General Motors (GM) was the leading car seller in the U.S. in the first three months of 2024, despite a 1.5% decrease in total sales compared to the previous year, keeping it ahead of its closest rival, Toyota North America.
GM reported a total of 594,233 vehicles sold in the first quarter, down from the 603,208 vehicles sold during the same period last year, largely attributed to a 23% drop in fleet sales, which were affected by temporary production halts. Conversely, GM experienced a 6% increase in its retail sales.
The quarter saw notable successes, particularly in GM's full-size pickups and the Cadillac LYRIQ EV, which saw a significant uptick in sales. The Cadillac LYRIQ alone represented 17% of Cadillac's retail sales, indicating a growing consumer interest in GM's electric vehicle offerings. Additionally, the Buick brand experienced a substantial sales increase, led by the Encore GX.
Toyota North America reported a 20.3% increase in its Q1 vehicle sales, selling 565,098 units -- including 214,894 vehicles in March alone, a 21.8% increase compared to a year ago -- but the surge was not enough to surpass GM's numbers.
Toyota said sales of electrified vehicles for March totaled 78,157, representing 36.4% of total sales volume, while EV sales for the first quarter totaled 206,850, representing 36.6% of total sales volume.
Other automakers also reported Q1 and March sales numbers.
Ford
Ford Motor Co. reported a 6.8% increase in vehicle sales during the first quarter, surpassing the industry average growth of 4.7%, by selling a total of 508,083 vehicles. Hybrid vehicle sales increased 42% from the previous year, reaching the company's highest-ever quarterly figure of 38,421 vehicles sold. The mid-size Maverick hybrid pickup saw a 77% jump in sales, and there was consistent demand for the F-150 hybrid.
Ford's EV segment also saw impressive growth, with an 86% increase in sales, thanks to strong sales of the Mustang Mach-E and the F-150 Lightning.
Ford's "freedom of choice" strategy, which allows consumers to select from various powertrain options, appears to be paying off, with hybrids forming a crucial component of its sales success. The automaker is continuing to invest in hybrid technology, as well as in the expansion of its electric and traditional internal combustion engine (ICE) offerings.
Tesla
Tesla reported in Q1, it manufactured more than 433,000 vehicles, predominantly consisting of its Model 3 and Model Y, but only delivered approximately 387,000, an 8.5% year-over-year decline and short of Wall Street's anticipations. This was the company's first decrease in deliveries since the pandemic in 2020.
Tesla attributed this unexpected downturn to several factors, including the ramp-up phase of the updated Model 3 at its Fremont Factory and unforeseen halts at its Giga Berlin production site. These disruptions were partly due to external events, including the Red Sea conflict affecting shipping routes and a targeted arson attack.
Rivian
Rivian announced in the first quarter it produced 13,980 vehicles and delivered 13,588, outperforming Wall Street's forecast of 13,800 produced and 11,900 delivered.
Despite a previous announcement in February suggesting a potential 10-15% decrease in deliveries compared to the fourth quarter of 2023, when it had delivered 13,972 vehicles, Rivian managed to maintain robust production levels.
Rivian is maintaining its full-year production guidance of 57,000 vehicles for 2024.
Mitsubishi
Mitsubishi Motors North America, Inc. reported strong first quarter 2024 sales of 28,403, up 35.7% over Q1 2023. Assisted by dealer new-vehicle inventory stocks returning to near-pre-pandemic levels, the brand and its dealer partners achieved their highest quarterly sales total since Q1 2020.
Outlander achieved its second-best quarterly sales total in the history of the nameplate, with sales of 13,846, a year-over-year increase of 41.1%. As the company closes its fiscal year at the end of calendar-year Q1, highlights include record best-ever annual sales of both Outlander and Outlander Plug-in Hybrid.
Subaru
Subaru of America, Inc. reported 61,297 vehicle sales for March 2024, a 15.2% increase compared with March 2023. SOA also reported year-to-date sales of 152,996, a 6.7% increase compared to Q1 2023. March marked the 20th consecutive month of month-over-month sales increases for the automaker.
In March, Forester achieved its best sales month of all time with 21,045 vehicles sold, a 105% increase compared to March 2023. Crosstrek also continued to have a strong showing, achieving its best March ever with 14,527 vehicle sales. Outback sales followed closely behind, with 13,501 vehicles sold.
Kia
Kia America delivered its second-highest first quarter sales total in company history, capped by March sales of 69,472 units. Sales of electrified models in March grew 9% compared to the previous year. Specifically, EVs saw a significant increase of 151% over the previous year. Sales of the entire utility lineup increased by 9% compared to the previous year and accounted for 79% of total sales.
Three models -- Forte, Sportage, Telluride -- drove the overall sales, each delivering more than 10,000 units in March. In addition, the new Sorento recently launched and sales grew 28% in March compared to the previous year. Three models including Sportage (+17%), Carnival (+15%), and Forte (+13%) recorded their highest March sales performances ever.
Hyundai
Hyundai Motor America reported record-breaking total March sales of 76,920 units, a 2% increase compared with March 2023. Hyundai set total sales records in March for IONIQ 5 (+58%), Tucson PHEV (+62%), Tucson HEV (+48%) and Palisade (+58%). Hyundai EV sales increased 100% and all eco-friendly vehicle sales combined hit 11,485 units, a 35% increase. Fleet volume was 11% of total sales.
Hyundai sold 184,804 units in Q1, for a total sales increase of 0.2% compared with Q1 2023, setting a new Q1 record. Hyundai set total and retail sales marks in Q1 for IONIQ 5, Tucson PHEV, Tucson HEV, Kona EV and Palisade. EV sales for the quarter jumped 62% compared to Q1 last year.
Mazda
Mazda North American Operations reported total March sales of 37,119 vehicles, an increase of 6.7% compared to March 2023. Year-to-date sales totaled 100,103 vehicles sold, an increase of 13.3% compared to the same time last year. With 27 selling days in March, compared to the same the year prior, the company posted an increase of 6.7% on a Daily Selling Rate (DSR) basis.
