Industry analysts predict a 2.5% or less increase in new vehicle sales in 2024, reaching their highest level since 2019. This growth is attributed to factors like normalized inventory levels, automaker incentives, and lower financing rates. Electric vehicle sales are also projected to reach a new record, nearing 1.3 million units and capturing an 8% market share.
S&P Global, Edmunds and Cox Automotive expect new auto sales to increase year-over-year by 2.5% or less to achieve the industry's best results since 2019.
DETROIT — U.S. new vehicle sales are expected to rise next year to their highest level since 2019, led by lower interest rates and improving affordability, according to industry analysts.Cox Automotive expects new light-duty vehicle sales to hit 16.3 million in 2025, slightly higher than forecasts by S&P Global Mobility and Edmunds of roughly 16.2 million sales next year. Such sales would be up from expectations of 15.
Another expected growth area remains electrified vehicles, including hybrids, plug-in hybrid and all-electric models, according to analysts. Valdez Streaty and others cautioned EV sales could be weaker if there's an end to federal consumer credits for purchasing the vehicles of up to $7,500, which the Trump administration hasCox Automotive chief economist Jonathan Smoke said tariffs on those countries, which Trump has said could be 25%, would be"a radical disruption" to the U.S. new vehicle market.U.S. President-elect Donald Trump delivers remarks at Mar-a-Lago in Palm Beach, Florida, U.S., December 16, 2024.
AUTO SALES ELECTRIC VEHICLES DEMAND ECONOMY INTEREST RATES
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bill Skarsgård's Rotten Tomatoes Cold Streak Is Officially Over Thanks To Acclaimed Upcoming Horror MovieBill Skarsgard in the posters for The Crow (2024), Boy Kills World (2024), and Nosferatu (2024)
Read more »
Best Black Friday 2024 Deals and SalesBest Black Friday 2024 Deals and Sales | New York Post
Read more »
Best Cyber Monday 2024 Deals and SalesBest Cyber Monday 2024 Deals and Sales | New York Post
Read more »
See How and What You Photographed in 2024 With Google Photos’ 2024 RecapGoogle Photos' new AI-powered year-in-review, 2024 Recap, shows users how and what they photographed in 2024.
Read more »
Hybrid vehicle sales reach U.S. record, but EV sales drop in third quarterThe share of electric and hybrid vehicle sales continued to grow in the U.S. in the third quarter.
Read more »
New on Netflix: December 2024’s Best New Movies & ShowsThe holidays bring new seasons of Squid Game, Queer Eye, a Sabrina Carpenter Christmas special, and Angelina Jolie’s new Oscar contender.
Read more »