Revving Hybrid Demand Powers U.S. Auto Sales to New Highs

U.S. new car sales soared in 2024, driven by increased demand for hybrid vehicles. General Motors retained its sales crown, with Toyota and Ford posting gains. EV sales rose but faced challenges due to proposed policy changes from President-elect Trump, affecting industry strategies and market dynamics.

The U.S. automotive industry witnessed a significant rebound in 2024, with new car sales reaching their highest level since 2019. Key factors included replenished inventories, higher incentives, and a growing demand for hybrid vehicles.

General Motors retained its position as the leading automaker, selling 2.7 million vehicles, a 4.3% increase from 2023. Notably, traditional gasoline-powered trucks and SUVs continued to drive sales, while automakers capitalized on the hybrid vehicle boom.

However, the looming policies of President-elect Donald Trump, particularly regarding electric vehicle tax credits and import tariffs, could disrupt future sales. Most automakers are revising strategies to navigate the evolving market landscape.

(With inputs from agencies.)