New vehicle sales levels in October remain
unchanged from the ongoing trend
SOUTHFIELD, Mich., Oct. 28,
2024 /PRNewswire/ -- On a volume estimate of
1.315 million units, S&P Global Mobility expects U.S. light
vehicle sales in October to realize year-over-year growth of
11%. While the volume improvement can be attributed to two
additional selling days in the month compared to last year, this
result would translate to a seasonally adjusted rate (SAAR) of 15.9
million units, one of the better results for the SAAR metric this
year.
As we begin the final quarter, there's
potential that automakers will look to provide additional support
for consumers
"As we begin the final quarter of the calendar year, there's
potential that automakers will look to provide some additional
support for consumers," said Chris
Hopson, principal analyst at S&P Global Mobility. "This
would be warmly received by new vehicle shoppers who continue to be
pressured by high interest rates and slow-to-recede vehicle prices,
which are translating to high monthly payments."
Support from advancing inventories also provides some signals
that auto sales could develop further to close out the year.
According to S&P Global Mobility Retail Advertised Inventory
data, retail advertised inventory in the U.S. soared to just
over 3 million units in September
2024. "This is a significant 4.7% increase from the previous
month and breaking the three-million mark for the first time in our
dataset," said Matt Trommer,
associate director at S&P Global Mobility. "This surge
aligns with a broader trend we've observed over the past two years,
where inventory levels consistently rise in the fall."
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|
|
|
|
|
US Light Vehicle
Sales
|
|
|
Oct 24
(Est)
|
Sep
24
|
Oct
23
|
|
Total Light
Vehicle
|
Units, NSA
|
1,315,000
|
1,169,908
|
1,198,162
|
|
In millions,
SAAR
|
15.9
|
15.8
|
15.3
|
|
Light Truck
|
In millions,
SAAR
|
12.9
|
12.8
|
12.3
|
|
Passenger
Car
|
In millions,
SAAR
|
3.0
|
3.0
|
3.0
|
|
Source: S&P Global
Mobility (Est), U.S. Bureau of Economic Analysis
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|
According to S&P Global Mobility new registration data, BEV
share of sales has been above 8% every month since June, certainly
reflecting progress from levels earlier in the year. September BEV
share was estimated to reach above 9% and we expect October BEV
sales to remain above that level again. Assisted by the sustained
roll outs of vehicles such as the Chevrolet Equinox EV and Honda
Prologue and to be followed by new BEVs such as the Polestar 3,
Jeep Wagoneer S and Volkswagen ID. Buzz slated for release in the
fourth quarter, electric vehicle sales are expected to advance over
the remainder of the year.
About S&P Global Mobility
At S&P Global Mobility, we provide invaluable insights
derived from unmatched automotive data, enabling our customers to
anticipate change and make decisions with conviction. Our expertise
helps them to optimize their businesses, reach the right consumers,
and shape the future of mobility. We open the door to automotive
innovation, revealing the buying patterns of today and helping
customers plan for the emerging technologies of tomorrow.
S&P Global Mobility is a division of S&P Global (NYSE:
SPGI). S&P Global is the world's foremost provider of credit
ratings, benchmarks, analytics and workflow solutions in the global
capital, commodity, and automotive markets. With every one of our
offerings, we help many of the world's leading organizations
navigate the economic landscape so they can plan for tomorrow,
today. For more information, visit www.spglobal.com/mobility.
Media Contact:
Michelle Culver
S&P Global Mobility
248.728.7496 or 248.342.6211
Michelle.culver@spglobal.com
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SOURCE S&P Global Mobility