U.S. auto sales in Q2 2024 sputtered despite price drops. Analysts predict further reductions and potentially lower interest rates, offering a glimmer of hope.
Sales rose a meager 0.1% year-over-year, with June hit by cyberattacks. Automakers sold 4.13 million vehicles in Q2, on pace for 16 million in 2024 (up from 2023’s 15.6 million).
GM retained its sales lead with 696,086 vehicles in Q2 (0.6% increase) but dipped slightly year-over-year. The company remains confident in its diverse offerings to meet future customer preferences.
In the race for automotive sales dominance, Toyota Motor North America (TMNA) reported strong growth, particularly in electric vehicles and SUVs. Their second-quarter sales jumped 9.2% year-over-year, reaching 621,549 vehicles.
This momentum continued throughout the first half, with total sales hitting 1,186,647 units, a 14.3% increase. This puts them within striking distance of General Motors, the current leader, by a margin of just 103,672 vehicles.
Meanwhile, Stellantis is facing a different story. They’ve only revealed Q2 results so far, showing a concerning 21% decline to 344,993 vehicles sold. To counter this slump, they’ve launched a new sales incentive program offering up to $2,000 in cashback.
