Lotlinx Weekly News Vol. 300: Business as usual in 2024

Lotlinx insights:

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Industry roundup:

FROM AUTOMOTIVE NEWS: Big December finish gives automakers fresh hope for 2024, despite headwinds

Q4 auto sales rose by 9.2%, totalling 15.6 million for the year, marking the highest growth since 2019. December saw a 16% jump to 1.49 million vehicles, exceeding predictions, with a SAAR of sales reaching 16.4 million, driven by discounts and incentives.

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FROM CNBC: Used car prices expected to stabilize in 2024 after two years of decreases from record highs

Used vehicle prices are expected to stabilize in 2024, contrasting the 7% decline in 2023. With anticipated sales growth of less than 1%, reaching 36.2 million, the average listing price settles to $26,091, driven by the return of vehicle supply to 2020 levels. 

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FROM CBT NEWS: Hyundai, Kia aim to increase global sales by 2% in 2024

Hyundai and Kia, falling 3% short of their 7.52 million vehicle target in 2023, aim for 4.24 million and 3.2 million units in 2024, respectively. Despite potential economic impacts, analysts are cautiously optimistic about the automakers’ goals in light of the global electric vehicle sales slowdown.

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FROM COX AUTOMOTIVE: A record 1.2 million EVs were sold in the U.S. in 2023, according to estimates from Kelley Blue Book

2023 concluded with a record-breaking 1.2 million EVs sold, comprising 7.6% of the total vehicle market, with Q4 EV sales at 317,168 units. Anticipating further expansion, 2024 is dubbed “the year of more” for EVs, with a projected 10% share of the U.S. market.

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