In 2024, new car sales in the United States are expected to reach the highest level in five years, with General Motors as the sales champion

With the replenishment of inventory and higher incentives, U.S. new car sales in 2024 are expected to reach a five-year high.

On January 3rd, analysts quoted by Bloomberg predict that U.S. new car sales will exceed 15.8 million units in 2024, marking the highest level since 2019. Charlie Chesbrough, a senior economist at Cox Automotive, also stated:

"In 2024, the new car market experienced a tumultuous year, but it is expected to close with strong performance."

The analysis predicts that General Motors will successfully defend its title, achieving the highest sales for two consecutive years, with this year's sales approaching 2.7 million units. General Motors CFO Paul Jacobson attributed this to the support of "very" resilient consumers.

However, not all major automakers have received good news. Jeep manufacturer Stellantis and electric vehicle giant Tesla did not achieve annual sales growth.

Stellantis's third-quarter report indicated that 2024 is particularly challenging for the company, with sales of its previously "popular" Ram, Jeep, and Dodge brands all declining. Analysts believe this is a consequence of its aggressive pricing strategy, which also led to the sudden departure of the company's former CEO.

For Tesla, the company's sales growth has slowed due to an aging product line and increased competition from foreign markets. According to a previous article from Wall Street, Tesla's vehicle delivery data for the entire year and fourth quarter of 2024 shows that the company produced approximately 1.773 million pure electric vehicles and delivered about 1.79 million cars, lower than the 1.8 million delivered in 2023 and below analyst expectations, marking the first decline in annual sales in over a decade.

However, Cox still expects U.S. electric vehicle sales to approach 1.3 million units, accounting for about 8% of all new car purchases, slightly up from 7.6% in 2023.

Analysts believe that more consumers may choose electric vehicles in the fourth quarter to take advantage of the electric vehicle tax credit, especially with the possibility that Trump may fulfill his promise to reinstate the revoked electric vehicle incentive policies and increase import tariffs. In that case, car sales in 2025 and beyond could also be affected.

Analysts stated that this holiday shopping enthusiasm may carry over into the new year. Thomas King, president of J.D. Power's data and analytics division, said:

"As the positive trends of 2024 carry into 2025, the overall improvement in inventory and the increase in the supply of affordable vehicles are expected to sustain sales momentum."