S&P Global Mobility: February 2024 U.S. Auto Sales Bounce Mildly

February 27, 2024

With volume for the month projected at 1.22 million units, February 2024 U.S. auto sales are estimated to translate to an estimated sales pace of 15.5 million units (seasonally adjusted annual rate, or SAAR). So finds the analysts at S&P Global Mobility, noting a slight step up from the chilly 15.0-million-unit pace of January, and reflective of the volatile nature of the auto-demand environment. 

“We expect that auto sales in February should recover mildly from the January 2024 result, but sustained momentum seems tough to come by,” says the firm’s principal analyst Chris Hopson. “While pricing, inventory and incentive trends are seemingly moving in the correct directions, respectively, to promote new-vehicle sales growth, high interest rates and uncertain economic conditions continue to push against any consistent upshift for demand levels.”

Other findings from S&P Global Mobility: Production levels should continue to develop, especially early in the year as some automakers look to continue to restock in the wake of production shutdowns late in 2023 and decent December 2023 sales volume. The advancing production levels, it says, set the stage for incentives and inventory to continue to develop, potentially enticing new vehicle buyers who remain on the sidelines due to higher interest rates.

S&P Global Mobility projects calendar-year 2024 light-vehicle sales volume of 15.9 million units, a 3% increase from 2023. On the battery-electric-vehicle (BEV) front, the firm expects February BEV share to reach 8.0%, similar to the month prior. And it expects BEV share to advance over the next several periods, pending the rollout of several new models including the Chevrolet Equinox EV, Honda Prologue and Fiat 500e.

Technologies: Management


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