Projecting Automotive Market for 2024

In a US automotive market longing for a return to normalcy, there have been plenty of recent maneuvers. What moves will have the biggest impact for 2024, and what other moves can we expect?

First and foremost, inventories are replenishing to pre-pandemic levels and should be back to these levels for 2024.

The supply of new vehicles should stabilize pricing, which has been on an upward arch for several years especially for some makes and models. Dealers in a mode of profit-taking will embrace a more aggressive posture in 2024.

The decision of how automakers embrace EVs and hybrids will also play a big part in the 2024 picture. In July 2023, Ford announced it would be bringing more hybrid models to market, in a move that mirrored an earlier strategy bearing fruit for Toyota.

And Tesla continues to “out-profit” behemoth US automakers Ford and GM, combined. Tesla’s impact on this competitive market continues to influence the range of vehicles and prices we’ll continue to see in 2024.

For more current intel on the automotive retail sector, please visit ESA Car Keys on ESAROI.com.

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