U.S. automotive sales showed mixed trends during the third quarter of 2024, highlighting contrasting performances among major players within the industry. While some manufacturers reported growth, others faced declines, reflecting the complex dynamics at play.
Ford Motor Company emerged as the leader, reporting overall retail sales increase of 4% and total sales growth of 1%. This growth is attributed to rising interest in hybrid and electric vehicles, with Ford claiming the title of the second-largest electric vehicle (EV) brand in the U.S., thanks to a 12% sales increase for its EVs, totaling 67,689 electric vehicles sold year-to-date. The Ford F-Series, which encompasses traditional gasoline-powered trucks alongside their electric counterparts, remained the best-selling truck lineup, outselling competitors by significant margins.
Ford’s hybrid sales surged by 38%, hitting over 48,000 sales largely due to the popularity of the F-150 hybrid, which saw sales leap by 64% to 20,129 units. The company credits consumer choice and diverse powertrains as fundamental to its success, emphasizing the importance of catering to varying customer needs. Andrew Frick, president of the Ford Blue and Ford Customer Service Division, stated, “Different lifestyles and use cases require unique types of power,” showcasing Ford's adaptive strategy.
Conversely, General Motors (GM) faced challenges, reporting overall sales decline of 2.2%, amounting to 659,601 units sold. Despite this setback, GM experienced remarkable growth within its electric vehicle segment, which soared by 60% year-over-year, selling approximately 32,100 EVs. GM's rising EV market share now stands at 9.5%, largely driven by cars such as the Cadillac Lyriq and Hummer EV, indicating significant consumer interest within the electrified segment.
While GM's total sales dipped, specific gas-powered models rebounded, with the Chevrolet Trax and Buick Envista performing particularly well. Notably, the overall sales environment remains uncertain, with market projections hinting at potential drops across the board due to external economic pressures. Factors like Hurricane Helene and labor disruptions at U.S. ports could add turbulence to GM's sales outlook.
Mitsubishi, another key player, bucked the market trends entirely by posting incredible Q3 sales growth of 42%, driven significantly by the low-cost Mirage hatchback and sedan. Mitsubishi reported sales of 31,588 vehicles, exceeding their Q3 2023 sales figures and indicating growing consumer demand for affordable automobiles during challenging economic times. The Mirage, which was discontinued for the 2025 model year, witnessed staggering sales growth of 152%, hinting at its last hurrah as one of America's cheapest and most accessible vehicles. This stellar performance mirrors the broader economic climate, where rising living costs have prompted consumers to seek more budget-friendly options.
Ford also saw surges from other models, with the new Explorer achieving 25% sales growth, holding onto its title of America’s best-selling three-row SUV. Sales of the Ford Expedition rose slightly, and with plans for an all-new Expedition debuting soon, Ford is optimistic about maintaining momentum.
The cross-section of sales performance continued to reveal insights across manufacturers. Hyundai reported notable success with total unit sales climbing by 5%, showing resilience amid market challenges, signifying its status as one of the industry's frontrunners. Hyundai’s Genesis luxury brand even set records for third-quarter sales, showcasing how premium manufacturers can thrive even when the broader market struggles.
On the flip side, Toyota's sales results contrasted sharply with the general trend, recording a significant 8% decline. The downturn includes a stark 20.3% drop just for the month of September, raising questions about consumer appetite and the effectiveness of its strategies moving forward.
Moving forward, industry analysts remain cautiously optimistic, emphasizing the drive toward electrification as being pivotal for manufacturers hoping to capture market share. With consumer preferences increasingly leaning toward hybrids and electric vehicles, companies are expected to refine their offerings and potentially introduce new models aimed at meeting demand.
To summarize, the U.S. auto market during the third quarter of 2024 appeared fragmented, with Ford rising confidently on the back of hybrid and electric vehicle sales, contrasting GM's overall struggles yet notable EV growth. Mitsubishi's startling pivot toward budget-friendly vehicles illustrated the adaptive measures taking place across the sector. Meanwhile, the future will rely heavily on how automakers navigate prevailing economic uncertainties and embrace changing consumer preferences.
