While the projected monthly volume remains familiar, retail
sales levels reflect sustained advances
SOUTHFIELD, Mich., Nov. 25,
2024 /PRNewswire/ -- On an unadjusted volume level,
S&P Global Mobility projects November US light vehicle sales to
reach 1.31 million units, growth of 6% from the year ago level.
This would translate to a seasonally adjusted rate (SAAR) of 15.9
million units, on trend with the 16.0 million unit mark realized in
October.
"Retail sales are showing sustained progress in November, aided
by a combination of rising inventory, the beginning of year-end
clearance promotional activity, and quite possibly relief from
lower interest rates," said Chris
Hopson, principal analyst at S&P Global Mobility. "The
overall pace of sales would be relatively unchanged from the
previous month, but advancing consumer demand could signal some
easing of affordability issues."
Support from inventories also provides some indications that
auto sales could indeed provide auto sales with a happy holiday
season.
According to S&P Global Mobility Retail
Advertised Inventory data, at the end of October 2024, available retail advertised
inventory in the US was 3.06 million vehicles, a slight 0.2%
increase over September. "This marks the second consecutive month
of new vehicle inventory being over three million units, which is a
high since the pandemic," said Matt
Trommer, associate director at S&P Global Mobility.
|
|
|
|
|
|
US Light Vehicle
Sales
|
|
|
Nov 24
(Est)
|
Oct
24
|
Nov
23
|
|
Total Light
Vehicle
|
Units, NSA
|
1,309,400
|
1,325,263
|
1,235,583
|
|
In millions,
SAAR
|
15.9
|
16.0
|
15.5
|
|
Light Truck
|
In millions,
SAAR
|
12.9
|
13.0
|
12.4
|
|
Passenger
Car
|
In millions,
SAAR
|
3.0
|
3.0
|
3.1
|
|
Source: S&P Global
Mobility (Est), U.S. Bureau of Economic Analysis
|
|
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. BEV share in
September reached a level of 8.6%, with October estimated to have
remained above 8% again. Despite lower inventory levels for many
EVs, November and December could realize BEV share advances in
anticipation of Federal EV incentives being withdrawn in 2025.
S&P Global Mobility projects November BEV share to reach a
level of 8.7%.
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