US Auto Gross sales Down 8% in Q3 2023 vs. Q3 2019

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The US auto business is bouncing again in comparison with the previous couple of years, nevertheless it’s nonetheless considerably under its pre-COVID days. Gross sales within the third quarter of 2023 have been 16% greater than gross sales within the third quarter of 2022 and the third quarter of 2021. Nevertheless, they have been only one% greater than Q3 2020 gross sales and so they have been 8% under Q3 2019 gross sales. The query is: do the challenges of upper rates of interest, depressed post-pandemic financial situations, and provide chain challenges proceed to maintain gross sales down, or has the business simply shifted away from such excessive ranges of auto buying and 2019 was from a peak gross sales interval we gained’t see once more?

Wanting on the chart simply above that reveals the modifications in quantity phrases, you’ll be able to see that US auto gross sales in Q3 2023 have been greater than half 1,000,000 models above Q3 2022 and Q3 2021. Nonetheless, they have been nonetheless 357,601 models under Q3 2019.

I’m fairly curious to see how the 4th quarter will look relative to latest years.

Additionally, be aware that full electrical car (BEV) gross sales within the US have been up 44% in comparison with Q3 2022 and up 143% in comparison with Q3 2021. So, the EV business continues to develop quicker than the auto business as an entire. Roughly 7.5% of US auto business gross sales have been BEV gross sales final quarter, with 7 legacy auto manufacturers surpassing that determine: Audi (12.7%), Volkswagen (12.2%), Mercedes (11.6%), Porsche (10.3%), Volvo (9.5%), Cadillac (8.5%), and Hyundai (8.3%). However let’s get again to the general auto model traits.

As you’ll be able to see above and under, the manufacturers which can be up in comparison with Q3 2019 are Tesla (up 229%), Kia, Hyundai, Mazda, Chrysler, Porsche, Volvo, Audi (barely), GMC (barely), BMW (very barely), Lexus (very barely), and Mercedes (very, very barely). And, in fact, there are a few new manufacturers which can be up from zero gross sales in 2019 — Rivian and Lucid, each pure electrical car manufacturers.

The massive losers when it comes to of quantity gross sales drops since Q3 2019 are Nissan, Jeep, Honda, Ford, Dodge, and Chevrolet (all with a gross sales drop of greater than 50,000 autos). In proportion phrases, Fiat (-94%), Dodge (-56%), Jeep (-37%), Nissan (-34%), Infiniti (-33%), and Alfa Romeo (-33%).

You possibly can scroll by way of the charts above evaluating Q3 2023 to Q3 2020 and Q3 2021 for extra enjoyable, however I’m going to leap down now to a comparability to final yr. What’s enjoyable and thrilling to see is that one other pure BEV firm topped the expansion charts right here for proportion progress — Rivian gross sales have been up 136% yr over yr. In any other case, a number of fashions have been up solidly — Chrysler (96%), Buick (54%), Honda (51%), Volvo (49%), Infiniti (47%), Nissan (40%), Mitsubishi (32%), Mazda (22%), Tesla (22%), and several other others. As we will see, although, Tesla’s progress was not up wherever near the 50% the corporate has been focusing on globally.

In quantity phrases, Honda, Chevrolet, Nissan, Toyota, and Ford have been all up by greater than Tesla, however Tesla did take sixth place with an estimated 29,000 extra gross sales within the third quarter of 2023 in comparison with the third quarter of 2022. These are among the manufacturers which have misplaced essentially the most gross sales in comparison with 2019, so it’s fascinating that they’re having an even bigger and maybe delayed bounceback in 2023 in comparison with different manufacturers.

Final however not least, let’s discover the general model gross sales rating within the third quarter.

Tesla ended the quarter in ninth — simply barely under eighth positioned Subaru, and on condition that the Tesla numbers are an estimate (a extremely knowledgeable estimate, however an estimate nonetheless), it’s attainable Tesla really slipped into eighth place in Q3. It’s additionally attainable Tesla was in tenth place, under Jeep. Although, it’s protected to say Tesla was within the high 10, and on condition that Tesla usually has a really sturdy 4th quarter and customers shopping for Tesla autos will probably be shedding some US tax credit in 2024, I’d say it’s even attainable that the model attain the highest 5 within the final quarter of the yr. We will see.

Another ideas on these US auto business stats, charts, and traits.

Under, you’ll be able to discover an interactive model of the large inexperienced chart for extra enjoyable. It’s not very helpful or simple to play with on a smartphone, nevertheless it’s a whole lot of enjoyable on a desktop or laptop computer laptop. Take pleasure in!