales in 2023, with nearly 2 million vehicles sold, marking its best performance since 2020. Despite challenges such as labor strikes and supply issues, the company's diverse lineup, including gas, electric, and hybrid vehicles, contributed to its growth. However, Ford's sales growth was lower than the overall industry's 12.3% increase. The Ford F-Series maintained its position as America's best-selling truck for the 47th consecutive year and the best-selling vehicle for the 42nd year, with sales surpassing 750,000 units, a 15% increase from the previous year.
General Motors (GM) retained its position as the top-selling automaker in the United States for 2023, with a 14% increase in sales despite a United Auto Workers (UAW) strike and production issues with its electric vehicles (EVs). GM sold 2.6 million vehicles, outpacing Toyota, which sold 2.3 million. The Chevrolet Bolt and Bolt EUV were GM's best-selling EVs, while new SUVs and pickups also drove sales. The UAW strike affected production, but GM still managed to increase its market share and is planning to launch new EV models and update its gasoline-powered lineup in 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.