A lot of the auto trade, with the notable exception of Tesla, reported modest gross sales development within the three months by means of June as excessive rates of interest, excessive car costs and uncertainty in regards to the financial system weighed on shoppers.
Gross sales in late June have been additionally slowed by disruptions at automotive sellers stemming from a cyberattack on an organization that provides software program and information providers to dealerships.
Cox Automotive, a market analysis agency, estimated on Tuesday that 4.1 million new automobiles and vans have been offered within the second quarter in the US, up a little bit from the interval in 2023. That’s a marked slowdown from the yr’s first three months, when gross sales grew 5 %. Within the first six months of 2024, 7.9 million new automobiles have been offered, a rise of three % from the primary half of final yr, Cox mentioned.
Sluggish development is more likely to proceed by means of the top of the yr, mentioned Jonathan Smoke, Cox’s chief economist. “The market is roiled by uncertainty,” he mentioned. “We most likely can’t fairly hold the tempo of gross sales of the primary half, however we aren’t anticipating a collapse in gross sales.”
Cox has forecast that 15.9 million new automobiles and vans can be offered in the US this yr. That may be a rise from the 15.5 million offered final yr, however nonetheless nicely beneath the 17 million automobiles offered yearly earlier than the pandemic.
Normal Motors mentioned on Tuesday that it offered practically 700,000 automobiles and lightweight vans in the US within the second quarter, a rise of lower than 1 % from the interval final yr. The corporate mentioned it was its finest efficiency for the reason that fourth quarter of 2020.
The quarterly complete included practically 22,000 electrical automobiles, up 40 % from a yr earlier. Virtually all have been fashions that use G.M.’s extra superior Ultium battery know-how. Its top-selling electrical fashions have been the Cadillac Lyriq, a luxurious sport utility car, and the Chevrolet Blazer, additionally an S.U.V.
G.M. mentioned gross sales within the first six months of 2024 totaled 1.3 million automobiles, down barely from the identical interval in 2023.
Toyota offered greater than 621,000 automobiles within the second quarter in the US, a rise of 9 % from the year-ago interval. Within the first three months of the yr, Toyota’s gross sales rose 20 %.
The Japanese automaker, the world’s largest, remains to be getting a lift from hybrid and plug-in hybrid fashions, whose gross sales have picked up considerably as shopper curiosity in electrical automobiles has tailed off. Toyota offered practically 250,000 hybrid and electrical fashions within the second quarter, an increase of 63 % from the interval in 2023.
Reflecting the softening demand for E.V.s, Tesla mentioned its world gross sales fell 4.8 %, to round 444,000, within the second quarter from the interval a yr in the past. The corporate’s gross sales have fallen for 2 consecutive quarters; they declined 8.5 % within the first three months of the yr from a yr earlier.
Tesla doesn’t report gross sales for the U.S. market. Cox estimated that Tesla’s U.S. gross sales fell 16 % within the second quarter, to 175,000 automobiles.
The corporate’s world second-quarter gross sales have been increased than analysts had anticipated, supported by worth cuts in some markets and the corporate’s provide of loans carrying an rate of interest as little as 1 % on the Mannequin Y sport utility car.
Tesla as soon as had the marketplace for electrical automobiles nearly all to itself, however it has confronted rising competitors from Chinese language carmakers like BYD, Nio and SAIC. The Chinese language manufacturers undercut Tesla on worth of their dwelling market whereas providing options like dashboard screens that may be rotated by voice command.
BYD mentioned on Monday that its second-quarter electrical car gross sales jumped 21 % from a yr earlier, and 40 % when together with plug-in hybrid automobiles.
In Europe, Tesla was in fifth place in April in electrical automotive gross sales, in response to Schmidt Automotive Analysis, behind Volkswagen; Geely Auto, which owns Volvo and Polestar; Stellantis, which owns Peugeot and Fiat; and BMW.
Tesla’s market share for electrical automobiles in the US is predicted to fall beneath 50 % this yr as G.M., Honda and different established carmakers provide fashions with newer designs than the Mannequin Y and Mannequin 3, which account for 95 % of Tesla gross sales.
Stellantis — the maker of Chrysler, Dodge, Ram and Jeep automobiles — suffered a gross sales decline of 21 % within the second quarter, to about 345,000 automobiles and vans.
Consequently, Stellantis slipped behind Honda and Hyundai-Kia in gross sales. Honda mentioned its U.S. gross sales rose 3 % within the second quarter, to greater than 356,000 automobiles. Hyundai and Kia collectively offered 421,558 automobiles and vans.
Ford Motor is predicted to report gross sales figures on Wednesday.
Cox mentioned the typical worth of latest automobiles offered domestically in Might was $48,389, close to the report of about $50,000 set on the finish of 2022.
Excessive rates of interest have additionally dampened demand. The common rate of interest paid on new-vehicle loans in June was 10 %, the very best in 24 years, Cox mentioned.
