US Auto Industry: Q4 2024 Sales and Five-Year Trends
Examining the latest data, it’s clear the US auto industry continues to evolve, particularly in the electric vehicle (EV) market. This report analyzes sales trends from Q4 2019 through Q4 2024, offering insights into brand performance and the shift from fossil fuel vehicles to EVs.
Overall Market Growth, Post-COVID
The industry experienced strong, steady growth over the past three years. Overall auto sales in Q4 2024 saw a 7% increase compared to Q4 2023, a 16% increase compared to Q4 2022, and a 27% increase compared to Q4 2021. However, sales haven’t quite reached pre-COVID levels, with Q4 2024 showing about 2% fewer sales, or roughly 85,000 less, than Q4 2019.
Fossil Fuel Vehicle Sales
Sales of non-electric automobiles showed continuing growth, but it’s been slower compared to the overall market. Internal combustion engine vehicles saw a 7% increase in Q4 2024 compared to the same period in 2023. The growth rate was higher compared to Q4 2022 (+13%) and Q4 2021 (+21%). However, compared to Q4 2020, sales were down 7%, and down 9% compared to Q4 2019.
Electric Vehicle Surge
Naturally, the EV market has seen dramatic growth. EV sales (battery-electric vehicles only) were up substantially. Q4 2024 showed a 15% increase versus Q4 2023, a 61% rise compared to Q4 2022, a 146% increase compared to Q4 2021, a 284% increase compared to Q4 2020, and a whopping 480% increase compared to Q4 2019.
Looking specifically at Q4 2024 sales by brand, Toyota, Ford, and Chevrolet lead the pack. Tesla, the leading fully electric brand, ranked 10th, with sales less than a third of Toyota and Ford, and roughly a third of Chevrolet. Other fully electric brands, such as Rivian, Lucid, Polestar, Brightdrop, and Fiat, are at or near the bottom of the sales chart for now.
Brand Performance: 2019-2024
From 2019 to 2024, Tesla experienced significant growth, with a 203% increase in sales. Genesis showed even more growth by percentage (265%), though at a lower volume. Meanwhile, brands like Jeep, Dodge, Ford, Nissan, Ram, Alfa Romeo, Fiat, and Infiniti experienced notable losses in sales. Compared to Q4 2020, Genesis demonstrated an even greater growth percentage (352%).
In terms of volume increase compared to Q4 2019 and Q4 2020, Kia and Hyundai were close behind Tesla. The arrival of COVID impacted auto sales heavily for several years. However, a more “normal” market comparison can be made by looking at the past year. Chevrolet saw sales increase nearly 69,000 in Q4 2024 compared to Q4 2023. Also performing well were GMC, Ford, Kia, and Honda.
On a percentage increase basis, smaller players and electric brands showed some strong performance. Fiat, which is now entirely electric in the US, grew 317%. The GM brand Brightdrop, also 100% electric, increased 227%. Chrysler increased 166%, and Lucid, a 100% electric brand, grew 79% year over year, though from a smaller base.
Cadillac was also high on the percentage growth list and is also leading the legacy market for percentage of EV sales. The industry continues to adapt with changing customer preferences.
