On a volume estimate of 1.315 million units, US auto sales in
October 2024 are expected 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 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 US 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.”
US Light Vehicle Sales October 2024
US Light Vehicle Sales Comparisons October 2024
According to S&P Global Mobility new registration data,
battery electric vehicle (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.
US Battery Electric Vehicle Sales Share October 2024
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